Cash bill for covid-19 patient
Disinfection charges rs:400/-
Medical personnel rs:3400/-
Ppe kit rs:500/-
Medicines rs:3500/-
Lab charges rs:800/-
Food charges rs:400/-
Total amount rs:9000/-
Question:

How to accounting entry passed in books

PLEASE HELP ME REGARDING THE PROCEDURE OF REGISTRATION OF AOP & STAMP DUTY THANKING YOU

As per Section 134(5)(b) of the Companies Act, 2013, the Directors’ Responsibility Statement referred to in clause (c) of sub-section (3) shall state that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period.

In this regard, following are queries:

1. Is there any guideline or guidance issued by the ICAI with respect to this aspect? If so please advise.

2. At what time of the financial year, the Directors have to select accounting policies for applying them for that financial year. To make the query more clear, such accounting policies as will be applied to the Accounts for the year 2021-22 should be selected by the Directors at what time

A) in the beginning financial year 2021-22 or
B) can be selected at any time but before the close of 2021-22

3. Whether for Accounts of the Company for the financial year 2021-22, such accounting policies can be selected by the directors after close of the financial year on 31.3.2022 but before the approval of the financial statements by the Board for 2021-22. For example, for the year 2021-22, approval of financial statements shall be done after 31.3.2022, so can such accounting policies as will be applied to the accounts for the financial year 2021-22 can be selected in June, 2022.

4. Suppose, the Directors selected accounting policies in the year 2019-20, which are being applied to the Accounts of the financial year 2021-22. Now, a need arises for modification of some accounting policies to be applied to the accounts for the year 2021-22. Please advise can such a modifications in policies be done after 31st March, 2022, say in June, 2022 for being applied to the Accounts 2021-22.

Hi

I emigrated to Canada pursuant to my PR in Nov 2020. In Canada, I filed as a resident for year 2020 (2 months), as per the rules here. Now for FY2021 (in India), should I file my taxes as resident or non resident in India? I have only stayed in India all along before Nov 2020.

Sir,
Difference between sale deed and sale agreement values calculated of capital gains tax in it act.

Hi Expert Professional,
My father as senior citizen sold land Rs. 14 lacs this year which was taken since 2009 Rs.2Lacs but no other source income so is it required to pay long term capital gain tax. My another question is this sale consideration given to his two sons and his one son are about to purchase a house also need to pay long term capital gain.

Dear sir,
Indian resident have received the dividend from foreign company, however initially such dividend was transferred to Escrow and later Assessee has encashed it in different year, and also income summary statement (form 1042-S)captures this income the year in which it (dividend) transferred to Escrow A/c. Form 1042-S shows that dividend income is exempted in USA, hence no tax is deducted in USA for this Income.

Question.
1. is this income is taxable in India ?
2. If taxable in the sense in which it has to be taxed? ( dividend transferred to Escrow A/c FY 209-20 but Assessee encashed in FY 2020-21)
3. Is there any relief available for this income?

Please give your valuable opinion on this issue.

Thanks in advance

Dear Sir,
One of our client is running a school since 1998. The society is registered under Societies Act , 1860. They are having School building in there books Rs 1.5 Crores. Now the society wants to close the school and the society and during lock down there are no students. What the procedure is to be followed. and tax implication under which section

Dear sir, My daughter is NRI she wants to invest in LIC's jeevan shanti by sending in GBPonds in NRO account. Whether interest is taxable in India or she should send GB Ponds in her NRE external account. Please guide me
Dilip Phatak

A real estate company opted new scheme which released by department as on 01.04.2019 which is 1% and 5% without ITC. A s on 01.04.2019 there is a balance of rs 7 lakhs in credit ledger and this balance is stil remain in credit ledger. The company neither take any input tax in GSTR-3B nor paid any Liability through credit ledger balance till the period of JAN 2020. But in the period FEB 2020 & March 2020 the GST liability paid in GSTR -3B by the credit ledger.

So the question is '' can we use ITC which is in credit ledger from 01.04.2019 to released gst liability for the current periods ''
Q 2 : Should we reverse ITC which stays in credit ledger''

PLEASE ADVISE ME