Respected Sir,
In my business private limited company, there was a case under litigation from which (sundry debtor) I received the whole amount with interest . So my question is that should I need to pay GST on interest income earned.

Rent equalization comes under which Ind AS??

If Ind AS 116 becomes applicable then rent equalization of lease agreements is required??

dividend is part of profit and loss account ?. or part of generel reserve. please guid me for accounting entry

Dear All,

Whether due date for Investments under Section 80C for the F Y 2019-20 extended...If yes, to when..??

Due to delay in shipment we need to pay some amount as detention charges and as per term , we need to recover the same from the customer .

weather we should raise debit note / or invoice?

Hi Experts
Could you please provide clarity on switching between new and old regime as per Finance act 2020. I understand that all the employee should have provision to switch between new and old regime anytime from April 1st till march 2021. In that case employee can change their plan at any time in the FY. Kindly clarify

Basis section 6 of income tax act how do I determine residential status of an individual who is an OCI card holder in india and stays in India for less then 182 days but more than 60 days.
Addtnl informatio :
He has been in india for more than 365 days in past 4 years and leaving india for employment outside india.

Question is mostly to understand if OCI holder falls under the exception provided for indian citizen going out of india for employment.

Also please share links to substantiate your response which i can present to tax authority.

Thanks in advance.

Copying text from income tax website:

Residence in India.

6. For the purposes of this Act,—

(1) An individual is said to be resident in India in any previous year, if he—

(a) is in India in that year for a period or periods amounting in all to one hundred and eighty-two days or more ; or

(b) [***]

(c) having within the four years preceding that year been in India for a period or periods amounting in all to three hundred and sixty-five days or more, is in India for a period or periods amounting in all to sixty days or more in that year.

Explanation. 1—In the case of an individual,—

(a) being a citizen of India, who leaves India in any previous year as a member of the crew of an Indian ship as defined in clause (18) of section 3 of the Merchant Shipping Act, 1958 (44 of 1958), or for the purposes of employment outside India, the provisions of sub-clause (c) shall apply in relation to that year as if for the words "sixty days", occurring therein, the words "one hundred and eighty-two days" had been substituted ;

(b) being a citizen of India, or a person of Indian origin within the meaning of Explanation to clause (e) of section 115C, who, being outside India, comes on a visit to India in any previous year, the provisions of sub-clause (c) shall apply in relation to that year as if for the words "sixty days", occurring therein, the words "one hundred and eighty-two days" had been substituted.

One client has credit ledger balance since march return 2019. And credit balance available in my client gst account .So query is that can we utilise credit ledger balance agaist outward supply liability as on today february 2020 gst return.

Hi,

As per announcement by FM on 24 Mar 2020, for delayed payments of TDSmade between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.

The query is if a taxpayer had not deducted/ paid TDS pertaining to July 2019 and wishes to pay the same now (post March 30 2020), will the reduced interest rates/ waiver of penalty be applicable to such tax payer?

Thanks.

Dear Sir/Mam,
As u know, FY for 2019 - 20 has been changed due to coronavirus. Thus, please update will this financial year applicable to Bank also ? Will banks close there books on 31st March or 30th June for FY 2019 - 20 ?
If yes, then if I do investment under PPF between April 2020 to June 2020, in this case will bank provide certificate for PPF contribution mentioned that contribution is applicable for deduction under section 80C for FY 2019 - 20 ?
Further, if there is any circular regarding above mentioned case, please share.
Wish to hear you soon.

Regards
Deepak Rawat