We have availed Input Tax Credit on capital goods. but Company has surrendered proportionate ITC taken u/s 43 of GST Act on exempted supplies.
Now after surrendering the GST, balance amount we want to reverse from Electronic ledger permanently. Can we capitalise the this reversed ITC and claim depreciation on the it.

Please guide on the same.

Transaction In last FY (2023-2024)

Freight Received Rs. 14,55,000.00 ( Received By Cheque 12,00,500.00, By Cash 2,54,500.00 (Income from Own 03 Minidoor)

Freight Received Rs. 7,20,000 (Received By totally Cash) (Income from Hiring Minidoor)

can i use Both section 44AD and 44AE or use only 44 AE...........

Kindly give some suggestions.

Sir,

Pl guide me on how to show business loss in ITR 3 in no account case.

I have entered in No account case in ITR 3 bit business loss is not getting accepted in it. Is there any other way. Please guide.

Regards,
CA Manish Agarwal

How to verify DSC on E PAN....i have applied for instant E PAN and red cross sign is showing there..

Dear Sir
Today I filed my IT return successfully. But I received message for the department that my IT return is defective u/s 139 (9) of IT act. I filed IT return by choosing ITR1 Form. Please note I have income from under Sec 194C Rs.1,92,203/- & TDS credited Rs.1,924/-, and interest received from fixed deposit from Finance company u/s Sec 194A Rs.1,329/- and no TDS credited and as per 26AS.
Following are the message received from the department. You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.
Now I request you to guide me how to rectify my. IT return.
Thanks & Regards
Subramanian V.

Hi All,

While creating the PTRC for the partnership first, both PTRC and PTEC got allocated in name of the firm instead of PTEC coming in name if the Partners.
Now, site is not allowing to create PTEC for partner, it says TIN already registered for this PAN what is the recourse available for the same, how do we correct and get the PTEC for Partners.

Regards

sir My Salary is Below 4 Lak but tax charge 20% reason for in - operative account. its correct ??

Can i claim deduction for tuition fee u/s 80c which is paid using education loan taken?

In case an FD spans over more than one financial year, then the accrued interest at the end of the first financial year is added in income as accrued interest and TDS is deducted. In the next financial year, the interest is paid, so the interest received is added in this year, meaning that the amount equal to the accrued interest is taxed twice. Is it that the banks will show the interest paid in current year after deduction of the accrued interest in the last year? ls this the practice adopted by the banks or they add complete interest paid as income for the current year?

ABC GST party claimed ITC before 30th November 2021 of the year 2019-2020 but order has been passed. So, as per Rules point no.6 53rd GST Council Meeting to Section 16(4) benefit will be able to get in appeal or order will be revised?


https://taxguru.in/goods-and-service-tax/recommendations-53rd-gst-council-meeting.html#google_vignette