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 AY 2011-12,,, Can he submit any rectification and get refund now ?

An Employee (Ee) avails a company leased car from Employer (Er) through its appointed car leasing company (Clc). Clc leases the car for 4 years with a residual value of 20%. Clc claims input tax credit on the total purchase price P of a car, where the total purchase price P = (Ex-showroom+Regn+Other charges = B) + GST. Clc leases the car at a monthly lease of X = Principal (P) + Interest (I) + GST on lease as applicable.

The question is: Whether I is calculated on P or B at start of the term? Since ITC is claimed on P, then B is the value of the leased car, hence it seems logical that I should be calculated on B. Please clarify the rationale either way.

Whether there is different DEPRECIATION rate for 1) Plant & Machinery 2) equipment used in machinery as per companies Act what is rate for both

In private limited company quorum for passing board resolution in case of 4 directors is at least 51% so...resolution to be passed by at least 3 directors or two ?

How will the cess calculate if Quantity of Coal Purchase is in between 1 and 2 tonnes,

The rate for cess on coal purchase is 400RS/MT,
Same as 800RS per 2 MT,
But in such cases if Quantity is eg. 1.5MT, Now the how would the cess calulated?
(i) 1.5MT*400RS or (ii) 2MT*400RS?

Thanks in advance.

Respected Sirs/Madam,


Please guide me. I have insurance agency . and around 5 Lac from commission received + salary in the financial year 2019-20. I have some confusion regarding balance sheet prepare for own Income tax Return please let me now earlier years and current years personal Investment in shares / Gold/property is should be shown in balance sheet or show only relates to commissions Business Liabilities and assets. In comming years I will show income against sale of shares/property.



Thanks & regards
Bhupender
bhupenderka@yahoo.co.in

IS AY 19-20 BUSINESS INCOME IS 319683 (UNDER 44 AD ) IT IS PREPARED NOT ON ACTUAL BASIS.THE PERSON ENGAGED ON THIS ASSESSMENT IS A CONTRACTOR.MY DOUBT IS HOW TO PREPARE CURRENT AY FINANCIAL STAEMENTS USING THIS FIGURE ONLY.
(THIS CLIENT IS PREVIOUSLY FILED RETURN IN ANOTHER OFFICE AND HE IS NOT PRENSENT HIS PREVIOUS YEAR FIANCIAL STATEMENT FOR THE PURPOSE OF CURRENT YEAR ASSESSEMENT.)

If anyone knows any CA FIRM WHICH IS more than 5 or 10 YEARS OLD and IS READY TO SELL . KINDLY CONTACT on cavineetsriv@gmail.com . IT WILL BE GREAT HELP . THANKS.
CA.Vineet Srivastava
Vineet Srivastava & Company
Chartered Accountants
Lucknow

Sole proprietary concern is having losses for f y 19-20

Can we not claim depreciation on assets so that loss will be lesser to that extent

Is it allowed under income tax act ?

श्री मान जी , एक रजिस्ट्रड फर्म जिसमे वर्तमान में 4 पार्टनर है तथा वे अपना पूरा बिज़नेस किसी 2 अन्य लोगों को ट्रांसफर कर रहे है जिसमे फैक्ट्री की लैंड एंड बिल्डिंग भी शामिल है।
तो क्या फर्म का रिकंस्टीटूशन होगा जिसमे 4 पार्टनर रिटायर होकर 2 नए पार्टनर शामिल किये जाये या फिर फर्म ही नई बनेगी।
इसमें क्या प्रोसेस होगी व इन्कमटैक्स इम्लिकेशन कैसे होगा