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Question & Answer


D

Diksha

14 Apr 2024

My current package has 28lakh fixed amount. I have a home loan of around 83 lakhs for 30 years. Can you please suggest which should be better for me old regime or new regime?

Replies (2)                          

CA Roomi Gupta       18 Apr 2024

If you are eligible to claim full deduction u/s 80C and u/s 24 B than old regime is better otherwise go for new regime. For any kind of professional help , reach us @ www.tarunguptaca.com or call at 9216216819.

CA Puja Sharma       24 May 2024

The choice of regime depend upon your salary structure also like it contains HRA, Children Education Allowance etc ehich can reduce your taxes along with home loan interest component under the old tax regime.

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G

Giresh P

30 Mar 2024

Hello, i am a student who doesn't have any income from any source. If i profit something from crypto below 2.5 in a year is it necessary do i have to file itr ?

Replies (1)                          

CA Roomi Gupta       18 Apr 2024

If your Gross Total Income is below from minimum exemption limit of income tax, only than you are not required to file ITR. But as professional i will suggest, it is always better to file ITR to declare your income. For any kind of professional help , reach us @ www.tarunguptaca.com or call at 9216216819.

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V

Vinod

16 Dec 2023

Is credit advice sufficient as a proof while claiming the gst refund for category: refund of ITC on export of goods and services without payment of tax ?

if yes, which number (UTR or reference number present in credit advice) should we mention in the "BRC/FIRC" column of the excel utility which needs to be uploaded while filling refund form

Replies (2)                          

CA Shubham Goyal       16 Dec 2023

Based on the details provided, here are a few points regarding claiming GST refund on export of goods and services without payment of tax using a credit advice:

- A credit advice by itself may not be considered as sufficient proof for claiming refund. Typically, documentary evidence like export invoices, shipping bills, bank realizations, etc are required.

- However, the credit advice would contain details like advice/reference number, invoice numbers, invoice amounts, tax amounts, etc. These details would need to be provided in the refund excel utility.

- The advice/reference number of the credit advice should be mentioned in the "BRC/FIRC No." column of the utility. This links the tax payment details with the export invoices.

- Along with the credit advice details, other documents like export invoices, shipping bills, bank statements showing realization of export proceeds, reconcilation statements, etc. would also need to be provided to establish the validity of the refund claim.

So in summary, while the credit advice alone may not suffice, the details in it would need to be provided in the refund claim utility. The advice/reference number acts as a link between the tax credits and exports. Additional documents would further substantiate the refund eligibility.

CA K Narasimha Prakash       16 Dec 2023

If a company exports goods and services under bond/LUT without payment of IGST, the credit available at the time of procuring of goods and services remains unutilized and idle in their Electronic Credit Ledger account. In such a case, the company can file a refund claim of goods and services exported under LUT without payment of IGST 1. The formula for calculating the refund amount is as follows:

Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷ Adjusted Total Turnover 2.

It should be noted that no refund of unutilized Input Tax Credit is allowed in cases where the goods exported out of India are subjected to export duty .
All the details relating to GST on export is clearly mention in the shipping bills and it will populate in GST portal under refund.(BRC/FIRC column of excel utility).

I hope this helps!

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S

Sravan

6 Nov 2023

I bought an under construction house which is still under construction . I paid 80% of the amount through home loan ,another 10% by personal funds and need to pay another 10% now in 1 month. I have 2 options on how to pay for it and need your help to identify the right one:

1) Take a gold loan and pay off the amount. Pay off the gold loan by selling another plot I have in 3 months.
2) Take a hand loan from my sister an pay back her money by selling of another plot in next 3 months

( am in 30% tax bracket)

Replies (1)                          

CA K Narasimha Prakash       7 Nov 2023

You can go for option 2 provided the plot was purchased 3 Years back and another advantage since you are borrowing from your sister without interest. The gold loan Interest is not allowed as expenses under income tax act.
If you require further assistance check with CA's or contact with us 7338838605/kna3350@gmail.com.

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M

Mohammad

1 Nov 2023

My husband had given 13 lakhs in 2011 to his sister's husband for a flat.. however, this flat was never handed over to my husband

Now, after so many years, the sister's husband wants to file income tax returns and wants my husband to sign a letter mentioning that 13 lakhs was given as a loan

Should this letter be signed by my husband?

Replies (1)                          

CA Puja Sharma       19 Dec 2023

As mentioned by you, no flat or any other agreemnent for sale of flat was handed over to your husband.
In this case, it is better to treat the amount as loan in the hands of the sister's husband. If you want you can charge accumulated interest also.

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