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T
Tushar Sah
Actually I have filed multiple ITRs for AY(2021-2022) with one original and two revised one. But i e-verified only revised ones. And now my condonation request has been raised for Original one. So will it takes 3-4 months for condonation request to get approved or my refund will be processed since i have e-verified my revised ITRs?
Hello Tushar ji, Don't worry
The querry asked by you is a very common querry,
The concept is "No return is valid till it is verified" and revised return is filed on the base of errors or ommission in original return, thus if original return is not successfully verified it will be invalidated. However there are no specific guidelines on this by Income tax department but its better you verify both the returns.
Now about Refund, Refund is based on revised return which is verified by you, Thus as per my opinion your refund proceeding would not be impacted and will be processed normally.
For any further consultation contact me on caharshittripathi@gmail.com
Dear Tushar,
The deadline to verify the ITR for the AY 2020-21 is over , so now you can't e-verify the same. The only option available is to apply for condonation.
As per my understanding your original return is not valid one since not e-verified you should apply for condonation and after acceptance of your request your refund will be processed as per Revised return which has been already e-verified.
For further clarification you can reach us at ca.rahuldwivedi@gmail.com or 9004485377.
K
Karthik
GST on rent for commercial use- my tenant is insisting to provide GST invoice for rent collected though it is not more than the threshold limit of 20L per year.
What is the benefit my tenant will get if i raise GST invoice to collect rent?
According to the GST Act, renting out of an immovable property would be treated as a supply of services. GST, however, will be applicable only to certain types of rent such as:
When a property is given out on lease, rent, easement, or licensed to occupy
When any property is leased out (or let out) including a commercial, industrial, or residential property for business (either partly or wholly)
So if you are well below threshold limit of 20 lacks you don't have to issue a GST invoice.
If you will raised him GST invoice he'll book ITC for the GST part of the invoice and will further use it for paying his GST output liability.
For any other clarification or Querrey reach me at caharshittripathi@gmail.com or call at +91-9696059794.
Thanks & Regards.
GST is not applicable in case of renting of residential house however in case of commercial property GST is applicable provided it cross the threshold limit. In your case it is below the limit so no need to issue GST invoice. Alternatively you can give a declaration to your tenant regarding the same.
For further discussion you can reach us on carahuldwivedi@gmail.com or 9004485377
The tenant is insisting you to raise GST invoice so that he can claim ITC of the said GST paid to you and utilise it to set off his output liability, however he is missing a fundamental understanding that whether you raise a GST invoice or not, his cash flow will remain same, since if he pays you GST then he claim ITC to that amount, and if you are not charging GST, then his output will not be reduced to that extent and he has to pay that portion additional in cash. However in both scenarios, i.e. whether you raise a GST invoice or not, he will paying the same sum either to you or directly to the government, so his insistence does not carry much weight, provided your total value of supply during the year does not exceed INR 20 Lakhs.
Please note that your limit has to be seen from your total billing/receipt perspective and not from the view of billing done to each person.
Please advise in case of any further clarification.
Thanks & Regards,
CA Aditya Dhanuka.
M
Meera Agrawal
I want help in return filing
Hi, will surely assist you in return filing. Kindly contact at +91-9650511176
CA Rahul Dwivedi 31 May 2021Please let us know your specific requirement, will assist in that.
For detail discussion pls reach us at ca.rahuldwivedi@gmail.com or 9004485377
Yes, you can contact us at badlaniassociates@gmail.com
CA Harshit Tripathi 31 May 2021Sure book an appointment at caharshittripathi@gmail.com or contact us at 9696059794
CA Naman Maloo 6 Jun 2021You can file your return with experts. Click here to book slot: https://www.taxontips.com/income-tax-return/
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