My company had purchased a machine from China, due to non performance we complained to the machine manufacturer, he has sent replacement parts for the machine for free, we have paid import duty for the free replacement parts received, but we are in dilemma how to show this transaction in books ? how to account for replacement part and where to show import duty paid ?

Matured amount of Life Insurance Policy received is Rs 7 lakhs. LIC deducted 1% TDS under sec 194DA. How much amount is to be included in taxable income - maturity amount of 7 lakhs or Rs 7 lakhs minus total premiums paid over the years, i.e Net surplus received after adjusting premiums paid? Please advise.

There is Small Tailoring Business and there is no current account of the firm.
Turnover is 12,50,500.
now The Proprietor Do all the transaction by his saving account.they made all the expenses and all his income earned from his account.
so can he show his saving account closing balance under asset Side of his business balance sheet??

Dear members,a pvt ltd company has earn net profit of rs. 6 crores in financial year 2018-19 but in previous financial year 2017-18 and 2016-17 and 2015-16 it has a loss in the business if csr rules applicable in the company, if yes what is the date when the csr commitee has been established?

Dear Sir,
please tell me about whether Tax Audit Applicable u/s 44AB or not, my client income from Business under section 44AD Rs. 158795( i.e 32% of Turnover Rs.4,95,044, more than 8% as per 44AD(1)) & my other Income is Rs.103359, Gross Total Income Rs.262154. Chapter VI Deduction Rs. 54317 (LIC 30317+Donation 24000) hence my Total income chargeable to tax Rs. 207840.

as per above case whether Tax Audit is Applicable or not ? please tell me.

( A person covered under Section 44ADA is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the Profession are lower than the profits and gains computed in accordance with the provisions of section 44ADA(1) AND if his income exceeds the maximum amount which is not changeable to tax (i.e basic exemption limit).

We have service provider due to some problem we have not paid GST payments Apr.19. Our Service receiver hold the payments due to non filing of GSTR3B for the month of Apr.19.

My query is can service receiver hold the payments due to non filing of GSTR-3B. We have already filed GSTR-1 B up to June.19.

Pl. give your opinion

Thanks & Regards

L.D.Dharmadhikari

House rent allowance is available in salary but the assessee has forgotten to deposit the receipt of the rent, so the rent was not accounted by the employer in Form 16. If we are claiming through section 80gg then Rs. 60000 / - deduction is coming. Whereas the total rent of Rs. 134000 was paid by the assessee. please suggest, how can we claim ?

ONE OF MY STAFF ENTERED SALE VALUE AS Rs.3,50,000 (CGST 31500 + SGST 31500) IN GSTR 3B. ALSO ENTERED ITC AS (IGST 17500; CGST 33400; SGST 33400).
BUT ACTUAL SALE VALUE IS Rs.33,500 (CGST 3015 + SGST 3015). HIS ORIGINAL ITC AS PER CREDIT LEDGER IS Rs.8500 ONLY. HOW TO RECTIFY THIS. PLEASE GUIDE ME.

can we add the accrued interest on fixed deposit in the 'Fixed deposit account' ?

Dear sir,

Kindly explain about Depreciation loss . I found this line item in P& L Memo.