Respected expert, what is the accounting entry for pradhanmantri aavaa yojna subsidy received by individual?? Bank account debited , but what should be in credit side either home account or capital account???Plz clarify

Client who has standalone restaurant (chaats, fast food and beverages) has opted for regular dealer and not composition and has been taking ITC .
1.Is ITC available on restaurant which serves chaats, fast food and beverages?

We are manufacturer sending our Inputs for Job Work and after receipt of the material from the Vendor some of the Components are rejected in our Premises because of that components are not able to send to our customer.

We required to recover the cost of rejection with materials cost from Vendor.

In GST how to treat this issues

an individual is taxed in 30% tax bracket. he is also Karta of his HUF. To save tax on FD interest he want to give gift money to his huf and do FD from HUF account. I have following questions related to this.

1 . is this gift allowed under income tax act..

As per my knowledge its not taxable in the hand of HUF.

Read with section 56(2)(X) AND Relative definition under explanation to clause (VII)
e) Relative means
(i)......

(ii) in case of hindu undivided family, Any member thereof.


Thanks in advance

ONE OF MY BUSINESS IS TRADING IN UTENSILS. AND OTHER BUSINESS IS OF JOB WORK. DO I HAVE TO REGISTERED BOTH BUSINESS IN GST? OR I CAN TAKE ONLY GST REGISTRATION OF TRADING IN UTENSILS AND RUN JOB WORK BUSINESS WITHOUT GST. TOTAL TURNOVER OF BOTH BUSINESS IS BELOW RS 20 LACS. ACTUALLY I WANT TO TAKE ONLY GST FOR UTENSILS BUSINESS NOT FOR JOB WORK.

If in the year 2017-18 while filling return GSTR-3B output tax is entered more than Actual Output tax and higher Tax has been paid by utilizing ITC balance in credit ledger. Is there any Way to Correct the Data and get the difference amount Refund or any other way to get the same ??

Thanks and Regards

Penalty on Exempted Trust under Section 270A of Income Tax Act 1961 for under reporting of Income consequences to mis reporting.

During assessment proceeding, truat made submission for making prima facie adjustments for mistake apparent from records for correction of exemption amount instead of Rs 1330000 to Rs 660000. Further quoted case of copy of ITAT Delhi of ICAI vs CPC banglor for the same. While filing return Gross receipt has been filed instead of Net Income.

AO Pass order for exemption of 660000 and demand is Nil.

Whether penalty could be made under 270A where penalty amount is 200% of tax payable, and here tax is zero payable.

Is the case of under reporting of Income.

Unsecured loan was given by a individual to a partnership firm.

Now the individual wants to transfer the loan in favour of someone esle.
What to do....

Dear all,
We are starting to use swipe machine. In this regards I have following doubts :

1. Is swipe machine checks availability of balance of customer while making payment through cr or dr card
2. How many days it will take to credit amount in merchants account
3. How to do accounts in merchants books of accounts
4. if payment declines after some time how we can find the customer

Dear sir,

If client is staying in Leased property, can't we claim HRA by calculating interest at bank FD rates? or something like that?

Kindly suggest.