CA Inter Knowledge Portal

🔔 Do you Know that Amendments carry around 15-20 Marks weightage in  CA Inter Taxation Exam 😱😱 💥 Ensure these 20 marks in your Taxation Exam with these Amendment Notes for CA Inter Income Tax and GST by CA Sanchit Grover sir 🌟🌟 👉 Link for GST amendment Video https://youtu.be/wAanw9YCHsU 👉 Link for Income Tax amendment Video https://youtu.be/8Vz-lcDww5c

Hi all In the above video, I have explained in detail 1.5 Days Revision Strategy including the sequence of Chapters to be done Also, on the request of Students, I have specified Imp topics from lengthy Chapters like PGbp, Capital Gains, TDS, Deductions under Chapter Vi-a ect

All the best everyone..Be calm during exams and M sure you all will do great 👍

GST Question for Today:- Mr. Deepak has been registered as composition dealer in State of Haryana since 15th April 2023, when he got registered under GST law. On 18th July 2023, he imported services from California for which he paid Rs. 5,00,000 as consideration. Which of the following statements is correct in the given case:- a) Mr. Deepak is ineligible for composition scheme since he has made an Inter-State procurement of services b) Mr. Deepak is eligible for composition scheme and he has to pay tax @1% under reverse charge on import of services c) Mr. Deepak is eligible for composition scheme but he will have to pay tax @18% under reverse charge on import of services d) Mr. Deepak is eligible for compositions scheme. Further, reverse charge will not apply in his case since he is not a normal taxpayer

Income Tax Question for Today:- X Ltd. credits a sum of Rs. 45,000 as commission to Y Ltd., an Indian company on 25.06.2022 without deducting tax at source. Y Ltd. paid its entire tax liability on its income by way of advance payment of tax during P.Y. 2022-23 and filed its return of income for A.Y. 2023-24 on 15.07.2023. X Ltd. also has a certificate in Form No. 26A from a chartered accountant. Compute the amount of deduction that shall be allowed to X Ltd. in respect of the commission credited to Y Ltd. for PY 22-23 assuming that X Ltd. follows mercantile system of accounting. (a) Rs. 45,000 (b) Nil (c) Rs. 13,500 (d) Rs. 31,500

The correct answer to above question would be (A). Composition dealers are not allowed to issue tax invoice in respect of their outward supplies, instead they have to issue a Bill of Supply