I have an accounting problem. During FY2019-20, a party had purchased a new motorcar for Rs.11 lakhs in the month of Nov. 19 and paid full amount for the motor car as per bill of Kataria Automobiles.
After taking delivery, Kararia Automobiles returns Rs.7000/- to the party without issuing any invoice for Rs.7000/- only direct credit to party's bank account, after one month.
Now what treatment in accounting must be take??
The motor car value be (Rs.11 lakhs less Rs.7000/-) Rs.10,93,000/- for depreciation or Rs.11 lakhs?
Rs.7000/- as income/Discount received? There is no documents available for Rs.7000/- only bank statement showing Rs.7000/- directly credited through NEFT.
Please advice on the correct accounting actions?

if DTC bus is given to police dept/gst dept/ income tax dept on hire will this service falls under exemption from gst ? if yes what the serial number of it?

How to maintain accounts for bakery in TALLY ERP9 is it neccessary to create stock item? is it neccessary to maintain stock journal? is it necc. to post production entry? pls advise step by step creation of heads of ledgers and inventory details.

Read more at: https://www.caclubindia.com/experts/how-to-maintain-accounts-for-bakery-1302879.aspai

Hi, We are the company paying rent 20000 per month to individual ( X ). it means rent amount exactly match rs 240000 per year. in this case TDS applicable us 194I or not.?

DEAR EXPERT,

A CA hold COP and also doing Job but foget to inform to the ICAI, But till date CA had not done any attestation related work.

What is the consequences of that?

Is it necessary that a supply under GST will also be part of Revenue of the supplier?

Company: Private Limited
No. of Directors: 3
Company Incorporated: 01/04/2019
Year closed on 31/03/2020
None of them are appointed as MD/WTD/Manager vide AOA/Board Meeting/GM
But all three worked actively in Company. They are to be given salary/remuneration for 2019-20.
Please explain giving reference to provisions of Companies Act, 2013, how can they be given salary?

India citizen transferred to Singapore on Feb 01, 2020 and earns salary in SGD post transfer. Singapore follows calendar year as FY. No TDS is applicable in Singapore and tax is paid post assessment i.e. around May 2021. Also Singapore employer is not required under local laws to issue any salary certificate.

1. Since he is tax resident in both India and Singapore for Feb and March 2020, is he liable to pay taxed both in india and Singapore in terms of Article 15 of DTAA.

2. Will india give DTAA credit or Singapore?

3. If answer to 2. is India, How can he claim double taxation relief U/s 90 for AY 2020-21 since there is no actual tax paid in Singapore during time limit for filing return in india u/a 139(1).

4. How to update/declare from 67 that list taxes 'paid' in foreign country.

5. Time limit for filing form 67 is as u/s139(1), in case a revised return is filed can form 67 be filed with revised return.

6. If answer to 1 is no, how to declare non-taxability of foreign salary in ITR2 and form 67.

7. Any other declaration to be made or any certificate to be obtained from either country.

Legal Heir continued business of expired mother with new GST No. ITC was transferred through Form ITC-02. The GST No. of deceased person was not applied for cancellation by mistake. He returned some purchases which were made by the deceased person. The supplier issued & filed credit note in deceased person GST no. Now GSTR2A of deceased person is showing entry of goods return while the ITC is available with the Legal Heir GST No. How should now the Legal Heir adjust the ITC available in his new GST No. with the Liability of GST in 2A of the deceased person.

Dear Sir/Madam,

This query is regarding "Subscriber's proof of payment for value of shares" to be attached in INC-20A. The problem is subscriber has given share capital amount & loan amount together vide a single cheque payment.
So, the bank statement entry is not matching with share capital but it is more than share capital.

Is this allowed under the Companies Act, 2013?
Can this be problem?

Regards,
Dinesh Dubariya