Can anybody suggest how to rectify the wrong rate of depreciation changed by mistake under the Companies Act in the previous year? To be more specific company follows the WDV method and they have changed the remaining useful life of assets from 3 years to 10 years now this year what impact will this have on the balance sheet and ITR

Please suggest which schedule of adjustment should be reported in the ITR

Hi Can ITR(U) be filed after receiving 143(2)? Please let me know

Hello, if someone has purely trading income of say Rs 30L, and turnover is apx. 60L, then can taxes be filed under presumptive basis?

By this, tax being paid is 0 as 6% turnover formula would be applied, whereas otherwise, tax being paid would be much much more.

Since the exchanges/brokers send the data to the IT dept., they would be having the actual P&L of people. So, is it advisable?

(And of course, if one goes for the presumptive route here, same would have to be used for the next 5 years)

Thank you.

Please tell me based on any supporting case law/notification that TCS will be applicable on sale of Dolochar/Dolachar/Coalchar or not?

Sir,

My gst has been cancelled sue motto in year 2020 by department for non filling of return.
But IT return has been submitted till 23-24.
now my question is as gst has been cancelled no return has been filed till.
Will its create problem or not. Please advice.

I left my organisation in April 2023 and received a gratuity from them for more than five years of service. Since the gratuity was paid is May 2023 it has got added to my current year income (FY 2023-24). After gratuity exemption under sec 10, the taxable portion of gratuity led to a tax slab change. Since gratuity is an income for past services, should it not be taxed in the earlier tax slab ? Is Form-10E applicable in my case to claim relief ?

Hello everyone ,
We had taken services from ABC enterprises in the month of March and deducted tds on provision . Invoice received in may but in the different firm name reason being old firm closed and new firm started .

Can we revise tds return in this case ? If so what documents we should have so that we can answer statutory auditors if query is raised ?

Is there any statutory requirement that basic salary has to be atleast 50 percent of gross or CTC?

An employee joined an organization with a package of Rs. 40 Lakhs. The employee asked the employer to issue one offer letter for Rs. 20 Lakhs in their name and another offer letter for Rs. 20 Lakhs in their spouse's name. The employer agreed and provided the offer letters accordingly. Is this legally allowed? It seems like they are trying to evade taxes.
Please share your views in detail along with sections. and whether it is legally allowed.

WHAT IS THE IMPACT ON EMPLOYER ? TO SUPPORT THIS TYPE OF ACTIVITY ? HOW TO REPORT THIS TYPE OF ACTIVITY TO IT Department

I have purchased AC in the month of May 2024 . I have no sale transcation .Can I claim refund of my gst input credit while filing gst return for the month of June 2024.