QandA

Can I buy a DSLR camera using my father’s Amazon business account who is a contractor?

Can I buy a DSLR camera using my father’s Amazon business account who is a contractor?

Hello there, Yes, You can buy DSLR Camera using someone else’s Amazon Business Account. There is no restriction on business accounts buying personal Goods. You, however, need to take care that you cannot claim GST input credit for the Purchased product as the DSLR is not used for business purposes. GST credit for any purchases …

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If a person gets the rebate in income tax (less than or equal to 5 lakh income), does it mean he is not paying tax just as a person with income less than or equal to 2.5 lakh?

If a person gets the rebate in income tax (less than or equal to 5 lakh income), does it mean he is not paying tax just as a person with income less than or equal to 2.5 lakh?

Yes its true. Let us understand the logic behind this. Tax slabs are applicable to all, i.e. Individuals, HUF, Private Trusts, AOPS and more. Raising a Tax slab would require separate mentioned to all the assessee while raising a Rebate u/s 87A bring the impact of these tax benefits only for individuals. In Simpler terms, …

If a person gets the rebate in income tax (less than or equal to 5 lakh income), does it mean he is not paying tax just as a person with income less than or equal to 2.5 lakh? Read More »

Can a medical shop supplying MRP printed medicines be registered under composition scheme. If yes, a) can it collect MRP from customers? OR b) whether it should collect the value after excluding GST from MRP from customers?

Can a medical shop supplying MRP printed medicines be registered under composition scheme. If yes, a) can it collect MRP from customers? OR b) whether it should collect the value after excluding GST from MRP from customers?

I will first answer your queries in short and then detailed. Yes it is eligible to be registered in composition scheme provided it follows few rules That his turnover is below the threshold limit of the respective state at the respective time of registration. There are No Sales outside the state by the medical store. …

Can a medical shop supplying MRP printed medicines be registered under composition scheme. If yes, a) can it collect MRP from customers? OR b) whether it should collect the value after excluding GST from MRP from customers? Read More »

क्या मैं अपने चाचा को ब्याज मुक्त ऋण दे सकता हूं? क्या मेरे या मेरे चाचा पर कोई आयकर के प्रभाव हैं? मैं इसे आईटीआर में कैसे घोषित कर सकता हूं?

क्या मैं अपने चाचा को ब्याज मुक्त ऋण दे सकता हूं? क्या मेरे या मेरे चाचा पर कोई आयकर के प्रभाव हैं? मैं इसे आईटीआर में कैसे घोषित कर सकता हूं?

नमस्ते,हां, आप अपने चाचा को ब्याज मुक्त ऋण दे सकते हैं लेकिन यह सुनिश्चित करें कि यह केवल बैंकिंग चैनल से हो। अर्थात, आप उन्हें बैंक हस्तांतरण के माध्यम से ऋण दे रहे हैं, न कि नकद ऋण। Tax Implications: – 1. यदि आपने ऋण लिया है और फिर उस ऋण को अपने चाचा को …

क्या मैं अपने चाचा को ब्याज मुक्त ऋण दे सकता हूं? क्या मेरे या मेरे चाचा पर कोई आयकर के प्रभाव हैं? मैं इसे आईटीआर में कैसे घोषित कर सकता हूं? Read More »

Can society ask you to pay GST on maintenance charges which are below Rs 6,500 per month for commercial office space?

Can society ask you to pay GST on maintenance charges which are below Rs 6,500 per month for commercial office space?

Hi There, There are two situations which could occur, Is the turnover of your RWA (residential welfare associations) more than Rs. 20 lakhs in one year and are they registered under the GST Act? Is the Turnover of Your RWA less than 20 lakhs in one year and they are not registered. Let us consider …

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If I sell an item on OLX for 30,000, will I need to give a GST bill? Should I pay taxes?

If I sell an item on OLX for 30,000, will I need to give a GST bill? Should I pay taxes?

Hi there, This is a very interesting question. The answer is based on three situations:- Are you selling your personal products? Personal products include those products which you bought for day to day life usage such as furniture, electronics, vehicles etc. Are you selling your business products, for example, you are a GST registered dealer …

If I sell an item on OLX for 30,000, will I need to give a GST bill? Should I pay taxes? Read More »

Do I need a GST Registration to sell Goods such as homemade chocolates on Flipkart or Amazon Online?

GST Registrations and GST return Filings

Getting GST registration could be an easy task but maintaining it requires a full-time consultant to check and complete compliances. Many sellers who are very talented are opting for their personalized creations to be sold through e-commerce platforms. This varies from art to decorations. Soaps, cosmetics and eatables and thus we cannot forget chocolates. Everyone …

Do I need a GST Registration to sell Goods such as homemade chocolates on Flipkart or Amazon Online? Read More »

I have bought some products through aliexpress. Com I want resale same item to my client. I have GST registration. How can I issue tax invoice as product purchased don’t have GST purchase invoice from aliexpress.?

GST Registrations and GST return Filings

There is no harm in you issuing a tax invoice even if you don’t have any purchase bills. Purchase bills are required when you are claiming ITC on the product. In your particular case, There should not be any issue as you are going to claim any input credits. You, however, need to charge complete …

I have bought some products through aliexpress. Com I want resale same item to my client. I have GST registration. How can I issue tax invoice as product purchased don’t have GST purchase invoice from aliexpress.? Read More »