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I would like to know under which section of I.T. Act are debt mutual funds taxed. Specific information required as follows: 1. Long term capital gains @20% after indexation under which Sec. of I.T. Act? 2. In ITR, in which sheet and under which column are the details to be provided? Kindly advice at the earliest.
There is no circular issued by Uttarakhand Government regarding IGST exemption limit is amended from 10 lakh to 20 lakh , hence we are still paying IGST @ 18% if earning more than 10 lakh. Kindly provide me with the circular issued by Uttarakhand Government for the amended IGST exemption limit from 10 lakh to 20 lakh. It will help us to justify our IGST exemption limit.
If I am getting Rs. 100 from the AMC which is inclusive of GST (Taxable value Rs. 84.75, GST Rs. 15.25), for considering GST exemption limit which figure should I consider- Rs. 100 or Rs. 84.75?
I would like to know the IGST applicable on Mutual Fund services in Hill States. When service provider is belong to other states. Why is the IGST exemption limit is only 10 Lakh in Hill States.
What is the GST exemption limit in the state Uttarakhand, and what is the purpose of uploading invoices?
We compliment you on this wonderful initiative to help financial advisors on their business issues. We are a Mumbai based IFA doing business only with Maharashtra based AMCs. We qualify for the composition scheme of GST announced by the Government. We have also informed the Registrars about our opting for the composition scheme. Our query is related to billing/ invoicing that needs to be sent to all AMCs every month. What should be the format for the invoice? Will the composition scheme be applicable for Services given in March, payment received in April, invoices prepared in April and GST payment to be made in May? How is the 6% GST to be calculated and shown in the invoice? Is it 6% on the amount of commission received? Or has this amount to be calculated as if the amount of commission received is inclusive of GST i.e. to be calculated as 100/1.06? Since the registrars and/ or AMCs prepare and mail invoices to us, should they not be sending the invoices with a 6% calculation? Request you to help us solve these queries so that we are compliant on the GST payment.
My ARN is registered under GST. Last Year i.e. F.Y 2018-19, my income was more than Rs. 20 Lakh & I was paying GST. But this year i.e. F.Y 2019-20, my income will be less than Rs. 20 Lakh. Can I cancel/surrender my GST Number & inform all AMC's.
How much tax is applicable on MF income? (is it as per my Income tax slab or 18% GST).
An additional query for the same case under the 'Composition Scheme’ is: What is the time line for payment of the GST to the Government? We understand that the GST Return needs to be filed quarterly, however the payment frequency does not appear to have been defined.
I have salaried income for 8 months last year and also MF distribution income. How do I file my income tax returns? Which ITR will be applicable to me?
Some Mutual Funds deduct CGST and SGST and then pay brokerage, while some don't deduct GST. Should I only pay GST for the remaining Mutual Funds?
Please provide details on the Karnataka IFA composite GST scheme?
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