Veerchandra B Shetty
26 April 2023 at 11:52
I would like to know whether any Custom duty is to be reversed by STPI units for sale of software in DTA sale as EOU units have the liability of reversal of customs duty on duty free inputs used in the manufacture of products sold in local market.
As STPI units do not import any goods for manufacture of software are they still liable to reverse any part of Custom Duty on DTA sale ?
D.G. Mohan
14 April 2023 at 14:37
Supplier not uploaded March invoice in 2A. Total GST is Rs 1 lakh. But we don't have money to pay. Usually ITC will be more than output tax. If we wait till it is reflected in 2A of April can we file March quarterly returns afterwards without payment of tax. For this we have to enter ITC more than March 2B. Is it possible. Please guide me and suggest any other alternatives.
Anonymous
14 April 2023 at 10:49
Supplier not uploaded March invoice in 2A. Total GST is Rs 1 lakh. But we don't have money to pay. Usually ITC will be more than output tax. If we wait till it is reflected in 2A of April can we file March quarterly returns afterwards without payment of tax. For this we have to enter ITC more than March 2B. Is it possible. Please guide me and sujjest any other alternatives.
Anonymous
06 April 2023 at 11:56
Hello sir/mam,
I am from Karnataka. My right leg is affected by polio. I can not drive manual car so tried with automatic and I am able to drive automatic. Planning to book automatic now though it's little costlier than manual. Now my question is, Can I register my car under Divyangjan? Few of them are saying, should modify the car. I am buying automatic because it's modified and I no need to operate clutch so I no need to use both the legs. Few of them are saying, no need to modify the car so that you can appoint a driver for your personal use. Please anyone let me know What is the exact rule to register vehicle under Divyangjan?
Anonymous
30 March 2023 at 07:23
The Board of three Directors cum shareholders of a Private Ltd company allowed MD to use his new house under final shape to use it as a Registered office. A rental agreement was made with the house in his wife's name for Rs 7000 for a small office space without defining the area. The MD purchased many Movable items required for House. The statutory auditor deleted such purchases not relevant to Business Objects and cost of sales. MD agreed with the auditor to pay up dues to GST within 3 months of filing returns to ROC and IT. The other two directors are the authorized signatories of GST registration and MD compiles Excel Sheet Income and Expenditure and data for audits till almost return fuking dates. Out of 3 directors (one MD), one director advised MD that there is nothing wrong as many companies maintain Guest houses and purchases are taken for ITC claims. The other Director myself is the Bank authorized signatory and finance asked MD to handle the company as OPC the way he wants and offered to be out of the Board. A gesture to MD to take my share free to be divided equally amongst rest two directors is attempted to be misused by MD. He moves a Board meeting to accept my resignation and also transfer the entire shareholding offered by me to himself only thereby he will hold 67 % and other directors 33%. I withdrew my offer to resign and surrender shares. What course do I have to terminate MD ( I am a minority shareholder of 33.33%) and surrender his shareholding of 33.33% to the company to replace him? I am a senior Citizen 74 willing to file a case but cannot afford hefty legal fees. MD is 60 yrs and Other Director is 73 is well connected to legal community
D. M. Puri
19 February 2023 at 19:43
Is cash gift to daughter is taxable taxable at her hands?
What are the provisions please?
Do we have to make Gift Deed?
Please advice.
Anonymous
23 January 2023 at 10:48
One supplier after supply of goods issued GST invoice and submitted both his returns but wilfully not uploading to ZGST portal. We doubt whether he has accounted it or not.What can we do. Can department take action on supplier on our complaint.
Prasad B
06 January 2023 at 18:44
Hi sir ,
i am LIC agent and i have a business (GST registered) , in lic i am paying 2500 professional tax per year , Telangana state commercial tax department asks me to pay 2500 / year as professional tax ,
my question is again i have to pay professional tax
Anonymous
24 December 2022 at 11:52
Personal property sold for Rs 6 lakhs and capital gain around 2 lakhs during 2021-22. Not yet filed IT returns. Transaction not seen in 26 AS and AIS. What will be consequences if not filed returns within Dec-31. First time IT filing. If notice received at later date, what will be the penalty amount apart from interest. Apart from capital gain income is within 2 lakhs. Even this year income will be within limits.
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54f for 64(1)(iv)
Mr A and Mrs are husband and wife.
Mr A gifted shares to Mrs A worth Rs 50,000 in 2010-11
Expecting the shares to be sold in current financial year, Mr A and Mrs purchased a house property (joint ownership between Mr A and Mrs A) for Rs 5 Lakhs in March 2022. Mr A provided Rs 2 Lakhs From his personal funds and Rs 3 Lakhs through joint home loan.
Mrs A sold the shares in June 2022 for Rs 5 Lakhs which is also the long-term capital gain for her. The sale consideration from shares was credited in her account and the home loan was disposed off.
Income from sale of shares is to be shown in the ITR of Mr A after application of clubbing provisions of section 64(1)(iv)
Mr A wants to claim exemption under section 54 F for investment done by both Mr A and Mrs A, in purchase of joint property, (Mr A provided Rs 2 Lakhs from his personal funds and Rs 3 Lakhs through joint home loan which was disposed from sale consideration of shares), the money was credited in bank account of Mrs A and loan was disposed through check.
Mr A and Mrs A want to opt for co-ownership in proportion to their investment and also claim 54F for both Mr A (transferor) and Mrs A (transferee) investment.
Query - Whether or not eligibility claim of Section 54 F will be accepted by the Income Tax department regarding joint investment / joint ownership of residential house with both Mr A (transferor) and Mrs A (transferee) eligible to claim section 54F on sale of shares.
Please support with relevant case laws, if any.