![]() Please clarify the requirement of Audit under above situation. My queries pertaining to Section 44AD (4) introduced from AY 2017-18.Īs per the section, if a person declares profit for any of the 5 consecutive subsequent AY at lower than 8 percent after declaring profit AT the rate of 8% or 6%, he shall not be eligible to claim the benefit of the prov of sec 44AD for 5 subsequent AY.īut my question is that if in any of such subsequent AY he declares profit at 8% (irrespective of the fact that accounts get audited due to Turnover exceeding the prescribed limit), can he still not be eligible to claim the benefit of the prov of sec 44AD for 5 subsequent AY.Ģ018-19 215 lacs 8.1% Audited in view of the prescribed limitĢ020-21 0 lacs Other Income eligible or not ![]() Total Answers : 0 | View Answers | Post AnswersĭIRECT TAXES - ( SECTION 44AD (4) INTRODUCED FROM AY 2017-18. We request you to reply urgently as these notifications are effective from There is confusion with regard to GST on Dall / Jaggery Powder, if pre-packaged and labelled these commodity having Quantity more than 25 Kg are liable to tax or not, having transaction with Intermediary Traders / Dealer / Agent who ultimately sale to Retail seller who sale these commodity to consumer.Ġ713ĝried leguminous vegetables, shelled, whether or not skinned or split pre-pakaged & labelled.ġ701/1702 Jaggery of all types including Cane Jaggery (Gur) / Khandsari Sugar pre-pakaged & labelled. 6/2022-Central Tax (Rate), Dt 13th July, 2022, it is specifically mentioned that these commodities are liable to tax at specified rate if they are pre-packaged and labelled.Īslo inserted an explanation with regard to pre-packaged and labelled with relation to Legal Metrology Act, 2009 (1 of 2010) and rules made thereunder. Up to, Dall / jaggery sold without any brand name are liable to tax at NIL Rate. Some of our Assessee are Dal Miller / Jaggary Powder Producer. GST - ( GST ON PRE-PACKAGED AND LABELLED COMMODITIES AFTER ISSUANCE OF NOTIFICATION NO. Total Answers : 1 | View Answers | Post Answers New Partner contributes Rs 25 Lacs in Firm as his Capital Contribution.Existing Partners are not given any Stock nor any Immovable Property nor any money over and above the balances appearing in their capital accounts.ġ-Such Transaction involves any Capital Gain Tax Liability on continuing Partners.Ģ-The incoming Partner is Liable to tax u/s 56(2)(x) of I.tax Act 1961.ģ-The abovesaid arrangement is covered under GAAR Provisions ![]() A new Partner is admitted in the Firm on 1-4-2022 and he is given 25% Share of Profit in the Firm whereas existing partners Share is reduced. 100 Crores (considering Market value of Goodwill and Immovable Properties-whereas Net worth as per Books of Accounts is Rs. There is a Partnership Firm having three partners.The Net worth of the Firm is Rs. Capital Gains - ( ADMISSION OF A PARTNER-APPLICABILITY OF CAPITAL GAIN TAX-GAAR-SEC 56(2)(X) ) ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2022
Categories |