Reserves & Surplus Rs. xxx
1. Profit before depreciation and tax (PBDT) Rs. 200
2. Depreciation Rs. 150
3. Profit before Tax Rs. 50
4. Profit after Tax Rs. 40
A) Which of this above four items will be added in Reserve and Surplus ??
B) Why??

Is there any specific procedure to be followed by a resident when he made investment in a foreign business

My business is registered under an LLP. The registered office of the LLP is in Pune, Maharashtra. The LLP has only 2 partners and both resided in Pune at the time of opening the LLP. Professional Tax (PT) registration was done for LLP and both the partners with Maharashtra PT department and tax was paid accordingly. The nature of business is service-based and it is provided online to clients across the country. GST registration is not applicable. There are zero employees, partners do all the work of LLP; so no PTRC enrolment for LLP, only PTEC enrolment for LLP & both partners.

Now, both the partners have relocated to Bangalore, Karnataka. The LLP continues to be registered in Pune. My queries are as follow:

1) While the LLP pays PT in Maharashtra, can the partners continue to pay PT to Maharashtra as before?
2) If partners try to register with Karnataka government, they may be a demand to pay PT for the partners by both Maharashtra and Karnataka. Can we skip registration with Karnataka Professional Tax department?

Note: It is not feasible to move the LLP registered office to Bangalore (as it would be unnecessary from MCA standpoint, besides being cumbersome & expensive). We would want to leave the regd. office in Pune as it is.

Thank you.

Situation :
Bought house in April-23 on loan in India.
Sold US Stocks in December-23 on long term capital gain.

Can we use 54F to offset these capital gain by paying loan amount?

Dear Sir/Madam
Please guide me on below issues :-

1. What is the Accounting Treatment of Gain/Loss on Defined Benefit Plans (Actuarial Valuation). Please provide accounting entries with nature of Account i.e. Balance Sheet item or P&L item

2. What is the treatment of OCI in calculation of MAT or Deferred Tax Assets / Deferred Tax Liability

Sir,
A NRI individual wants to transfer some amount say Rs 9 lacs from his NRO a/c to his resident parents here for their maintenance and well being. Hence queries :-

1. Is there any upper limit up to which he can give funds from NRO a/c to his parents for their use ?
2. Will the receiving parent be required to show this receipt while filing their ITR ?
3. Is there any requirement to create any formal gift deed for this transaction ?
4. Will there be any requirement to create gift deed if amount for transfer to parent is even more say upto Rs20 lakhs .?
5. Will there be any requirement to create evidence of transaction which otherwise is already a bank transfer only.?

Pls guide.

I wrongly upload 10B instead of 10BB. What is the solution?

IF MR.X HAS TURNOVER NOT EXCEEDING RS. 10CR IN PREVIOUS FINANCIAL (I.E.2022-23)YEAR SO SECTION 194Q IS NOT APPLICABLE TO MR.X
HOWEVER MR.X WANTS TO CUT TDS U/S 194Q OF ANY SELLER IN CURRENT FINANCIAL YEAR (I.E.2023-24) SO CAN HE DO SO?
AND IF YES WHAETHER HE HAS TO CUT TDS OF ALL PARTY EXCEDDING RS. 540LAKH IN CURRENT FINANCIAL YEAR OR CAN HE CUT OF ANY SPECIFIC PARTY ONLY?

As per AS7 of ICAI: When an uncertainty arises about the collectability of an amount already included in contract revenue, and already recognised in the statement of profit and loss, the uncollectable amount or the amount in respect of which recovery has ceased to be probable is recognised as an expense rather than as an adjustment of the amount of contract revenue.

Now my questions are:
1. how should i classify(group) this expense? does it fall under direct or indirect expense. please note that the uncollectability arises due to final measurement and not a bad debt situation.
2. Incase the revenue is recognised during mid year reconstiution of firm should i follow the above guidelines if the adjustment is to be done in the same accounting year?
Example: the construction contract was taken up during april 2023. Reconstitution of firm happens on Dec,2023 and at that time the initial contract amount was recognised as revenue, now the work finished on Jan., 2024 itself and during final measurement slight variation in amount is noticed and that necessitate an adjustment of recognised revenue. Now given that this whole thing is happening in the same accounting year and year end profit and loss is not prepared yet, but mid year p&l due to reconstitution was prepared, shouldi i follow the Accounting guideline qouted above and recognise the uncollectable amount as expense or adjustment of revenue is permitted? if expense need to be recognised, will it be a direct expense or indirect?

Pl note that I gave loan of Rs700000/ to a party .now the party is not returning my money.I want income tax department adjust this money for my taxes .How to start the process?