I filed Quarterly Return for the period for July-Sep'23 with credit note Amount CGST Rs. 17162.10 & SGST Rs. 17162.10. Out of this amount Rs.8010.00+Rs.8010.00 deducted as SGST & CGST respectively. The balance amount of CGST Rs.9152.10 & SGST Rs.9152.10 shown negative at last column - total Liability (Outward supplies other than reverse charge).
From october'23 I opted for a monthly file inste...
I am planning to start an Online Coaching Business on my own with no capital as such. I will be providing mentorships to students and also there will be certain skill based courses which I want to sell. I am the instructor of those courses as well. I don't want to start by incorporating a Pvt Ltd or Partnership. I am thinking of starting as an individual and get a Trade License from the local b...
I am planning to buy an apartment worth 1 Crore in Bangalore. The property is jointly owned by Daughter(NRI) and Father(Resident Indian). Daughter has given a 'Power of Attorney' to the Father stating all the proceeds from sale of this apartment will be collected by the Father.
I have the following questions:
1. How is the TDS to be calculated in case the ownership-split between daughter (...
Hi everyone, I am in a bit of a dilemma here.
Background:
I am working as a manager in a tech company and come in 30% tax bracket. I started a side business a few months back by publishing apps on App Store and Play Store and earning around 30k/month and I am positive that this will increase more in coming months.
My company allows side projects if its non conflicting and as long as its n...
Respected Sir/Madam
I have a TDS default notice on purchase of property generated in Aug18 for amount 42K.
I haven't paid it yet. I was trying to cancel it as it was generated due to TDS filling mistake and subsequent correction mistake.( only one correction allowed).
I followed up matter with TDS CPC,Vaishali, but in vein.
Alredy this unnecessary notice is huge burden to me.
Now when I ...
The demands stems from non payment of tds on Professional fees despite deduction thereof from my Fees An amount of Rs 203625 worth of tds has been deducted and not paid by the deductor As you are aware Section 205 precludes recovery of tax from taxpayer if the tax has been deducted from her income by the deductor A tax payer cannot be forced to pay tax if the tax has been deducted from her inco...
Recently our company has purchased Computer Firewalls ( Hard Ware) from a vendor for Rs.5,90,000/- (inl.of GST) 1) In Agreement it was clearly mentioned that the value of Computer Firewalls ( Hard Ware) is Rs. 5,90,000 /- inclusive of value of supply of Firewalls and installation, transport,insurance and applicable taxes if any.. 2) Tax Invoice shows value of Fire walls 2 Q Rs.5,00,000/- GST @ ...
ITR Filed for the AY 2022-2023 with the help of CA.
The original ITR-2 was filed & e-verified on July 19, 2022.
Received defective notice and responded under section 143 (1) (a) on November 24, 2022.
Received defective notice and responded under section 139 (9) on January 09, 2023.
Received defective notice and responded under section 139 (9) on February 06, 2023
Received demand notice o...
I have understood that one must file Form 26QB for every combination of buyers and sellers. If there are two sellers and two buyers, four 26QB forms should be filed in all.
My query is that my son bought a flat in Feb 2021 (in joint name with both parents) and he is making all the installment payments and is also paying 1% TDS by filing Form 26QB. Parents don't make any contributions and hen...
Dear All,
My Wife and I have worked as salaried employees for the last 18 years and after paying around 1.5 Crore+ in taxes have managed to create a corpus of around 4 Crore.
In 2024, we plan to leave our jobs and start a small company hoping to add value to education sector in our country.
My Goal is to distribute our 4 Crore corpus in 3 Blocks in a way where we reduce our Taxable inc...
Hi i gave an advance amount of 10 lakhs in Nov 2013 and got allotment of the villa with villa number from the builder I paid another 30 lakhs in may 2014 and some installments every few months however the Agreement for sale and construction agreement was franked on 10 Mar 2015 . i got Possession of the villa in November 2018 and moved into the villa after the interior was done in may 2019., i s...
Hi , i am a partner in a firm
In which we have UNSECURED LOANs Taken from our family members , but last year my uncle died suddenly by heart failure , the firm had 26 laks rs as an unsecured loan taken from him , now I wanted to know that how can I repay that loan beacuse he is no more and can't accept and transfer money via his bank account ,
but as per his last will the loan on his na...
I am an E-commerce exporter having account with ICICI Bank and bank has given me a facility wherein I can login to my ICICI bank account and use Trade online software which shows all Pending Imports and exports submission. Trade online has started showing me List of CSBV shipments starting from 1st April 2023 ( see attached) Now, the Problem is that how do I Match the funds with Digital Firc's ...
Hi. I came from lndia to lreland in March 2021. My husband, a German pensioner resided since several years in lreland. He passed away in March 2023. During the course of marriage he transferred money to lndia as family maintenance and after his death l transferred 50% of his pension savings to my lcici bank resident account. Recently l opened my NRO and NRE account with lcici bank in lndia. Bit...
I booked an under-construction flat at the cost of approx 1 Crore in Nov 2021. I have allotment letter dated Nov 2021. As of today, the offer of possession has been made by the builder and now I have paid ALL the amount to builder i.e. 1Cr. Flat registration is not yet done and physical possession not taken YET.
Now, if I intend to sell the flat. Let's say I sell the flat for 1.50 Cr. My query...
Hello,
I receive foreign shares in the form of ESPP (half yearly once) and RSU(quarterly once) from my company.
1. The perquisite value shown in form 16 will be declared in the salary component.
2. The dividend received (after tax with-holding in USA) is shown under Other source of income.
3. Form 67 is submitted.
4. Schedule FSI is submitted as I have sold few shares (purchased from 20...
Hi,
I was given a joining bonus of approx 2 lacs when I joined a new company 2 months back. Now I am quitting this job for another one and have been asked to return the amount in full back to the employer, only then they will process my full and final settlement. I have requested them to adjust it in my salary slips so that it is not shown as separate income on my Form-16. Ideally I want my...
Querist
XYZ Developers, a registered partnership firm, doing real Estate Development having address in Thane (W) – 400601.
Facts -
1. The Querist is the owner of a big land parcel in Thane. The land is the business asset of the entity held as stock in trade.
2. The Querist would like to enter into a joint development agreement with a Developer to develop the said land.
3. The con...
I am a government Employee.
I wish to start a Business in my wife's name. For this I am taking a personal loan of Rs 18 lacs from bank on the pretext of hone renovation and other personal expenses which I wish to pass on to my wife's bank account as a gift amount to my wife.
That amount will then be transferred to the firm's account in the name of which my wife will do the Business after GS...
Hi Swarup here ! Kindly guide regarding our case of JDA capital gain.
Purchase -INR 2,00,000 ,in march 1997 .
2001 FMV - 3,20,000.
Registered JDA date : March 2015 , but due to some issues area share was revised and reduced . From 4500 sq feet to 3700 sq feet.
JDA revised ( amendment) date - Oct 2018.
Completion date: 31.03.2022.
Actual Possession received by builder - 25.08.2022.
To...