R
Rituraj Ghosh
K
Krishnendu Roy
My company hired ambulance on monthly rental basis with driver. the service provider registered under GST. this vendor raised invoice on monthly basis and charged GST @18% is this right?
H
Hiren Suresh Lakhani
(1) i am a full time professional intraday trader in National Stock Exchange .
(2) all source of (taxable) income is zero .
(3) share market ( business income head ) intraday turnover is less than 1 crore and the LOSS is 5 lakhs .
do audit is required if want to declare the loss and carryforward the loss ?
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Dear Hiren,
Need clear understanding to advise you properly.
If you have done F&O trading then you can refer my one of the most popular article for better understanding. "F&O Turnover, Taxation, Audit & More" https://taxguru.in/income-tax/fo-turnover-taxation-audit.html
For further consultation you can approach us at ca.rahuldwivedi@gmail.com or 9004485377
H
Hiren Suresh Lakhani
(1) i am a full time professional intraday trader in National Stock Exchange .
(2) all source of (taxable) income is zero .
(3) share market ( business income head ) intraday turnover is less than 1 crore and the LOSS is 5 lakhs .
do audit is required if want to declare the loss and carryforward the loss ?
A
Arshdeep Singh
Is it compulsory to claim input tax credit in gst?
No, it is not compulsory to claim ITC in GST. If you do not want to claim the ITC ten you can account for the GST component in case of purchase of goods or services under respective expense head itself. In case of capital goods you can accounts for the GST component under the particular fixed asset itself and then claim depreciation on it,
CA Rahul Dwivedi 2 Apr 2022Dear Arshdeep,
It is not compulsory to claim ITC under GST , however it is beneficial for assessee to Claim ITC. In case if you don't wish to claim ITC you can book entire amount including GST as expense.
For Further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
