The Advisor’s Call

The Advisor's Call

Scenario Simulation

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Scenario 1 — ASMT-10 Notice: Turnover Mismatch

A client (proprietary trading firm) has received an ASMT-10 scrutiny notice. GSTR-3B outward turnover for FY 2023-24 is ₹2.1 crore lower than the turnover in GSTR-1. The department has flagged suspected suppression of outward supply.

Immediately accept a shortfall and offer to pay the differential GST with interest to close the matter quickly.

Prepare a month-wise GSTR-1 vs GSTR-3B reconciliation, isolate credit-note impact and the March invoice timing difference, and reply with annexures — paying tax only on any genuine residual gap.

Argue that GSTR-1 and GSTR-3B serve different purposes and need not match, without providing a reconciliation.

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Scenario 2 — AIS Shows an Unexplained Cash Credit

While preparing an ITR-3, the client's AIS shows a cash deposit of ₹9,80,000 in a savings account that doesn't appear in the books. The client says it is a loan repayment received in cash from his brother-in-law.

Report it as an unsecured loan received, relying on the client's oral explanation, and move on.

Flag it as high-risk before filing: seek documentary evidence, examine Section 269SS/269T cash-loan implications, and assess whether the staggered deposits point to structuring around the Section 269ST limit.

Advise the client not to mention it since AIS is 'informational only' and not binding.

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Scenario 3 — TDS on Property Purchase (Section 194-IA)

A client is buying immovable property for ₹62 lakh from a resident seller. Another advisor tells the client that TDS does not apply because the land is 'agricultural land converted for residential use' and hence exempt.

Accept the other advisor's position, since agricultural land is generally outside capital gains provisions.

Independently verify the land classification as on the agreement date (not the certificate date), confirm the ₹50 lakh threshold, and advise 1% TDS with Form 26QB if the exemption doesn't clearly hold.

Tell the client it is the other advisor's responsibility since they made the exemption claim.

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