Sir,

I want to gift 3lac to my brother , here i want to know where it will effect in Income tax whether in Balance sheet or capital account and under what head.

Please suggest

Hi,

Should accrued liabilities while preparing financials where invoices have not been received yet include GST?

How much cash can be received by a whole seller in a single day against a single invoice?
Further I want to know if payment made for business expenditure of more than 10000 in a single day to a single person, it disallowed to person who made it but who received the payment, what will be the impact in his book?

Is there any minimum rate at which NBFC can lend it to its borrowers?

Sir,

I have a confusion , earlier i was running a single business and filling the IT return, now i have also over take my father business along with that,now i want to know as both the income will merged ,whether i have to prepare two capital account for both business or one for both.

Please suggest.

Dear Sir's,

This case pertains to our Company. Following are the facts.

1. Export Sales Invoice done on 1st March 2020 for US$.225,000.00

2. Let Export given by customs and dated as 20th March 2020.

3. Containers stuffed with the cargo and in Nhavasheva Port.

4. Due to lockdown the Vessel could not dock and now the cargo in inside the Port premises. Once the lockdown in open we will immediately dispatch the goods and the Bill of Lading will be dated as maybe 20th April 2020.

Now my question is:

1. As the Sales has been booked on 1st March 2020 will the sales stand in the accounts books for the Financial Year 2019 - 2020.

2. As the Customs has given Let Export order and in the Customs web site it has been registered as sale in this Financial Year 2019 – 2020.

3. Will the Bill of Lading which will have date a of 20th April 2020 wherein only physical movement will be done have a effect on the sales for the Financial Year 2019 – 2020.

Kindly get a detailed written reply from you Professional Contacts as our CFO is telling us that he will cancel this sale and re-book in the year 2020 – 2021

Awaiting your reply to this mail.

Thanks & best regards,

CARL M. MATHIAS

Dear,

If we do not make provision for March, will it be allowable under Income Tax,

Dear Experts,

* Mr. X is an NRI and employee Oil Drilling Contractor "Drilling Inc" in UAE .
* "Drilling Inc" received a contract from ONGC India to extract oil from the offshore oil rig in Mumbai from the month of January - February.
* "Drilling Inc" sent their employ Mr. X to Mumbai to provide service to ONGC.
* Salary is Paid by "Drilling Inc" to Mr. X in UAE for all 12 Months.

Is salary earned by Mr. X who is an NRI taxable in India for the month of Januray- February??

Hi all,
A freelancer photographer earlier a salaried employee in an MNC wants to register himself as a photographer. Following are queries:
1) will it be a profession or business
2) will it be sole proprietorship or LLP ,benefits into consideration, which would be more beneficial.
3) where to register himself, which website
4)will he be requiring trade license
5) will he be requiring GSTIN.
6)REGISTERATION OF TRADEMARK , is it mandatory.

Thanks all.

I have a private limited company, wherein there are 2 directors who are even shareholders for the same. They are not receiving any remuneration by way salary for the year. At the end of financial year, they are willing to charge consultancy fee for the period.
share capital being 1 lakh and consultancy fee being 10lk
Can you help me out if any restrictions are there on payment of consultancy charges.
Is any resolution required to be passed for the same.?
If yes, under which section it is applicable?