sir,
i.t. assess un secured loan and sundry debtor(cash Loan) outstanding balance in books show as on 31-03-20.
un secured loan amount Rs:4 lacs
sundry debtor(cash loan) amount Rs:5 lacs
1.assess sundry debtor balance amount Rs:5 lacs transferred to un secured loan account adjustment accounting entries(contra) passed.
2.Differance amount Rs:1 lacs amount cash receipts from debtor entries passed in books in f.y.20-21.
question:
Assess adjustment entries in books allowed in i.t.act
During the FY 2020-21 sale of Rs. 5 Lacs was only made to the party.
Outstanding balance of debtors as on 01.04.2020 was Rs. 85 Lacs.
This amount was received in Dec 2020.
Whether TCS on sale of goods will apply here even though Sale during the FY was less than Rs. 50 Lacs
I want to see what is tax liability in QRMP scheme. So when I create challan PMT 06, will it come automatically filled?
Also, I have credit in electronic credit ledger as well as cash ledger, how do I adjust before paying balance tax?
Please guide.
My client has given his bus on lease to APSRTC during 2016-17 and received hire charges of Rs. 22.00 lacs. The Commercial Taxes authoritiers at Srikakulam issued notice proposing levy of tax at 14.5%. The applicable rate of tax is 1% or 14.5%?
I have a pending SLP before supreme court, it regarding my shop , developer was paying me a rental income every month but he discontinued since 2017 due to dispute.
Now if I win the case , will get rental income from 2017 till date , my query is how to account and file income tax on that as of now or should I wait till the outcome but that will lead to a huge receipt in a single year
Sir,
I.t.assess cash gift received from family members in f.y.20-21.
1.dt:21-09-20 cash gift from father Rs:1,50,000/- through on bank mode
2.dt:22-10-20 cash gift from mother Rs:2 lacs through on bank mode.
Question:
1.Assess gift from family members how many times one finicial year allowed.
2.any limit of gift amounts(ex:10 or 20 or 40 lacs) received in i.t.act.
I am home baker and making cake for the past more than 3 years and like to register for GST for further enhancement of business. My monthly turnover is around 25 - 30 thousand.I would like sell my producst online throgh ecommerce website and my own website.
Whats are the option to be select during GST registration .
Kindly guide for the same.
Whether Buyer is eligible to claim the credit of TCS in case TCS is Collected but not deposited by seller.
Dear Sir
A dealer is registered under composition from 01/07/2017 to 30/06/2018 thereafter registered as regular. In the composition period he shown turnover of Rs. 167220/- whereas on scrutiny by GST department the actual turnover comes out to Rs. 84,45,214/- which is correct.
Now the department is calculating tax commodity wise instead of composition rate.
Is it correct ?
If yes, please quote section.
Thanks
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