Dear Sir,
Please suggest us how to prepare provisional,estimated and projected balance sheet with an example. How it calculated.


Thanks

Hello Team,
I have a little bit confused about the calculation of HP income related to AY 2020-21. Currently, I have two house property, one is used for self residence purpose and the second one is let out.
As per the latest amendment in I.T Laws, the assessee has the right to claim two house property as self -occupied consequently the value i.e. NAV of both houses should be taken as Nil irrespective of fact that the second house had given on rent. Further, as per my understanding, I cant able to take any benefit of section 24a & b except interest on housing loan i.e. INR 2,00,000.
My query is Can I considered second home NAV as NIL or considered rent as NAV particularly in respect of AY 2020-21?

Particulars IGST CGST SGCT
Output (Liability) 90000 210000 210000

ITC Opening 0 80000 0
All other ITC 350000 0 0


How to set off liability

There are 6 partners (Mom - Dad - 4 Children) (20%-20%-(15*4)%). Dad died and profit-sharing ratios now will be (Mom - 4Children) (20% - (20*4)%). i.e, 20% each. What will be the treatment of the capital of Dad if it is inherited to all the 4 children equally? And what will be the points in the highlight in amended partnership deed?

assess sec 44 ada I.t. return filed every year.but three years I.t returns true copy certified by CA for bank loan purposes
Question:
UDIN no.manadatory or not manadatory

Tax treatment of bond amount paid by employer to employee My client paid bond amount to employer Rs 300000 now he want to claim such Rs 300000 as deduction from salary can he do so if yes please send me judgement and also mention legal case of the same so I can understand properly

TDS deposited online for AY 2020-21 but wrongly selected payment AY 2021-22 at the time of deposited at bank site. May I match the TDS payment while filing TDS return for AY 2020-21. IT is not possible to deposit further same amount for AY 2020-21. Will it be considerable or have some issues relating to demand or so. Please advice. Thanks in advance.

Hi all,

I have 2 queries

1) I forgot to disclose PPF accrued interest as exempt income in earlier years. Now the PPF is matured. Does it make sense to disclose the cumulative interest in the current year returns as exempt income?

2) One more thing is - no need to disclose PPF principal amount anywhere in IT returns correct?

1st person Rs:5,000/- payment through on Google pay paid to another 2nd person.
1st person bank account amount rs:5,000/- debit and receiver (2nd person)account not credit .
Question:
How to contact a person and problem solved.

Hi all!

The following is the doubt I have:

DTA as on 31.03.2019: Rs. 16.85

Depreciation for FY 2019-20:
As per Accounting: Rs. 1266.61
As per Income Tax: Rs. 495.71

Going by the depreciation route, the DTA is Rs. 200.44 [(1266.61-495.71)*26%]

WDV as on 31.03.2020:
As per Accounting: Rs. 3625.68
As per Income Tax: Rs. 4461.39

Going by the WDV route, the DTA comes to Rs. 217.29 [(4461.39-3625.68)*26%]

Now, my doubt here is, Which of the below entries is correct?

DTA A/c Dr. 200.44
To P&L A/c 200.44
(Here the net effect is Closing DTA is Rs. 217.29 [200.44+16.85] - same as that arrived at by WDV route)

(or)

DTA A/c Dr 183.59
To P&L A/c 183.59
(Here the net effect is keeping Closing DTA as 200.44 and creating DTA for the difference [200.44-16.85])

I tried to read various articles and also tried to read & understand AS-22 but I could not get this.
Please guide me...

And also, it is really appreciated if you could point me to the exact source/guideline/paragraph, etc. on which your answer is based ( I ask this because I could not find the source and I want to gain knowledge, no other intention)

Thanks in advance...