Hi,

This is the summary of my ITR's.

FY 12-13 -> 44AD -> ITR 4S
Turnover - Rs. 301184
Profit - Rs. 301184

FY 13-14 -> 44AD -> ITR 4S
Turnover - Rs. 240000
Profit - Rs. 240000

FY 14-15
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 15-16
NO BUSINESS INCOME -> NO 44AD -> ITR 1

FY 16-17
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 17-18 -> 44AD -> ITR 4
Turnover - Rs. 750000
Profit - Rs. 750000

FY 18-19
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 19-20
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 20-21 -> NO 44AD -> NO AUDIT -> ITR 3
Turnover - Rs. 80,93,584
Profit - Rs. 7,72,655 (>6%)

FY 21-22
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 22-23 -> 44AD -> ITR 3
Turnover - Rs. 2,020
Profit - Rs. 1,010

Very Confused regarding 44AD !

1. As per me, It seems i have exited 44AD in FY 20-21 after using it for many years and reentered it in FY 22-23. Now as per 44AD, i have to use to compulsorily for next 5 Years means FY 22-23 to FY 26-27. I want to declare profit less than 6% for shares F&O for FY 23-24. If i do so, i will have to maintain books under 44AA and audit under 44AB? (Turnover is Rs. 26 L and Profit is Rs. 36000)

2. If I opt for 44AD for FY 23-24 also and declare profit at 6%, then I can opt out of 44AD only in FY 27-28?

3. The years where there is no business income to report will be counted for the counting in 5 Years for maintaining 44AD?

Thanks in Advance.

In 2021, Inventory was lost due to floods, and entry was made in the books of accounts - insurance claim receivable debit and credit to COGS/ Purchase accounts. Now insurance claim received which was less than the actual amount recorded in books. Instead of recorded as loss on stock / Bad debts should we charged to Purchase accounts? If yes any reference or case laws?

In which section we have to take udin for tax audit of turnover below one crore.

Company A Private Limited had an NPA loan in FY 23-24 for which the Bank gave OTS (one-time settlement) time limit of which was supposed to end in April 2024, but the company paid a 50% portion in FY 23-24 and took extension of 90 days and paid entire loan in the month of June 2024, i.e. FY 24-25. The loan amount was Rs.5 crores, settled at Rs.4 crores. How to deal with this as per AS 4 Event occurred after the balance sheet date.

Why Rule 11 e of companies rule 2014 is issued by the ministry of corporate affairs.
Means what was the general practice did by business that lead to mca to issue this rule.
Rule 11 e is relating to disclosure for advances given by company to intermediary parties.
In short I just wanted to know actual reason behind rule 11 e.

Please any one clarify that as per US GAAP we have to disclose the investments details if the value of the investment is 5% more than net worth or partners capital in the financial statement. My doubt is In case the organization is investment company or firm engaged in fund of fund, whether it is enough to show the fund in which such company have invested and the value is more than 5% of the net worth or partners capital or is it necessary to show the investment in which fund that we have invested, if it's so how to calculate the 5%,

Please clarify UPS Battery is an asset or consumable. I mean Exide battery for UPS is a goods or consumables. and explain how?

Anyone please provide me the checklist of statutory audit of limited company.

Hello
I am a student of ramanujan college,DU and i am in my 4th sem(will be completed in june/july). I am giving my ca inter group 2 exam in may.
i am really tensed whether i should continue college for 1 more year or i should quit it and obtain a diploma degree and continue with my articleship.
i have already talked with my college adminstration regarding conversion to DU SOL however they said that it is not possible as my college doesn't allow migration.
Now i really wanna know what to do? if i take 1 year gap can i get articleship in good firm?

I have done buisness for last 3years and I have declared income under 44ad for those 3 years. Now I left the buisness. Whether I need to get audited for next year
1.if my income from all other sources exceed 2.5 lakhs???
2. If I got a job and my income exceed 2.5laks???