1) Income tax 22-23
This query is : Resolved
18 April 2023
Adjustment:-
1)Cash purchases and cash sales are not yet recorded
2)a sale transaction of 40000 is not recorded in books
Difference between them and their treatment in Income from Business?
In first case they were recorded as it is
but in second one they have calculated Profit on aale( On Gross Profit 15%) and then recorded as unrecorded income
?
1)Cash purchases and cash sales are not yet recorded
2)a sale transaction of 40000 is not recorded in books
Difference between them and their treatment in Income from Business?
In first case they were recorded as it is
but in second one they have calculated Profit on aale( On Gross Profit 15%) and then recorded as unrecorded income
?
20 April 2023
Yes, the adjustment is right.
Expenses already accounted hence gross profit is income.
Expenses already accounted hence gross profit is income.
20 April 2023
Sir both are cash sales but cash sales are recorded as unrecorded income and Sale of 40000 is recorded by calculating profit on it why?
21 April 2023
Cash purchase and cash sales are recorded the net is only income.
You are right the total sales should have been shown as income as purchase is recorded.
You are right the total sales should have been shown as income as purchase is recorded.
21 April 2023
Sir they are not of one problem in one problem when they have given cash sales and cash purchases are not recorded in adjustment then they have recorded as unrecorded Income and unrecorded expenditure but in another problem they have given sales of 40000 is not recorded in adjustment and in solution they took those sales after calculating profit on it
Why sir both are cash sales then why it is different?
Why sir both are cash sales then why it is different?
21 April 2023
It should not be different.
07 May 2023
Sir under sec 112 A STT paid is compulsory at the time of purchase and Sale of LTCG on Equity shares to recognised stock exchange but it asset is acquired after 1/10/2004 then stt paid will be only at the time of Sale then also can we apply this Sec 112 A section and claim exemption of 100000 if it's sold to recognised stock exchange ?
07 May 2023
Yes you can apply this section and claim exemption.
07 May 2023
Sir in case of unlisted equity shares STCG arises then tax flat rate 15%?
07 May 2023
Sri. Munnalal an Indian citizen left for Sri Lanka for the first time on 1st October, 2018 as computer expert on employment basis. He came back to India on 31st May, 2019. He left for Bangladesh on 5th December, 2019 and returned to India on 10th June, 2020 and left thereafter to China on 10th March, 2021 and returned on 10th December, 2021. Determine his residential status for the previous year 2021-22.
In this he is considered as special category is this because he doesn't come under General Category and he is in India for the last 11 years which is a condition for General category
For this we shouldn't check The previous year 2021-2022 for AY 2022-2023?
In this he is considered as special category is this because he doesn't come under General Category and he is in India for the last 11 years which is a condition for General category
For this we shouldn't check The previous year 2021-2022 for AY 2022-2023?
08 May 2023
No, short-term capital gains would be taxed at the slab rates applicable to you in case STT not paid.
08 May 2023
For 2021-22 he is non resident.
08 May 2023
Sir ,If STT paid 15% if STT not paid slab rate for Unlisted equity shares STCG ?
08 May 2023
Yes you are right.
STT paid only when sold through stock exchange
STT paid only when sold through stock exchange
31 May 2023
Sir DA as per terms of employment means does it form in retirement and included in Salary?
31 May 2023
Sir Employers Contribution to PFF Exemption or fully taxable?
31 May 2023
Rent-free Furnished Accommodation owned by employer having a Fair Rental Ve of 60,000 p.a; Cost of Furniture 88,000; Rent fixed by Govt. 24,000 p.a
Population and city not given
Population and city not given
31 May 2023
Yes, DA is part of salary in retirement.
Employers contribution to PF is exempt
Add rent fixed by government as perks
Employers contribution to PF is exempt
Add rent fixed by government as perks
31 May 2023
But sir Assessee is not a Govt employee and Population, city not given
31 May 2023
Then 60,000 plus 10% of furniture value as perks.
01 June 2023
1)ERV highest of 2
FRV MRV
2)AERV least of 2
ERV SRV
3)ARV
Rent received + outstanding rent - unrealised
4)Highest of
AERV ARV selected
And
5)Adjusted ARV is ARV - Vacancy loss
Doubt:-
*****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And
2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ERV
3Or else
Only after Adjustment of vacancy loss we will have GAV
4)Sir is this proforma right?
FRV MRV
2)AERV least of 2
ERV SRV
3)ARV
Rent received + outstanding rent - unrealised
4)Highest of
AERV ARV selected
And
5)Adjusted ARV is ARV - Vacancy loss
Doubt:-
*****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And
2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ERV
3Or else
Only after Adjustment of vacancy loss we will have GAV
4)Sir is this proforma right?
01 June 2023
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