A project is going on in remote area where DG set is there to supply electricity and generator also.
There is a daily consumption of diesel for Rs.10,000/- per day.
In books of accounts under which head the expense of diesel will be booked?

Dear All,

Mr. A purchases goods from Mr. B and also sale goods to Mr. B

Mr. A pay to Mr. B after adjusting sale amount against purchase consideration.

Can Mr. A take Input tax credit of purchase made from Mr. B. (i.e. without actual payment of full consideration) in such case?

Do Mr. A has to maintain and settle purchase account separately from sale account to claim input tax credit?

Thanks & Regards
Nirmal Dave

A widow having 2 married daughter and no son; can she form a HUF with her daughters and son-in-law?

If a Composite Registered Saw Mill purchase Timber from Unregistered Person or URD Dealer. Is RCM tax @18% will have to pay Saw mill dealer?

Rent is due to Limited Company by Government Organisation. But rent is pending for the financial year even after ITR due date of the Company. The TDS which was deducted in the subsequent year for the rent pertaining to the earlier year. In such situation TDS is to be reflected in the year in which it was deducted or pertaining to earlier year for which rent of the year?

Whether company has to show in its accounts for the rent as rent receivable for the rent amount not received from the Government . In such case Company is liable to pay tax for non receipt of rent during the year. What will be the alternative?

Respected Colleagues,
If Mother sold the residential property and same proceeds invested again in residential property but in the name of her children (Registry in the name of Children), then Is she eligible to claim Sec 54 Exemption in ITR?

Under the Factories Act, the provision of a canteen facility for employees is not mandatory. That's why we do not collect input on the catering bill. However, we do purchase sugar and tea powder to provide tea for employees. In the case of quarters, we cook food and provide it to the employees staying there. In this last scenario, we can claim Input Tax Credit (ITC).Is we can claimITC or Not ?

Hello,

Today, I received Form-16 form previous employer. While leaving my previous employer I have to pay a total of Rs 9,58,734/= ( 3,00,000 (joining Bonus - paid in 2024) + 6,58,734 notice period recovery). In form-16 the recovered amount is not reflected.

Do I have to pay tax for 9,58,734/= also. Is there a provision in IT act to claim refund for the same?

Regards,
Akash

If the sample sale to a customer outside India is less than 5 kg, what are the compliance requirements regarding FEMA and GST? If come under the angle of 194R (TDS)