Dear Sir,

When there are many group companies which are being handled under one login, so can we upgrade from V2 to v3 with a Chartered Accountant who is in employment . Can we use his membership no and pan for upgrading to v3? or else we can only do it with PCS or PCA? pls advise

Dear All,

I have turnover of 1,22,50,000/- in FY 2021-22. All the transaction are done through bank. Both the payment and receipt in cash does not exceeds 5% of the total payment and receipt respectively. But my profit arrives at Rs. 4,22,220/- (i.e. less than 8% of gross receipt).

I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.

In the above case am I liable to gets my account audited?

Thanks
Nirmal

Dear Sir,

Please guide what is income tax rate for "Estate PAN Holder" after deceased.

can we add the income to Legal representative?
or any other option?

please guide, your co-operation will be highly appreciated.

Regards
Rajnish

Educational Institutions which receive rental income from house property & capital gain can claim exemption u/s 10(23C)(iii ad) for all receipts of Tuition fee, Rental Income & Capital gains

The company is preparing a set of unaudited financial statements for the striking-off company. The bank balance funds have been transferred to the shareholder company. What's the correct entry to be posted?

DR: Other equity or Retained Result
CR: Bank

I received the following notice from department what should i do now.


Whereas on the basis of information which has come to my notice, it appears that your registration is liable to be cancelled for the
following reasons:

1. Principal place of business not found/available at the time of field visit

You are hereby directed to furnish a reply to the notice within seven working days from the date of service of this notice.

If you fail to furnish a reply within the stipulated date or fail to appear for personal hearing on the appointed date and time, the
case will be decided ex parte on the basis of available records and on merits .

Please note that your registration stands suspended with effect from 01/09/2022

Place: Uttar Pradesh
Date: 01/09/2022

Please guide me on the taxability of NRE Fixed deposits for one who was away for 7 years. Have multiple bank NRE deposits of different tenures. He has to convert his bank accounts to Resident Indian can enjoy RNOR status for 2-3 years. In that case what will be the taxation on the interests of such deposits both paid and accrued from the time he is in India. Let's assumed NRE deposits are not yet matured. Thanks

The aggregate value of services were less than 10 lacs. Had registration in service tax in 2014...Also did not collected service tax from customers in 2014. CA guided not to pay service tax as not liable. Now in 2022 served with show cause notice related to that year 2014 having huge penalty. The liability to pay service tax now is even valid or not ?

One of the trust registered under section 12AA of Income tax Act since 2008 could not file application for renewal of trust under section 12A(1)(ac)(i) by extended due date 31/03/2022. Now the trust which is having education as its objective want to continue registration of trust. My question is what are the options open for the trust? Now should it apply for registration under section 12A(1)ac(vi)? If that is the case for which assessment year should it file the application A.Y. 2023-24 or A.Y. 2024-25, because as per section 12A(1)ac(vi) application is required to be made at least one month prior to commencement of previous year relevant to assessment year from which registration is sought.
CA SUNIL JAIN

My query is that one of my client is opted sec 44AD last year having turnover of 1.20 crore but for this year he want to opt out of 44AD having turnover of 1.70 crore and profit is 8.5 lakh then under which clause audit is applicable
44AB(A) Or 44AB(E)