V
Vinitha
My doubt is that we was generated a service invoice to a client abroad , we already took LUT. So issue invoice with 0% igst. The client remit payment through a payment app. But they payment was hit to bank in INR. We already file gstr 1 return as export services including the former invoice. But while gstr 3b we are requested to pay igst of the same invoice@18%( because the payment received in the form INR). Client is outside india so they are not agreed to pay the gst portion. So we decided to pay the gst portion on the behalf of client.
Normally the entry for service is
Account receivable a/c dr
To output igst
To service income
Payment of igst
Output gst dr
To bank
I want to know the journal entry when the igst payment in case of services to the foreign client ( who makes pyment in INR) ,& we pay the gst instead of them.
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Hi,
Your entry in this case would be as:
Account receivable A/c Dr
Sales Expense A/c Dr
To output IGST.....
To service income...
Please note that in your query, you have agreed to bear the GST liability, which would be a business expenditure, hence the same can be charged to PL.
Please advise in case of any other clarification.
Thanks & Regards,
CA Aditya Dhanuka.
Have you consulted regarding this with your CA before offering GST on same?
You may book consultation online with expert for same to understand whether GST needs to be paid or not.
https://www.taxontips.com/tax-notice-personal-consultation/
G
Gautam Singh
Got a mail: The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the year in which the credit for the TDS is being claimed.
Yes. These types of error happens at time of filingof ITR. You should always check 26AS and section under which TDS is deducted so as to put corresponding income in that head.
If you have TDS from various sources then always preferable to get assistance from tax expert to file ITR
I need to check your Form 26AS and ITR to comment on the same.
You can book consultation with an expert here to get an advice over phone: https://www.taxontips.com/tax-notice-personal-consultation/
A
Amit Chawla
In ITR4, should I declare all my saving account's balance even when I already configured them in portal?
In ITR4, Can I declare income at 20% even when my income is actually 75% (suppose) ? Please advise
Can department raise dispute even after processing ITR successfully.
Your question is not very clear as to what is your income, nature of your income etc.
I would request you to book consultation and discuss the same over phone call.
https://www.taxontips.com/tax-notice-personal-consultation/
R
Ranganatha
Hi Sir/Madam,
My wife got gift deed site(1200 sq ft) from father in law and We have constrcuted house by taking home loan of 43 lakhs from canara bank.
Myself and My wife are co-applicant and EMI fully paid from my salary since she is not earning member(House wife).
Please let me know in any manner i can use income tax benefits of home loan in this case(Sec 24 and 80C).
Thanks,
Ranganatha
You only can take benefit of 80C of principal repayment made of housing loan. Interest on Loan deduction is exclusive available to owner of property. If you are co-owner of property then you can get deduction to extent of share
CA Naman Maloo 20 Jun 2021Legally if you are also the owner of the property then in that case you can claim deduction of such interest and principal.
T&C applyA
Abhinav Pawar
44AD
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