CA Inter Knowledge Portal

GST Question for Today:- Mr. X (whose aggregate turnover in preceeding FY exceeds Rs. 5 Crore) has an output tax liability of Rs. 1,00,000 for the month of April 2023. He has also claimed ITC of Rs. 60,000 for the same month. Mr. X filed his GSTR-3B on 2nd June 2023 and discharged the remaining Rs. 40,000 through cash ledger. Which of the following statements is true with regard to interest u/s 50 a) Interest is charged @18% on Rs. 40,000 from 21st May till 2nd June b) Interest is charged @18% on Rs. 1,00,000 from 21st May till 2nd June c) Interest is charged @18% on Rs. 40,000 from 1st May till 2nd June d) Interest is charged @18% on Rs. 1,00,000 from 1st May till 2nd June

🔥 AVJ Academy brings you Excellent Revision Marathons for all subjects for quick revision before CA Inter May 23 exams 📺 GST Revision Marathon (Part A) by CA Sanchit Grover https://youtu.be/uu0QKjJ77iA 📺 GST Revision Marathon (Part B) by CA Sanchit Grover https://youtu.be/5QQydj8Lj28 ✅ Income Tax Revision Marathon (Part A) by CA Sanchit Grover https://youtu.be/1vXkiR1WJ_4 ✅ Income Tax Revision Marathon (Part B) by CA Sanchit Grover https://youtu.be/8KTqSDLFe_M 📺 Corporate Law Revision Marathon by CA Sahil Grover https://youtu.be/dVMCeI1zesw 📺 Other laws Revision Marathon by CA Sahil Grover https://youtu.be/jnyciIK2cqA ☀️ Accounts Revision Marathon by CA Jitin Tyagi https://youtu.be/9BgKpjYd7zg ☀️ Cost Accounting Revision Marathon by CA Ishan Gupta https://youtu.be/rM6Z51dipTw 📢 Advanced Accounts Revision Marathon by CA Jitin Tyagi https://youtu.be/3DkohAXYCEo 💎 Audit & Assurance Revision Marathon by CA Vinay Wadhwa https://youtu.be/fSBpU5gbGt4 📺 Strategic Management Revision Marathon by CA Sahil Grover https://youtu.be/86-ajr3Pm78

Income Tax Question for Today:- Mr. Vikas took a loan of Rs. 15,00,000 @10% p.a. on 1-4-2020 for the construction of residential house for self-occupation. The construction of the house began in June, 2020 and was completed on 30-6-2022. He has not repaid any amount of loan so far. The amount of interest deduction u/s 24(b) for A.Y. 2023-24 is – (a) Rs. 1,50,000 (b) Rs. 1,80,000 (c) Rs. 2,00,000 (d) Rs. 2,10,000

The correct answer to above question would be (D). Any person who is making supply of goods through ECO has to mandatorily get registered under GST as per Sec 24

GST Question for Today:- Mr. Ram has just started his operations of selling footwear on 1st April 2023 in Haryana. His aggregate turnover during FY 2023-24 upto 31st October 2023 is just Rs. 15 lacs. Inspired by the growth of e-commerce in India, he registered himself with Flipkart (an electronic commerce operator) and sold goods worth Rs. 1,50,000 from Flipkart on 15th November 2023. On 1st December 2023, he made further supply of goods amounting to Rs. 6,00,000. He is confused about taxability under GST law. Which of the following is true about his GST liability and compliance:- a) He is not required to get registration since threshold limit is Rs. 40 lacs in Haryana b) He becomes liable to get registration on 1st December 2023 since the applicable threshold limit is Rs. 20 lacs which was crossed on 1st December 2023. c) He becomes liable to get registration on 1st April 2023 i.e. date on which his business operations were started d) He becomes liable to get registration on 15th November 2023 i.e. date on which he makes supply of goods through Flipkart

The correct answer to above question would be (B). Since Punjab is exclusively engaged in making exempt supplies, it shall not be required to take any registration as per Sec 23. Remaining branches have to mandatorily get registration since ATO exceeds threshold limit

GST Question for Today:- Mr. Manjot Singh Sidhu is a trader supplying goods from his firm M/s. Singh Traders. The office of the firm is located in Delhi whereas the godowns are located in the State of Uttar Pradesh, Punjab and Jammu & Kashmir (J & K). M/s. Singh Traders made intra-State supplies from different States during the period from 1-Jul-2022 to 31-March-2023 as follows (i) Delhi-Taxable supplies: Rs. 21,00,000/-. (ii) Punjab–Exempted supplies: Rs. 6,00,000/-. (iii) Uttar Pradesh–Taxable and exempted supplies: Rs. 3,00,000/- each respectively. (iv) J & K–Taxable and exempted supplies: Rs. 8,00,000/- and Rs. 3,00,000/- respectively. Being a GST expert, Mr. Manjot Singh Sidhu seeks your advice to correctly ascertain the States in which he is required to take registration under GST: a) Delhi, Punjab, Uttar Pradesh and J & K b) Delhi, Uttar Pradesh and J & K c) Delhi and Uttar Pradesh d) Delhi

Income Tax Question for Today:- Mr. Ashutosh purchased his first dream home in Bangalore on 16.8.2022. He applied for home loan of Rs. 40 lakhs from IDFC bank on 15.7.2022, the same was sanctioned by bank on 20.7.2022. The stamp duty value of the said house was Rs. 44 lakhs. The interest due on the said home loan is Rs. 3,75,000 for the financial year 2022-23. Due to liquidity issues, Mr. Ashutosh could only pay Rs. 3,26,000. Compute the total interest deduction Mr. Ashutosh can claim for the A.Y. 2023-24, assuming Mr. Ashutosh doesn’t opt for the tax rates under the new scheme. (a) Rs. 3,26,000 (b) Rs. 2,00,000 (c) Rs. 3,75,000 (d) Rs. 3,50,000

The correct answer to above question would be (A). Trading in securities is not supply since securities are neither goods nor services. Hence, Aggregate turnover shall include only brokerage received for facilitating transaction in securities