Dear Experts

Kindly let me know , What will be the accounting entry in case a Private Ltd company Buy back its own shares

Thanks in Advance

I have received an email from the Income Tax department citing the above subject error against the ITR filed for AY 2023-2024.

I am shocked to note that the department has referred to a section 80P which is irrelevant and we have not claimed any deductions under this section in our ITR.

How do I resolve this issue?

In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income. please solved the query

I have asked for Score Card and criteria on preparation of Score Card for a nationalized bank and they refused to give it taking stand that those are their confidential matters. can we go for an appeal.

Dear Sir/Madam, We are Tax Consultancy Firm, have file a Partnership firm IT for the Ass Yr 2023-24 with Loss for a Manufacturing Firm.
Received a Message stating that
"In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income."
Please suggest how to resolve
Thanks

1).FIRM NEWLY INCORPORATED IN FY 22-23 HAVING TURNOVER OF 48 LAKH AND ASSESSESS WANT TO FILE RETURN OF INCOME BY SHOWING PROFIT OF RS. 48000 WITHOUT AUDIT , IS IT POSSIBLE AS CASH RECEIPT AND PAYMENT EXCEEDS 5% LIMIT

2) OR IT IS COMPULSORY COVERED BY AUDIT AS SHOWING PROFIT LESS THAN 8% AS PER 44AD??

Please let me know the GST treatment on commission earned by an Indian individual on the professional services provided for arranging a sales deal the transaction happened between two foreign entities and the actual sale and transfer of goods happened abroad. Actual buyer and seller are in abroad. Thanks

As per Securities Contracts (Regulation) Act, 1956 defines "option in securities" as a contract for the purchase or sale of a right to buy or sell, or a right to buy and sell, securities in future, and includes a teji, a mandi, a teji mandi, a galli, a put, a call or a put and call in securities.

Here is what is the meaning of "A Galli"?

Sir,
Q.no.1.A Gst registered rice goods taxable and exempted dealer sales turnover rs:185 lacs as per GST portal f.y.22-23
Q.no.2 dealer AIS information download f.y.22-23 dealer show one current bank account show in books and it returns every year.but dealer 2nd savings bank account show in AIS f.y.22-23
Question:
1.dealer net profit rs:9 lacs declared (4 precentage) which clause applicable tax audit.
2.dealer 2nd bank sb account transaction some cash credit and debit loans show in bank statement.2nd bank account transaction show in it returns compulsory.

Sir, my first question is can I do audit for last two years ? If yes, then I want to file previous two year i.e. AY 2021-22 and 2022-23. But I have to do tax audit as my turnover is exceed the limit. My 2nd question is that can I adjust my TDS with tax liability in this two corresponding years ? (Exmp: TDS rs.35000/- +Self assement tax rs. 15000/- where total Tax liability Rs.50000/- ) Sir please help on this.