Accounts QnA - Page No 356

is materials purchased in cash 50,00,000/- acceptable or not incurred, in one case consumable purchases are more than 50 lakhs towards consumable purchased shown in profit and loss account

SHYAM KRISHNAN K

02 March 2025 at 07:20

Repayment of non convertable debenture

Our company has accepted debenture from existing shareholders with the condition of convert the debenture into share in future now some of them are requested for resumption is it possible to redeem the debenture on request of debenture holders

rajni ASHANI

01 March 2025 at 13:57

GST AMNESTY rectification or spl 02

in my case DRC 07 issued, no appeal filed.
1. ITC AVAILED disallowed and now eligible.
2.Late filing of GSTR3B.
officer asking to pay full amount of eligible itc
interest and penalties on late filing of GSTR3B asking too file rectification.

guide me officer is right in asking to pay eligible itc

Chartered Accountant

01 March 2025 at 13:40

Fixed Asset Purchased in Cash & Cash paid in installments on different dates

Just a general query,
Suppose X purchases a fixed asset of Rs 1 Lakh in cash on 01/04/2024 , If he makes payment of whole 1 Lakh on 01/04/2024 Section 43(1) will attract & Cost of acquisition will be treated as NIL but what if he pays Rs 10000 each day from 02/04/2024 to 11/04/2024 will Rs. 100000 be treated as cost of acquisition then?

Rahul Raj

01 March 2025 at 10:31

Disclosure Requirement

Someone is Resident but not ordinary Resident and he is not having any income from india and currently residing in US. he has a property in India. My query is whether he is required to file any return in india to show the property and if yes then which ITR should he file ?