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Kavitha D L
We are a registered NGO. We have received donations in kind (around 6 lakhs units ) worth of Rs, 12 Cr. Considering, the time, resource and other resources involved for the execution process, we want to quantify the donations received in kind. We want to know whether we can account the donations in kind in books of accounts by quantifying it. Please suggest if it is possible and how to go about it?
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Kiran R
Hi , myself run a service based company without gst since my annual turnover is less then 20lakh.
But I ll take contracting from company where they will deduct tds while doing the payment but intern even I ll hire sub contractor he is also run the job without gst. So what ever the amount I ll receive I ll keep 20% and remain will be transferred to sub contractor. Is there any harm to my itc or will gov consider complete amount I received as a profit?
Your query is not very clear.
You can book consultation at https://www.taxontips.com/tax-notice-personal-consultation/ for better discussion.
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Adam
We are 5 members in the family, all having saving account, 13 lacs in each account , we don't file ITR, we are deciding to buy a flat worth of 1 crore, half amount we will pay within march and remaining half after April 2021,my question is in this case I will receive notice from income tax.
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Golden Wood
My father sold his residential property for amount 90 lac and he purchased a new property for 48 lac now can he transfer left over balance to his son as a hissa from his father property if he do so there is any LTCG tax ?
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Jayshankar Nair
Does the customer(consignee) has to pay late fees/interest on his input tax credit, in case seller(consignor) didn't file his GST?
