AS PER RBI CIRCULAR 6 AUG 20

"No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD account"

We have CC Account and Current Account in Multiple Banks.

We have receive notice from our one of the bank of close current account where we have CC Facility also.

Whether we can insist our Bank not to close Current Account where our CC Facility is also there.

If private limited company provides professional services to his clients and turnover of services is 49lac and profit is 17 lac (approx 34 percentage on turnover) in this case Tax audit is mandatory or not???

Dear sir,
I need a sample letter for transfer on the ground of principal giving up his COP.
Please help me and will i get transfer easily or ICAI can restrict my transfer in any case?

Company A has to pay 1cr to B for their services..
A fails to pay his dues in same financial year.. and B comes to loss in thatt year due to non release of payment.
Now after few months A pays all his dues after deducting tds(@10%).. and files tds return showing transaction date 31st March..
So B is in loss for that year but but have 10lacs as tds in his 26as...

Now to do in such situations?

My cousin filed composite GST till Mar 2019 for annual turnover around 13 lac. Since then he have not file GST return after hearing news that No GST required for turnover below 40 lac. Now when checked his GST account, its seen that 12 GST invoices in his firm name for FY 2019-20 (amount around 8 lac) and one invoice (50 thousand) for FY 2020-21. What should he do now ?

Kindly suggest : Can be claim ITC on vehicle insurance

Hello sir,
I am currently n my articleship second year I want to take termination on parents medical ground. Am i allowed to do so and what are the requirements.

Dear Sir,

I want to know that weather the below mentioned tax calculation is correct or not for partnership firm.

Turnover Rs. 10,00,000
Expenditure with proper bills (Salary, fuel and Hospitality) Rs. 5,00,000
Car Depriciation (Car in the name of firm) Rs. 2,30,000
Intrest on car loan Rs. 73,000
Partner's salary Rs. 1,50,000
Profit Rs. 47,000

Can anyone advise me weather this calculation is correct or not.

Thanking you in Advance.

Regards,

Ravindran S

My Father-in-Law had filed erroneous ITR (shown higher income when compared to Form 16) offline for AY 2011-12 and AY 2012-13. Outstanding Demand Notice was received then but not answered. Outstanding demand under 143(1)(a) was adjusted against refund for ITR filed for AY 2019-20. On 13 Sep 2019 again Outstanding Demand Notice under 220(2) recd and was not responded yet. Refund against ITR for AY 2020-21 stuck. Though, we will be paying penal interest under 220(2) but one year delay payment since Sep 2019 will result in another penal interest outstanding notice under 220(2). For erroneous ITR for AY 2011 and 2012, how to submit correct ITR and get refund ?

Dear Expert
An insurance agent receives commission from the insurance company under the section 194J. Should it not be under section 194H commission.
Would he be liable for 44ADA or tax audit as his TDS is deducted under section 194J or can he show it as commission income itself.