Suppose one business man sale for first year is Rs. Ten Lakh & Net Profit @ Ten Percent for Rs. One Lakh.

Second year purchase furniture for Rs. Fifty Thousand from last year Profit. Depreciation on furniture @ Ten percent for Rs. Five Thousand debited to profit & loss a/c. Due to furniture is purchase from last year that’s why depreciation debited to Reserve & Surplus. Lots of people say depreciation of this year expenses, I agree but in profit & loss account only depreciation is single expenses is not paid for the year or not payable for next year. Now position is year end Furniture value is Rs. Forty Five Thousand & Business Man collect money from market for this furniture is Rs. Fifty five Thousand. This gap is increase every year. Business Man show compering to last year profit is ratio is decrease that why business man decrease expense or increase sale price, that why Unemployment or Dearness is increase every year.

Thanking You,
Shailesh Kanth

My client, a Govt employee retired from services last year. Upon retirement, she received a lump sum payment from the amt she has been contributing to ‘Employees co-operative Thrift & Credit Society’ since the beginning of her service. Is the compulsory contribution to the fund an eligible item for tax deduction? Also is the interest received taxable?

An assessee is engaged in F & O trading and Share trading and comed underthe purview if tax audit.

Whether in Clause 35 of Form 3CD, qunatitive details shall be reported of the following as he is in trading business:

a. Delivery based share trading
b. Intraday share trading
c. F & O trading

A private limited company has profit before tax and loss after tax due to MAT credit utilisation. In the opinion paragraph of the Independent Auditors' Report, under the comment about statement of affairs of the company, is it appropriate to write as profit for the year or to write loss for the year ? Kindly justify the answer.

IN CASE OF PRIVATE LIMITED COMPANY IF TURNOVER IS LESS THAN RS.1 CRORE IS IT REQUIRED TO GET AUDITED IN INCOME TAX ACT U/S 44AB AS TAX AUDIT?AND IS LIMIT COMPLIANCE OF NOT MORE THAN 5% OF RECEIPTS AND PAYMENT IN CASH REQUIRED TO BE SEEN FOR GETTING THIS COMPANY AUDITED IN TAX AUDIT IN INCOME TAX ACT?KINDLY GIVE ANSWER AS SOON AS POSSIBLE.

A gst registered regular scheme dealer sales of taxable goods (12%tax rate goods) business.dealer mistake sales of taxable turnover treatment exempted turnover show in gst monthly returns in f.y.19-20.
Question:
Dealer how to amended producer sales of taxable turnover and tax pay in f.y.19-20 show in 2020-2021 gst returns allowed in gst act.

a gstp(goods and service tax practitioner) can opte Section 44ADA for filling his annual income tax return?
even filling gst returns of his parties(own their own behalf) not mentioning gstp id for any one.
regards
vikas

Hello

My question is which Income tax form is suitable for me to file IT return for AY 2020-21, whether ITR-1 or ITR-2. I am a director in a Pvt. Ltd. company and having income from salary less than 10lacs p.a. I have no other income except income from salary that I received from Pvt. Ltd. company in which I am director and shareholder.

Please advice...

Thanks
Anu

Respected Sir

Income Tax Department has sent to us sales data of our company in pdf. Can we convert into excel the pdf file so that we should be able to make total of the sales.

Please guide me and oblige.

There are many situations prescribed where E Way bill is not required. My question is in NORMAL case seller & buyer are located within 20 KM or some other distance, is there any KM limit prescribed where E Way bill is not required in normal cases (based on distance criteria)