M/s BL Ltd,a Public Company, has given a contact on 01.02.2021 to M/s Smooth Paint Pvt Ltd for Rs. 60 Lakhs + 18 % GST total Rs. 70.80 Lakhs for overhauling & painting a various machines within time limit of 6 month from date of contact. The work is of Revenue nature. As per the terms of agreement payment shall be made after completion of works.

As on 31.03.2021 (i.e. on balance sheet date ) M/s BL has surveyed the work done till date and measure the work done by contactor and found that only 20% of work having value Rs. 14.16 lakhs (Rs. 12 lakhs + GST Rs. 2.16 lakhs) has been completed by to M/s Smooth Paint Pvt. Ltd. No payment has been made for this part work since as per the terms of agreement payment shall be made after completion of entire work.

What shall be entry in the books of accounts of M/s BL Ltd as on 31.03.2021 ( Balance sheet date )
Option1:
Overhauling & Painting Exp Dr. 12,00,000.00
To M/s Smooth Paint Pvt Ltd 12,00,000.00

Option2:
Overhauling & Painting Exp Dr. 12,00,000.00
CGST Receivable A/c Dr 108000.00
CGST Receivable A/c Dr 108000.00
To M/s Smooth Paint Pvt Ltd 14,16,000.00

In Nutshall DO we should show the GST on part value of work done( calculated on estimated basis ) as input receivable in Balance sheet EVEN if the bill is NOT received.

Kindly back your answer with relevant para of Accounting standard or guidance notes .

MR.A BROUGHT A HOUSING LOAN FROM BANK. BUT PROPERTY IN THE NAME OF HIS WIFE.MR.A REPAYMENT AND INTEREST IN HIS OWN BUSINESS.
MY QUERY IS
1) INTEREST CHARGED IN P/L A/C IT IS CORRECT
2) MR A WIFE NOT CLAIMED FOR .INTEREST AND REPAYMENT IN HOUSE PROPERTY INCOME AND DEDUCTION
THANKS

Previses year we collect TCS as per rules - .
now 21-21 how to collect or deducted . base 50 lakes as followed for previse year party's .

we are a manufacturing concern and we are taking the labour on contract for filling the raw materials into the bags.we are making the payment directly to the contractor..under which head these expenses will be show and what will be journal entry for it.

Dear Sir
Our company turnover is more than 5 crore. we filed GSTR-1 on 10th of every month but in march we filed GSTR-1 on 12th march.

can our vendor take input of these bill in march?
is these bills show in our vendor GSTR-2B?

An Individual can avail benefits of both sub section 2(a) and 2(b) of section 80D simultaneously. In other words total deduction of Rs. 50,000/- can be availed under above both sub section

Sir,
I am going out station in May 21 for few months. I nd my wife are required to submit our returns as we will not be back by end July 21. As our statement of 26AS are not updated and require time till end June 21 so we can not depend on 26AS. Can we submit our returns with the data available with us like bank statements, messages received from companies where our deposits are there in (BY our TRP) May 21 and proceed with our journey?

Respected Sirs,

For the Ay 21-22 ( Year ending March 21 ) how to workout tax liability for the salary people.

Sir

One bill of Rs. 6 Lakhs double entered in GSTR-1 in the year 2018-19. Please advise the amount of exess paid claim ?and how to rectify the GSTR-1 for the year 2018-19.
Thanks
9810600330

My son gave Gift of Rs 500000 to his mother in April 2021.Now my son wants to give gift of Rs500000/ to me. Can he give this gift amount received from my wife to me. What will be Taxable Liability to me and my son?