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Ashish Pal
I am sole propreitor and have a manufacturing unit so I can add my labour cost in GST or does I have to only worry about sales and purchase
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Dear Ashish Pal,
If you include GST in cost then you can not avail ITC of GST. So it is upto you whether you wish to avail ITC you want to include it in the cost.
For further consultation on on Accounting, Taxation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377
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Ganesh Jm
I want to sell product with relabelling in online platform is gst registration compulsory if compulsory what are the license required and charges
Dear Ganesh Jm,
For Online trading GST registration is mandatory.
For further consultation on return filing, Tax planning you can approach us on ca.rahuldwivedi@gmail.com or 9004485377
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Navin
Can Rs.58K withdrawal of EPS (not EPF) after leaving a private company after working 7 years, be declared under exempt income in ITR? Or is it partially exempt as per Chapter 3, Section 10(10A)(ii)? Or is it fully taxable?
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Nirupam Kaushik
Hi, in reg to Long term capital loss, I am facing an issue. I have a LTCL from FY 2019-20 (Eg 1 lakh). In the subsequent FY 2020-21, I have the following Long term capital gains (i) Indexed gains from Debt funds = 20,000 (ii) Gains from Stocks and equity funds = 50,000. Since, the Long term equity gains below 1 lakh are not taxable, ideally only the LTCG from Debt i.e 20,000 should get set off against the carry forwarded loss of 1 lakh and still carry forward LTCL should be 80,000 (1 lakh - 20,000). However, as I face and am informed that the computation SW from the IT department is considering to set off the total gains from Debt and equity against the carry forward loss, i.e setting off 50,000 + 20,000 = 70,000 against the carry forwarded loss of 1 lakh and allowing me to carry forward only 30,000 (1 lakh - 70,000). With this, I lose the benefit of non taxable equity gains below 1 lakh in a FY. Could I get a resolution from this technical issue of the IT computation Software. Thanks
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Nirupam Kaushik
Hi, I have a query in regard to Long term capital loss. The Long term capital loss was filed in IT return for FY 2019-20 (Eg 1 lakh), however a wrong figure (Eg 20,000) was entered in IT return of FY 2020-21. Can the correct figure of the carried forward loss from FY 2019-20 (1 lakh) be entered in IT return of FY2021-22.
Dear Nirupam Kaushik,
To the best of knowledge now revision is not possible
Thanks CA Rahul Dwivedi. My point was to ignore the FY 2020-21 incorrect figure and since there are rows for each FY in the IT return template, can we use the relevant row from the FY 2019-20 (original year of loss) to enter the loss amount
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