Recent Questions - Tax Clinic

Self assessment tax

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In the recent notification dated 24 -10-2020 issued by CBDT it was stated that the due date for payment of self assessment tax was extended upto 31-12-2020 if the tax liability is less than Rs. 1,00,000 for individuals. However ...

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Income Tax 5 days 0 Answers 10 views 0

Except income

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Wanted to know under which head below two income will come/added for my mother tax filling . I am assuming both will come under Except income .I have loaded the option available during income tax filling 1)Amount she got ...

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Income Tax 5 days 0 Answers 9 views 0

Income Tax on Foreign Income

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Q 1. Does Payment Received from foreign university is taxable in India? I am a resident of India and work from India for a foreign university. Q 2. If it is taxable then as per tax law of India, total ...

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Income Tax 2 weeks 0 Answers 22 views 0

Interest on tax – 234 a,b,c – applicable for 01 July 2020 – 30 November 2020 ?

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Income Tax 3 weeks 0 Answers 39 views 0

Why is it important to edit books

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It has been advised that all sorts of contents get edited no matter what the genre or form may be. Whether it’s a blog or an entire book. Editing is going to allow you to make refinements and avoid mistakes ...

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Audit 1 month 0 Answers 29 views 0

Savings over the years

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Hi how to show savings that have been accumulated over the years while filing return. For Ex. Saving 2 lacs a year for the last 10 years. 2 lacs saving per year have been shown in the IT returns of ...

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Income Tax 1 month 0 Answers 33 views 0

Foreign transactions in my account which is neither my income nor gift.

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Hello, my friend who use to work in Oman and UAE over last financial year was transferring his salary into my bank account so that I can transfer/give it to his parents (who are not much educated) and his creditors, ...

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Taxpayers 1 month 0 Answers 28 views 0

The sole proprietor of a business died in July 2020. His son wants to take over the assets and liabilities of the business and to continue the business. So he started a new business and registered under GST showing the reason as ‘the death of sole proprietor’. With the consent of heirs he applied before the GST authorities to act as the authorised signatory of his deceased father. He was appointed as the Authorised Signatory by the GST authorities. All the pending returns were filed by the authorised signatory. No Input Tax is balance to reverse to government. There are some Stock-in-hand. He is planning to transfer the Stock, Capital goods, and all the other assets and liabilities to his new business. My question is that whether he is liable to reverse the Input Tax of the Stock and Capital goods to government ? Can he transfer the Stock and Capital goods without paying the Tax ?

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The sole proprietor of a business died in July 2020. His son wants to take over the assets and liabilities of the business and to continue the business. So he started a new business and registered ...

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GST - Input tax credit 1 month 0 Answers 27 views 0

joint home loan

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1. We(myself and wife) have jointly purchased a flat with my wife as the 1at holder and myself as 2nd holder in September 2019. 2. Two loans have been sanctioned and in both the loans my wife is the ...

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Income Tax 1 month 0 Answers 28 views 0

LTCG on sale of shares

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Hello!! I am NRI.I have sold shares worth INR 15,000/- in last FY,these shares were acquired long time back and I dont remember the cost of these shares.Should I disclose the sale of shares in my ITR with the cost as ...

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Income Tax 1 month 0 Answers 19 views 0

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GST Scheme

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Till now i m unregistered dealer of redaymade garments.Now My turnover has been exceeded 20lakh. please suggest which scheme must be opt by me. In my opinion Normal scheme is better than composition scheme,as in normal scheme we collect GST ...

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GST - Traders 3 years 4 Answers 796 views 0

composition purchase

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Composition main purchase ka record rakhna hoga ? Return main keval sale deni hai ki purchase bhi ? ...

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GST - Transition 3 years 4 Answers 655 views 0

GST-Input Tax Credit

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Please provide details of how and by what way Gst levy on construction and on works contract ? Also provide how we can made calculation of gst n Input tax credit? ...

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GST - Input tax credit 3 years 3 Answers 851 views 0

GST Applicable

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Sir mera question h ki hmara jo kaam h vo season ka h rakshabandhan ka rakhi bnana or bechna delhi NCR m y kam sirf 2-3 month ka hi hota h or hmara turnover b 20 lakh s km h ...

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GST - Others 3 years 3 Answers 659 views 0

GST Registration

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I am tour guide, approved by govt of India. I provide my services as a tour guide to travel agents, escorting their clients to various places in India, after the services we raise our bills to agents, now do I ...

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GST - Others 3 years 2 Answers 382 views 0

Migrated to GST with less than 20 Lakh turnover

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I have a sole proprietorship firm registered under Central Board of Excise and Customs i.e, service tax registration. My nature of business is Website Designing. I have a turnover of Rs. Five lakhs p.a. Recently its migrated to GST portal and GST ...

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GST - Registration 3 years 2 Answers 659 views 0

GST-Others

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Mera turnover 50 lakh hai iske alawa 8 lakh ka repairing job hai mujh ko kya karna hoga? ...

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GST - Others 3 years 2 Answers 438 views 0

gst tax on mrp

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As we know that Composite dealer under GST cannot collect tax from buyer, then if he supply items like,biscuits in MRP price & in this case tax is already included in MRP then is it violation of law or anything ...

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GST - Tax 3 years 2 Answers 337 views 0

Input credit to person renting commercial properties

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Whether Input credit would be available to the person who is engaged in the business of renting of property. i. Would the nature of property rented shall have any impact on credit availability? ii. Would there be any impact based on the ...

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GST - Input tax credit 3 years 2 Answers 2664 views 0

GST- Rule

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I have a residential hotel business at Deoghar, Jharkhand. My room tariff is from 700/- to 2500/- and turnover of 23,00000/- yearly So I want to know that what’s rule of GST for my business, please guide. ...