Short answer: For income tax, a business claim expenses even without a GST invoice if it is genuine, incurred wholly and exclusively for the business, and supported by other reliable evidence, with...
Short answer: A current account transactions is not watched in isolation. Banks report certain transactions to the Income Tax Department, such as aggregate cash deposits or withdrawals of ₹50 lakh or...
Short answer: GST turnover vs income tax turnover differs because GST turnover is calculated from supplies reported in your GST returns, based on invoices and time-of-supply rules, while income tax...
Short answer: Generally, no, not until the invoice appears in your GSTR-2B. Section 16(2)(aa) allows ITC only when the supplier has furnished the invoice details in GSTR-1 or IFF and they are...
Short answer: Do not guess and do not ignore the gap. Start from the GST returns turnover, adjust for items that GST and income tax treat differently, and compare the result with the revenue in your...
Short Answer In most cases, a bank disburses a machinery term loan directly to the supplier, not to the borrower. Payment is usually released against a valid invoice or proforma invoice, after you...
Quick Answer Yes, in many cases. Electrical fittings and civil work that are directly needed to install and run the machinery, such as the machine foundation, platform, wiring, panel and power...
Quick Answer If you change the machinery supplier before disbursement, the bank will normally pause the release of funds and review the new supplier’s quotation, specifications and price against...
Quick Answer Yes, it is possible, but not easy. A cash credit (CC) limit is normally sanctioned on the basis of stock, receivables, and turnover. A new business has no past turnover, so the bank...