A Partnership firm set up in the year 2019 did not opt for 44AD from FY 19-20 to FY 22-23. For FY 22-23 turnover is more than 2cr and maintained books of accounts till FY 22-23. Can it opt for section 44 AD in FY 23-24 (AY 24-25) if its turnover is less than 3 crores?

Dear Sir/Madam,

We are an educational institution engaging foreign faculty (NR) to teach few subjects as free lancers.
1. Is TDS applicable on remuneration paid to them? Under which section and what is the percentage of tds If applicable? (They will not stay more than 90 days in india to teach those subjects)
2. What are the required documents we have to take from them (whether exempted or taxable).

Could you please brief in this regard.

If the put to use date of an asset is earlier than the date of capitalisation of that asset in accounts, from which date depreciation to be charged? Will it be incorrect as per schedule 2 or ind as to charge depreciation from PTU date, if asset is booked at a later time.

Sir,
It assessess foreign currency trading transaction rs.50lacs OLYMP Trade cash deposit and withdraw used for credit card.all trading transaction reflected in ais/tis loss income trading transactions.
Doubt=
Assessess loss trading transaction itr filed mandatory.

If the assessed has treated debit note as sale and already made payment in GSTR 3B and the purchaser has note claimed credit for such then can we submit declaration from purchaser in the department in their letterhead ? and by doing so case can be dropped by department ?

I am registered as a proprietorship firm with ICAI. While drafting audit report, which word I should use is "I" or "We".

Further, it will be more helpful if any reference of ICAI material is provided.

A charitable trust created a fund for giving medical aid to people. The members and general public gave money for this fund. Trust kept this money in a separate account. Can this money be treated as corpus fund

Dear Sir,
Charitable Trust having donation income (15,00,000) & also having Fixed Deposit interest(RS55,000) income. but I want to know whether FD interest is taxable and if it is taxable what is the tax rate applicable under new section 115 bbi & under existing one also.

Thanks in Advance,

We have filed the TDS return for Q2 fy 2023-24 with fulfill proper contents i.e. valid Pan data/Name of deductee/date of payment/date of deduction and challan details as per tds compliances. But income tax deptt. sent us a default intimation along with details for default PAN number by referring higher rate of tds deduction / short deduction along with interest of short deductions demanding for the PAN numbers are valid but inoperative for the quarter.
We advised to our deductee to link the PAN-Aadhar on income tax portal as per justification report downloaded from traces site.
My query is that if the deductee will update the PAN and linked with Aadhar and there after can we file the correction statement for the quarter with updating PAN status and without paying short deduction.
How can we resolve this, please advise
Thanks
Vijay

Hi All CAs,

We, Southern Railway have received notice from GST Authorities regarding mismatch in RCM Liability. Notice is mentioned below:

Mismatch in liability - RCM
On verification of GSTR-3B returns filed by the tax payer for the year 2022-
23, the following differences are noticed:
Tax Type As per 3.1(d) As per 4A(3) Difference
IGST 1654556.13 8468228.53 6813672.40
CGST 0 108847.33 108847.33
SGST 0 108847.33 108847.33
CESS 0 0 0.00
Total 1654556.13 8685923.19 7031367.06

In this regard, the tax payers have not filed any reply, The tax
payers are requested to pay the above difference amount immediately.
Notice in DRC-01A is issued.

Please it is requested to provide a suitable reply for this.