Respected Members, there is a doubt regarding capitalization of Expenses while construct an asset for selling purpose.
A co getting contract to construct an asset. which will be taken 3 to 4 years to complete. now my questions are,
1. Retention portion as per agreements where it should be shown. Current liabilities or any separate provisions should be created?
2. If any Professional services are given related to construction of above assets, then whether it should be capitalized or not.
3. IT would be under WIP as a stock or asset??
Please Help me in this matter.

Respected Sir,

What is the formula to workout the deferred tax (assets/liability) for the year ending March 20 ( Ay 20-21) ?

the clarification issued by the commissioner of commercial tax deportment under section 59(4) of KVAT act 2003 will become vat act without any notification by the govt. Shell we challenge the clarification /advance ruling in the High court of the state.
Kindly give your valuable feedback. Thanks in advance.

K.B.NAGESHA RAO

If property is purchased by NRI, then can TDS be remitted by person other than NRI? and what is the procedure for remittance of TDS on sale of Immovable Property?

Thanks

Whether Rice goods is exempted or nil rate goods. what is the difference between two .

if NRI purchased house property in India. Which tds return and at what rate TDS need to be deducted. Whether 26QB is applicable ??

As per GSTR 2A of July 20 Input CGST & SGST available is Rs.4,856.26 but under "Returns" "Tax Liabilities & ITC Comparison "
ITC credit accrued as per GSTR 2A is Rs.30,437.36. Like wise difference is there for other months also

What can be reason for this difference ?

As per the provision TDS is to be deducted @ 1% by the buyer while paying the sale consideration to seller.

If the property is purchased by NRI and the registration is done by GPA holder of NRI, then whose PAN should be mentioned in Form 26QB is it purchaser or GPA holder? Seller is Resident Indian.

Please suggest with relevant link

sir/madam my name is sachin i have doing accounting in NOP (for example Mandir)i have received income tax in my bank account of AY2018-2019 in 2020-2021 how to pass entry

Sir / Mam

A Person does the following business and role,
1- GTA Private Ltd Company - As a Director
2- Partnership Firm - As a Partner
3- Hiring of Trucks - As a Sub-Contractor.

He plans the following,

Firm buys bio-diesel from outside party and sells it to GTA by GST invoice. Then, GTA fills it to its hiring trucks on the value in which it purchases. Here, GTA as a Truck Company helps the sub-contractor and deducts the same in his payment.

Is there any compulsion to make GST invoice for supplying bio-diesel from GTA to its Sub-Contractor,
a) when he is the owner of trucks ?
b) when he is not the owner of trucks?

Kindly guide us plz
thanks in adv