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salary & exemption in gst

Direct Taxation

answered on 09-May-24 11:54

1) salary employer paid tax on employee salary what will be the treatment ? 2) gst exemption services provided to charitable trust = import of service = when is it exempt and when taxable ?

latest answer

That’s right. Generally service to charitable trust is taxable but there are separate exemptions given right. So refer them also

Sushmita Chowdhury

CA Inter

★ 710

Circulars are binding on the income tax officers

Direct Taxation

answered on 06-May-24 14:26

What does this statement mean sir? "Circulars are binding on the income tax officers"

latest answer

Done.

Viveka R

CA Inter

★ 890

TDS Application

Direct Taxation

answered on 02-May-24 11:43

Whether Event management services comes under 194c / J . Why ?

latest answer

Right.

HEMAVATHYSUBRAMANI SUBRAMANI

CA Final

★ 2K+

Agriculture income

Direct Taxation

answered on 02-May-24 11:44

What is the answer if only manufacture?

latest answer

If it is only manufacturing tea then it is not agricultural income.

sradha krishna sunil

CA Inter

★ 5K+

Capital Gains on Compensation of Compulsory Acquisition

Direct Taxation

answered on 02-May-24 11:45

Dear Sir, Mr.A Land worth Rs. 30 lakh was compulsorily acquired by Govt. He got a part of Compensation Receipt in Year 2022 = Rs. 10 lakh For this Rs. 10 lakh, Can we show Rs. 10 lakh - Indexed Cost = Long term Capital Loss Further, On receipt of Enhanced Compensation on further years, Can we Set off this Long term Capital loss to Enhanced compensation receipt. Please kindly clarify sir.

latest answer

Even though he gets part of compensation, tax would be computed on entire compensation. Since as per Section 45(5), CG would arise in the year in which entire or any part is received. Even if part is received, CG would be computed on full amount of compensation.

Mamidi Vinisha

CA Inter

★ 970

Presumptive Taxation & Capital Gains

Direct Taxation

answered on 27-Apr-24 10:21

Respected Sir, Mr.A purchased land on Jan 1, 2024 for Rs. 40 lakh Mr.A converted Land into Stock in trade on next day Jan 2,2024. In this case, Can STCG be taken as ZERO as FMV and Cost of Aquisition is same sir ?

latest answer

Most welcome

Mamidi Vinisha

CA Inter

★ 970

Cap gains

Direct Taxation

answered on 27-Apr-24 10:11

What would be the date of transfer of house property for which aggreement to sell is there amd part payment done on or before date of aggreement and so SDV as on date of aggreement shall be considered My doubt is what is the date of transfer? Is it the date of handing over the possession or registration date ?

latest answer

If advance is received on or before the date of agreement by account payee cheque then SDV on the date of agreement can be considered.

Sai Akash rockster

CA Inter

★ 5

Query Regarding Presumptive Taxation

Direct Taxation

answered on 27-Apr-24 10:12

Respected Sir, If suppose, Mr.A purchased a land for Rs.40 lakh and develops it into 3 Plot layouts. Mr.A converted Land into Stock-in-trade. Mr.A sold plots for Rs. 1 Crore. Now, Can Mr.A opts for Presumptive Tax and show gain as 8% of Gross receipts of Rs. 1 Crore under Sec 44AD since his turnover is below 2 Crore ? Please kindly clarify this query sir. Thank you sir.

latest answer

First capital gain shall be taxable as per Section 45(2). However, business can be computed as per presumptive provisions.

Mamidi Vinisha

CA Inter

★ 970

100

Interest on margin trading

Direct Taxation

answered on 23-Apr-24 16:38

Is interest on margin trading dedutable under capital gains as expenses..?

latest answer

Interest paid towards Margin trading can be claimed as an expense if you are reporting your share trading as business income. However, if you report profits from swing trading as capital gains and pay tax as short-term capital gains (STCG) or long-term capital gains (LTCG), then the interest cannot be claimed to reduce the profit.