B ltd (aluminium manufacturer) is going to erect a plant. It is planning to outsource entire erection and commissioning work to ABC pvt ltd with following terms & conditions

1. entire expenses of erection and commissioning to be borne by ABC pvt ltd
2. B ltd will not pay any amount untill plant is ready for operation
3. After plant is ready for operation B ltd will pay ABC Pvt ltd 20 lacs every month for 12 month
4. After 12 months entire rights pertaining to assets to be transferred to B Ltd

My Query ?
1. what will be the accounting treatment of erection and commissioning expenses in the books of ABC pvt ltd - i.e Fixed assets or stock ?
2. How revenue 20 lacs every month will be booked after plant is ready for operation ?
3. when and how assets should be transferred by ABC pvt ltd to B ltd.
4. At what price asset will be recorded in the books and From which date B ltd will be able to claim depreciation ?

One developer company pays staff salaries without deducting the EPF contribution from employees. The company pays both employer & employee contributions from their bank account & shows employees' contributions which are actually paid by the employer as staff welfare in books of accounts. If this method is correct? please clarify urgently.

Sir,
It person Gift From mother Gold jewellery value rs:5 lacs dt:01-05-21 after
dt:20-07-22 Gift Gold jewellery value Addtional Gold Jewellery purchases rs:90000/- Total value rs:5,90,000/- after
dt:15-05-23 Gift gold jewellery value Reparies rs:8000/- after value rs:5,98,000/-
dt:20-12-23 Gift gold jewellery Sale amount received rs:7 lacs.
Query:
Asssessee capital gains tax applicable on Additional purcahses and reparies value.

Hi, This is regarding opinion on the eligibility of taxable exemption against the DA on Business trip.
One of our member went for business trip for a week to Germany and in between he went to personal trip
spend amount on air ticket from the portion of DA amount
Now requesting to exempt the same air ticket amount considering part of business trip.
would the personal trip can be considered part of business trip and provide exemption- Request conclusive opinion.


Regards
vijay

Hello All,

The partnership was formed with 2 partners when both partners were resident Indian citizens. The managing partner (and the one who brought in 90% of the capital) intends to go abroad possibly permanently, while the other partner will remain in India. Both partners will still remain Indian citizens.

So can the partnership carry on as earlier?

whether GST is applicable on sale of jaggery by a manufacturer who cover under HSN code 17011410.

In business which ratios are to be maintained & what is the standard rule for all these ratios.

Dear Sir,
One of my client has received Assessment Demand Order under Section 73 of CGST Act in GST DRC-07 on dated 28/07/2023 against which we had filed Rectification Application within 3 months time under section 161 of CGST Act to rectify the errors made on dated 02/09/2023. However the officer has rejected application and passed Order for rejection of Rectification on dated 28/11/2023 keeping the demand order of DRC-07 unchanged. Now we wish to file appeal against the Order passed of Rectification within 3 months time limit. However while filing appeal on Portal we found both the Orders reflecting on portal, the Order of DRC-07 is shown under Assessment Demand Order and latter order is shown under Assessment Non Demand Order. If I select the first order then they shown there is delay in filing of appeal however if I select Latter order i.e. Rectification Rejection Order, in that there is no demand reflecting so I am unable to pay 10% of Demand as per Section 107 of CGST Act. What has to be done?

Logically we are following the act & rules in right terms. However Please guide whether we are correct and also help me with any Instructions or Circular or Notification or Case study available for aforesaid same situation.

Dear experts,

I need to fill 26QC and pay TDS on the rent as I am vacating by this month end. The rent I am paying is 60K and there are 2 landlords. So I know I need to submit for each landlord 26QC forms.
In the 26QC form do I enter the following

1 tenant and 2 landlords with equal share

The period of tenancy is 10 months (April 1 to Jan 31)

Total value of rent paid = 6,00,000
Value of Rent Paid in Last Month = 60,000

Amount Paid/Credited (in Rs.) = 3,00,000
TDS rate 5%
Amount of tax deducted at source = 15,000

Please advice if the above data is correct to be entered for each landlord.

Thanks in advance
Jaya

Dear Experts,
Can anyone guide me whether we need to collect TDS on sale of carton box valuing Rs.5,000
What is the GST rate for sale of sale of carton box.
Thank you