Respected Memebrs,

We are a newly set up landscaping firm, kindly help on my first purchase entry.

We have got a contract to supply and installation of Soil and Palm trees to a plant. The contract includes BOQ to supply and install 120 bags of soil, 22 trees, and Grass for land.
Now we have purchased Soil 10 Bags of 20 @ 200 Rs each and purchased 5 trees @ 2250 Rs.each We have purchased this in cash.
Can you tell me how to pass this entry in the tally? At the end of the month, we will be raising an invoice to the client for this supply including installation.

You can clarify if you got any doubt on my query. Thanks alot

Dear Experts,
Earlier mistakenly we have filed ITR-1 for commission of LIC & Post office, the said return has been defective, therefore in response thereof u/s139(9) we have filed ITR-3. CPC has processed the original return ITR-1 in order 143(1) also CPC has consider the short Tax paid 32040 whereas TDS deducted which is being reflect In 26AS is 44679/- as per even original return tds amount deducted is fully refund i.e. 44679/-.

Pls clarify should I file rectification for the same.... If so, should I upload the XML of ITR-3, or only re- processing of return...

Pls clarify what to do.......

Thanks & Regards
Nikhil Sharma

Dear Team,

My father and mother had not submitted their respective pan card details with the company and hence 20% tax was deducted from dividend directly by company in August 2020.
Now I understand that they can still claim an appropriate refund of tax deducted at higher rate from the department by filing revised return.
Can this be done by 31 May 2021.

Regards
Zubin

I trying accounting contract note of future and option .I am not understanding how to records same in the books accounts.

XYZ(India) supplied goods for export and taken advance payment against it. The foreign customer at the last minute cancelled the order and therefore XYZ had not returned back the advance to the customer. 1) If the foreign customer is a related party / parent company, is XYZ liable to pay GST on the advance forfeited? 2) If the foreign customer is an independent buyer and not related, is XYZ liable to pay GST on the advance forfeited?

Hi,

Is anyone using open source ERP software - ERPNext?
What is the right approach for a beginner like resources?

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hi sir, in contract which consist of single promise and simulatenous performance,for eg... "A" offers reward for anyone who finds his watch he will give 500rupees. "B" comes to know about this and finds the lost watch and return it to "A". in this case "A" is promisor and "B" is promisee. so according to definition of consideration as per 2(d) "when at the desire of promisor, the promisee or any other person has done or abstained from, or does or abstains from or promises to do to to abstain from doing something, such an act, absitenance or promise, is known as consideration for the promise",... so if we look at the last word consideration is for promise.. so in the above example it is "A" who gives promise to "B" so what "A"(promisor) would be receiving would be consideration as per 2(d).. but since "B" has given performance and not any promise so what "B: would be getting i.e.500 would not be consideration as "B: is promisee and not promisor and has not made any promise and hence as per 2(D) what he receives is not consideration.... but if we understand in layman terms about contract, both the parties should receive consideration in return . but "B:" is not receiving any consideration as per 2(D).. so plz could you explain that is money received by "B" is consideration or not and if it is plz expalin

Requirement of Maintenance of books of Account for an assessee carrying on Income from Commission Turnover above 2.5 lacs & another assessee having Income from Speculative Activity Rs. 6485/-