Private Limited Company Incorporated on 23/01/2019 but till 31.3.2020 there is no turnover means NIL Sales. So can we do audit of 15 months (1.1.2019 to 31.3.2020)
and Prepare Statutory audit report for 15 Months ? if yes then any additional disclosure required in audit report?

We have organized Vigilance Awareness Week and conducted various competitions for Employees and their Family members and we have purchased Gifts for the Winners. Can we avail the ITC of the Gifts purchased?
regards

in Challan 281 , which section is to be selected for TCS on sale of goods wef 01.10.20.
Section 206C(1H) is not available in challan 281.

Dear Experts,
I want to know the procedure of taking over of a unit in a propreitory business by a newly formed Pvt Ltd company. The propreitor of that business is a major share holder in the newly formed Pvt Ltd company.
1. We need to understand if any Sale/Assignment deed is to be made between Propreitory and Pvt Ltd?
2. Any Capital Gains applicable on the movement of stock if they are brough at booked values ?
3. Propreitory concern is a MSME unit and taken credit facilities in a nationalized bank, how to transfer the facilities from the bank (propreitory current account) to bank (Pvt LTD current account)?
Appreciate your expert advise/suggestions.

Regards
Sudheendra.

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable?

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable

for f y 19-20 We have received bills from vendor with GST element
However these bills are not visible in our GSTR 2A and the vendor is not likely to revise GSTR 1 so that bills will be reflected in our GSTR 2A
We have not taken input credit against these invoices

In the circumstances can we book full invoice including GST to profit and loss expenditure ?

While I know that it is a capital loss under Income Tax Act 1961, how do we present it in the depreciation chart for IT returns? This is a practical query for filling in the data for returns.

What is the entry of remittance expenses in tlally?

an assessee is not only liable in respect of his own income for tax purposes but his liability may extend to some other incomes also. comment