cash deposit all account 5021940
non cash deposit all account 885770
a.TOTAL BANK CREDITS INCLUDE SAVING ACCOUNT IS RS.5907,710

b.GST TURNOVER rs.3547335

query 1.which will taken for ITR as above u/s 44ad?
2. the above gross receipts included of Rs.12,79,000 saving account cash deposits(SFT-004)., so that is rs.12.79 lack is my person account is it taxable receipts or not ? please clarify sir

Hi to all

Recently I have filed Tds returns 24q q4 for fy 19-20 ,alongwith form 16..

In that I forgot to update service of an employee as April to sep ,19 , whereas I filed as up to march 2020,
Now I want to rectify this by revising tds return.

Is it possible to change..pl suggest

Thanks in advance
Revathi

I am running private institute under welfare society which registered under societies registration act and have pan card of welfare society. Is it essential to apply for seperate pan card for institute,and if yes how to apply and what documents needed and under which category.

Dear all
I have a doubt regarding, while preparing p&l account sales & purchases Consider / Includes gst or not?
As per my knowledge sales (Turnover) & purchases includes taxes.

In my organisation p&l accounts, they are showing purchases & sales before taxes,why?
Kindly help me.

Thanks

My query in on Exchange Difference :

Let's assume same scenarios with 2 different companies: say Company A & Company B

Scenario :

1) Exports goods worth USD 1,000 @ 70 rate.

2) Receive USD 1000 @ 75 rate from foreign customer

Company A has an INR current account. But Company B has USD EEFC account to receive foreign receipts.

Entry for no. 1) will be same for both companies:

Dr. Foreign Debtor 70,000
Cr. Export Sales 70,000

But there will be difference in Entry for no. 2)

when Company A receives USD 1,000 in INR current account, it receives Rs. 75,000. So, entry will be:

Dr. HDFC Bank current account 75,000
Cr. Foreign Debtor 70,000
Cr. Exchange Gain 5,000

However, Company B receives USD 1,000 in EEFC account. Though the USD to INR exchange rates are different during the time of export sale and receipt, but Company B billed USD 1,000 and it received USD 1,000 and in EEFC account. So, no exchange gain to account at that point of time.

Entry for receipt will be

Dr. HDFC Bank USD EEFC account 70,000
Cr. Foreign Debtor 70,000

Now an additional transaction is when the funds are transferred from EEFC USD account to INR current account. Let's say USD 1,000 transferred to INR current account when Exchange Rate is 77. So, entry will

Dr. HDFC INR current account 77,000
Cr. HDFC EEFC USD account 70,000
Cr. Exchange Gain 7,000

Is this correct?

I discussed this with our Auditor. He said that Exchange difference to be accounted while receipt of funds in EEFC account. Though Company B have received same USD quantity, but INR value is different.

So, he says that Exchange fluctuation will happen only at the time of receipt of USD and no exchange fluctuation impact when transfer funds from USD EEFC account to INR current account.

Dealer selling of battery inverter goods regular scheme registered in gst act.
Dealer selling of old scrap battery inverter to another gst dealer
Question:
gst applicable on selling of old scrap battery inverter and treatment of service or selling under gst act.

dear Expert
a charitable trust was formed in Jan. 2019 and we applied for the registration u/s 12AA in Feb 2019 and after some amendment in trust deed, it was registered in somewhere Oct.2019.
Now, My question is , is it necessary to file Income tax Return for the AY 2019-20. There is no activity in that period except donation received towards corpus fund.

Whether Column 4 of Inward Supplies and column no. 7 of Inward and outward supply according to tax rates are Mandatory Fields ?

Sir
If a partnership firm is going through loss, then is it mandatory to show interest on capital and remuneration to partners?

Dear expert

Brief: For Ay 2018-19- Person have taken Property On housing Loan, Earlier he was taking Benefit of interest paid on Housing Loan u/s 24 and Principle payment under 80C .

Query- In Ay 2019-20, he has rented this property, still paying his housing Loan with interest and principle. Can he get the benefit of such interest and principle payment for ay 2019-20

Where this rented income can shown to income from other sources, or any other treatment.

Thanking you for your valuable time