Invoice received for FY 2022-23 in FY 2023-24 for individual his making construction of house and maintained by books of accounts by individual , May be any consequences for booking this invoice in FY 2023-24

Dear Sir,

My query is as follows:
Mr A is a salaried person who helps others invest in Mutual funds through the Prudent platform. He received a monthly commission totaling to Rs. 185842/-pa. He doesn't maintain any books of accounts for this.
1) How can we report this income in his ITR? Can we show under commission/agency business without books of accounts? He incurs traveling expenses.
2) which business code is to be selected?

Kindly guide.
Regards,
Suraj

Hi,
My employer had a superannuation fund . Later it was transferred to NPS. Further contribution from employer went into same NPS account. On my retirement as per the rule I bought an annuity pension from the required portion of the NPS corpus through an annuity service provider. My questions :
1. Can I report this pension under salary head in ITR to claim standard deduction?
2. If yes, what should I mention as Employer Name for the same ?

Dear Sir/Madam,

In AS 14 we were taught an adjustment that when prior to absorption the purchasing company sells some goods to the vendor company it has to create a stock reserve to reducve the value of inventory by adjusting goodwill or capital reserve after the absorption is completed

we were also taught that the 2 conditions necessarry for making stock reserve are

1) the seller should earn some profit on the goods sold
2) the goods must be returned back to the seller

however when a vendor company sells goods to purchasing company at some profit prior to absorption the profit is distributed among its equity holders at the time of absorption and as far as purchasing company is concerned

1) neither it earns something on such purchase
2) neither the goods are returned by it to anyone

still in our study material module ICAI has advised us to create a stock reserve in the books of the purchasing company

please guide for the rationale followed by ICAI behind this adjustment

My friend decided to form a company and do share trading with his own money. I can't find NIC code that is apt for that. kindly help.

Hello, goods sold to A but Bill feeded in R1 in name of B and Tax paid by 3B in 2019-20. Now it is to amend in favour A. But amending deadline passed. What is best solution availabe at this time. Seeking Seasoned experts opinions for this.

Sir,
A person who registered in GST as a trader and have rental income from residential house property,
then he will be liable to raise a GST invoice on rental income. If not liable to GST invoice then how to show rental income in income tax retrun.

Thankin Yoy

Whether GST is applicable on sale of developed Land?

Dear Sir,

I received a notice under Section 147 about a year ago for the 2015-2016 fiscal year for not filing my returns, but I did not respond for an entire year. They sent multiple reminders, but I ignored them based on advice from some people.

Meanwhile, I received the latest proceeding under Section 147 with some penalties a month ago, asking me to submit a response.

Yesterday, I received a notice under Section 271F with a penalty of Rs. 5000/-.

My question is, do I need to pay the amount as per the Section 147 proceedings or the Section 271F notice penalty? In the Income Tax outstanding demand section, I see notices with different amounts.

Please advise.

Thank you.

can ITC available of insurance for shed as Business Property ??