Hello sir,
I get the cheque from my friend amount 2 lakh rupees from his business cash credit account for his entry settlement. And he want that money back after 2-3 days through my saving account cheque. should i deposit his cheque in my saving account in bank ? Please advice. is there any penalty in income tax like this kind of transaction.?
i shall appreciate if you could help me regarding above mention transaction.

Thanks.

I know how to classify assets and liabilities on basis of operating cycle but I want to know why operating cycle is used as a parameter to classify wether assets/liabilities are long term or short term ?

one having income as "ayurvedic massage receipts"; can he opt 44 AD or 44 ADA ?

Dear All,

What is the depreciation rate of Wood Flower Vase & in which head it comes (Eg : Furniture & Fixtures)?

Rate need as per Income Tax Act 1961


Thanking you

Dear Sir,

During filling ITR i have mention three bank account apart of 3 account 2 account not linked to my income tax account. i have done many validation requests but not validate
so suggest me what to do in case.

Whether statutory pensioners Can calimr Relief under Sec 89(1) of the IT Act?

If a agent import behalf of principal (outside india), to do basic assembly work and supply to customer in India on behalf of principal. (Principal will raise invoice to customer in USD from outside india)
What will be the following impact
1. Custom duty who will pay also valuation of goods. (we can registor the bill of entry in customer name?)
2. agent will raise service charge to principal
3. GST impact to supply of goods to customer in india

Our auditor filed audit report for fy 2020-2021 . Depreciation of Rs2000/ shown in profit and loss account but was not deducted from laptop and value of laptop as b/f on 1/4/2020 was shown.
Now for fy 2021-2022 how will we rectify this error? What value of laptop to be shown on 1/4/2021 ? Please clarify?

Sir/Mam,

If Merchant Exporters turnover as follows:
2017-18 6 Cr
2018-19 9 Cr
2019-20 7 Cr
2020-21 21 Cr
2021-22 2 Cr till now
As per new notification who crossed 20 cr turnover previous year einvoice is applicable mentioned, it is applicable to proprietorship firm as per above turnovers.

if applicable exporters einvoice procedure plz explain .

Thanking you,

REQURIED APPENDIX-5B CHARTERED ACCOUNT CERTIFICTE EXPORT DETAILS FOR NEPAL EXPORT IN INR?? IF YES SO PLEASE REQUEST TO FURTHER CLERIFICATION.