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GST
GSTR-1 vs GSTR-2A Mismatch: Invoices ₹8.5L missing in 2A - Can I claim ITC?
My business (B2B services, 18% GST) filed GSTR-1 showing ₹25L taxable supplies in June. But GSTR-2A only shows ₹16.5L from vendors. ₹8.5L invoices are missing. Vendor says GSTR-1B amendment pending. Can I claim ITC for these? Risk of GST audit? 5-level matching approach?
INCOME TAX
Section 80C Optimization: LIP ₹1.5L + ELSS ₹5L + PPF ₹1.5L = ₹8L. How much deduction?
Income: ₹35L (salary) + ₹8L (rental). Planning investments: Life Insurance ₹1.5L, ELSS ₹5L, PPF ₹1.5L. Section 80C limit ₹1.5L only? So max deduction is just ₹1.5L even though investing ₹8L? What about House Loan Principal (80C) ₹2.5L? Priority order for optimization?
INVESTMENT TAX
LTCG on Rental Property: Cost ₹20L (2012), Cost Inflation Index application?
Selling residential property (rented 10 years). Cost: ₹20L (2012), Sale: ₹50L (2026). Gain: ₹30L. With CII adjustment (2012=100→2026=350): Indexed cost = ₹70L? So gain = -₹20L = NO TAX? Section 54 exemption applicable for rental property? LTCG tax ₹30L or ₹20L? CII calculation help?
TDS & FINANCE
TDS on Freelance Income ₹12L: Section 194C threshold ₹20K, penalty ₹5K fine?
Freelancer earning ₹12L annually from multiple clients. Payments: Client A ₹3L, Client B ₹4L, Client C ₹5L. TDS @10% on payments >₹20K? Section 194C applies? If client doesn't deduct TDS, who pays penalties? Can I claim TDS credit? Interest on late TDS deposit by client?
TAXATION
HRA Deduction Math: Basic ₹50K, HRA ₹25K/month, Rent ₹20K. Section 10(13A) calc?
Salary: Basic ₹50K, HRA ₹25K/month, Rent paid ₹20K/month (no formal agreement). HRA deduction = Min(HRA, 50% Basic, Rent - 10% Basic)? = Min(₹25K, ₹25K, ₹15K) = ₹15K/month? Rent receipt requirement? Self-signed memo acceptable? IT verification audit risk?
INVESTMENT TAX
ITR-2 Filing: Salary ₹25L + LTCG ₹6L + Dividend ₹2L. Tax liability calculation?
Income breakdown: Salary ₹25L, LTCG (stocks, >1yr) ₹6L @20%, Dividend Income ₹2L @10%. ITR-1 or ITR-2? Schedule DA/DB for investments? Tax on dividend: ₹2L × 10% = ₹20K? LTCG surcharge applicable? Need ITR-2 with detailed schedules? Saving ₹6L under 80C covers taxes?