Whether addition in unsecured loan amount due to credit of interest and deduction due to TDS deduction need to be reported U/s 269SS and 269T, as acceptance of loan and repayment of loan
Hi,
A partnership firm is registered with 2 partners and one partner dies in March 2021 , but the firm continues its business activities till date and files his GST and Income Tax return in Firm status. As one of the two partners dies, the firm should be dissolved as the number of partners after death is below 2.
This year the turnover is above 2 crore and its liable for 44AB audit. Please advice whether an auditor can accept the engagement and if yes, what audit qualification has to be put on the audit report and other matters also.
Sir, my first question is can I do audit for last two years ? If yes, then I want to file previous two year i.e. AY 2021-22 and 2022-23. But I have to do tax audit as my turnover is exceed the limit. My 2nd question is that can I adjust my TDS with tax liability in this two corresponding years ? (Exmp: TDS rs.35000/- +Self assement tax rs. 15000/- where total Tax liability Rs.50000/- ) Sir please help on this.
Hello everyone,
following details are available as on 31.03.23
Cl wdv as per books : 100 cr
cl wdv as per IT acr : 92 cr
applicable tax rate : 25%. Assuming no other timing diff other than depreciation
i am stuck in computation of closing deferred tax asset/liablity
my understanding is since co has claimed higher depreciation and paid less tax going forward tax liability is going to be higher so direct tax liablity shall be created
closing value of DTL = 8 cr * 25% =2 cr
2cr should appear in balance sheet after adjusting opening balance
is my understanding correct ??
Auditor mentioning on balance sheet 'as per our report'. few auditors mention 'as per my report:. what is the difference in this ? as per my knowledge if CA is practicing in firm name it will be our report & if he practicing in individual capacity & not applied for firm name then he is mentioning my report.
Is this correct?
Dear Experts
Kindly let me know what's the meaning of DELETION of Asset while preparing DEPRECIATION SCHEDULE as per Companies Act 2013
Also whether when the useful life of Asset gets over & Carrying value of such Asset will come under Deletion of Asset ?? or it can be taken to Reserves & Surplus
Thanks in Advance
a doctor have gross receipts Rs. 40 lakhs in current year, he want to fill return in 44ADA, but he have also F & O turnover Rs. 27 lakhs and profit Rs. 80 thousand.
can he file itr profession income u/s 44ADA and f & o income tax audit togeather.
Greetings Sir/mam,
Kindly let me know whether Staff welfare exps are covered under Negative List and reporting under Clause 44
Whether we need to report surrender of shares in form 29b,if yes where to report it.
There is a person doing business and he was filing income under 44AD as the turnover is less than 2 Crores. And for the current FY 22-23 his turnover is more than 3 Crores. Can i file the ITR returns without Audit as per the new las of 5CR.
If Audit is not applicable then in which ITR we have to file can we take the Income in 44AD only???
Live class on PF & ESI Enrollment & Returns Filing(with recording)
TAX AUDIT REPORTING U/S 269SS AND 269T