Our company has formed a gratuity fund trust for managing gratuity payment of employees, part of this our company has deposited an amount per month to the trust and the trust subsequently deposit the amount to the LIC, when we required to pay gratuity the lic transfer the fund to the trust and trust will pay the amount to employee. The trust has got approval from income tax part c of fourth schedule of income tax. In this scenario how we will maintain the books of accounts and is the trust has mandate to conduct audit,

Lic received after maturity , whether it can be credit to capital account, is entry correct
Bank Account A/c Dr
To Capital account.

Sir
One of our debtors is also our creditors almost over 3 cr sale and purchase can we deduct tds on purchase of goods
@ 1% or there is another rate

Can i Deduct tds u/s 194c on machinery Installation value 37,50,000/-

Respected Colleagues,
Vehicle owned by father but used by son in his business and paid insurance charges by son his current account, now my first ques is whether son will claim insurance charges as expense in P&L and if Repair & Maintenance (petrol, diesel & wear tear) of vehicle also paid by son & claim as expense, then is it in order?

Tally Entry for the below transactions:

1) Industrial Oxygen Gas purchased for factory metal / iron / steel cutting comes under which group (Direct / Indirect) & which head ?
2) Lubricants purchased for factory machines / manufacturing machines comes under which group (Direct / Indirect) & which head ?

Dear Financial Experts
Hope you're doing great. This is about my PFF account. Recently I found that my PPF account has been stopped due to pending KYC. I opened PPF around few years back when I was in India and then came in US. Then I was out of US for 2 years and then came back. I might plan moving back to India in 2-3 years which depends on my project extension.
(1) Does this means interest amount will not be deposited in my PFF account in 2025 since account is in stop status?
(2) Should I go to India to update KYC to change the account status?
(3) Recently I found that it's better to convert saving account in Bank A to NRO so I found a SB to NRO conversion form where I need to mention the date of status change from Resident Indian (RI) to Non Resident Indian(NRI). Is this date should be the first entry date to US OR 2nd entry date after 2 years?
(4) I have 2 other saving accounts lets call it Bank B & Bank C so do I need to convert all saving accounts to NRO or only Bank A is enough which has PPF account. Please note I don't have any income in any Indian bank account.

Kindly share your valuable advise and please add if there is anything else that might be helpful as well.

Thank you!

If office has been shifted and old AC are also shifted, copper pipe purchased for reinstalling AC are to be capitalized?

If a company purchases a battery and an inverter is it considered a fixed asset?
If yes then what is its useful life as per Companies act 2013?
And both battery and inverter liable to depreciation?

Cheques issued on 28th march but not cleared till 31st March.
How to pass journal entry for cheques in Transit in books of accounts.