Hello everyone,

a company has paid 20 lacs int on late payment of gst and 10 lacs on late payment of tds.

Auditor want to disallowance entire interest .

As per my knowledge interest is compensatory in nature and not in the nature of penalty so it should be allowed as business expenditure under section 37.

The Partnership firm was incorporte on 11-02-2023 and within 31st march, 2023. Total turnover is 2 Lacs out of that 95% is cash Sales and balance 5% in through banking transaction. Now question is Tax Audit is applicable or not. If yes then under which section ?
or
Can i file the income tax return A.Y 2023-24 and AY 2024-25 together?

can i prepare the Books of account from 01-02-2023 to 31-03-2024??

I have filed TDS correction statement and accepted in efiling portal , RRR no also generated but it was rejected at CPC due to correction claimed amount was more than balance.
When I have tried to file correction statement it was rejected due to Line No 2 - Invalid Previous RRR Number.
I have mentioned previous RRR received at the time of first correction filing though it was rejected at CPC. Again I have mentioned Previous RRR Number of the previous quarter RRR but it was also rejected due to Line No 2 - Invalid Previous RRR Number.
I am little bit confused which RRR number shall I mentioned .
RRR number of previous quarter : rejected
RRR number generated while filing correction statement : it was also rejected
Original RRR number : also rejected
I am little bit confused which RRR number shall I mentioned .
Pls advice me

Read more at: https://www.caclubindia.com/experts/ask_query.asp

Read more at: https://www.caclubindia.com/experts/ask_query.asp

Due to some reason reason / Dispute, Contractor "A" left work pending. We hired some another Contractor 'B" for completion the work. Assets have also been put to use.

We do not have the bill's from previous Contractor "A", Can we capitalise Assets and claim depreciation?

01. A SOLD GOODS TO B OF RS. 1,50,000/-
02. HE GENERATED E-WAY BILL.
03. GOODS MOVED TO SELECTED LOCATION.
04. B SOLD SAME GOODS TO C OF Rs.1,52,0000/-
05. GOODS LOCATION NOT CHANGED/MOVED.
06. ONLY OWNER SHIP CHANGED.

QUERY - KYA B KO E-WAY BILL GENERATE KARNA PADEGA ?

Hello Experts,
Mr.X running business in Chennai and he operating additional branch office in Gujarat.

Mr.X purchased machinery from Bangalore with his GST.

He prepared invoice Bill to chennai GST details and shipped to Gujarat Details.

Now he planned to return back machinery from Gujarat to Chennai .

Machinery accounted & ITC utilized in Chennai books only.

What are the documents are required to move machinery from Gujarat to Chennai.

Thanks in advance
Regards
Fareed

Dear Experts,
Can any one guide me what is the Income Tax depreciation rate for server and network
Thank you

IF THERE IS NO CHANGE IN THE PROFIT & LOSS AND BALANCE SHEET OF THE FINANCIAL STATEMENT OF THE ENTITY , ONLY CHANGE TO BE MADE IN 3CB ONLY THEN UDIN OF THE FINANCIAL STATEMENT TO BE REGENERATED OR OLD UDIN CAN BE USED?

Please guide which transactions are covered under sec 194 O PARA 3 notification for Non deduction UNDER other provisions of Tds/sections.
Produced as below:-

[Payment of certain sums by e-commerce operator to e-commerce participant.
194-O.(1) Notwithstanding anything to the contrary contained in any of the provisions of Part B of this Chapter, where sale of goods or provision of services of an e-commerce participant is facilitated by an e-commerce operator through its digital or electronic facility or platform (by whatever name called), suche-commerce operator shall, at the time of credit of amount of sale or services or both to the account of ane-commerce participant or at the time of payment thereof to such e-commerce participant by any mode,whichever is earlier, deduct income-tax at the rate of one per cent of the gross amount of such sales orservices or both.
Explanation.—For the purposes of this sub-section, any payment made by a purchaser of goods orrecipient of services directly to an e-commerce participant for the sale of goods or provision of services orboth, facilitated by an e-commerce operator, shall be deemed to be the amount credited or paid by the e-commerce operator to the e-commerce participant and shall be included in the gross amount of such saleor services for the purpose of deduction of income-tax under this sub-section.
(2) No deduction under sub-section (1) shall be made from any sum credited or paid or likely to becredited or paid during the previous year to the account of an e-commerce participant, being anindividual or Hindu undivided family, where the gross amount of such sale or services or both during theprevious year does not exceed five lakh rupees and such e-commerce participant has furnished hisPermanent Account Number or Aadhaar number to the e-commerce operator.

(3) Notwithstanding anything contained in Part B of this Chapter, a transaction in respect of which tax has been deducted by the e-commerce operator under sub-section (1), or which is not liable to deduction under sub-section (2), shall not be liable to tax deduction at source under any other provision of this Chapter:
Provided that the provisions of this sub-section shall not apply to any amount or aggregate of amounts received or receivable by an e-commerce operator for hosting advertisements or providing any other services which are not in connection with the sale or services referred to in sub-section (1).



(4) If any difficulty arises in giving effect to the provisions of this section, the Board may, with theapproval of the Central Government, issue guidelines for the purpose of removing the difficulty.
(5) Every guideline issued by the Board under sub-section (4) shall be laid before each House ofParliament, and shall be binding on the income-tax authorities and on the e-commerce operator.
(6) For the purposes of this section, e-commerce operator shall be deemed to be the person responsiblefor paying to e-commerce participant.
Explanation
.—For the purposes of this section,—(a)"electronic commerce" means the supply of goods or services or both, including digital products,over digital or electronic network;
(b)"e-commerce operator" means a person who owns, operates or manages digital or electronicfacility or platform for electronic commerce;
(c)"e-commerce participant" means a person resident in India selling goods or providing services or both, including digital products, through digital or electronic facility or platform for electronic commerce;
(d)"services" includes "fees for technical services" and fees for "professional services", as defined in the Explanation to section 194J
.

Dear sir,

We have Found that few Liabilities are from very long time in our books, So management decide to book as other Income (Written off). I have few doubt as per below.

1. Does GST will attract while booking this types of transaction ?
2. If GST Is applicable, which GST No. we have to mention in Invoice because liabilities are different from different supplier.
3. If any other thing also attract, please tell.