Ours is pvt ltd co. we have formed separate group gratuity trust and it was approved by Income tax department.
The Gratuity Trust has invested the money with LIC Group Gratuity Scheme.

1. We are making provision for Gratuity liability as actuarial report (as per INDAS) in the books of company and shown on liability side under provision.
2. Whatever amount we pay to LIC is shown under assets side as Gratuity Fund with LIC and every year what ever we pay is getting added in the balance and claim deduction for what ever amount is paid to LIC.

Just now we are passing only 2 entries in the company's books
1 - Provision of Gratuity as per actuarial Report
Gratuity a/c Dr. (profit & loss)
To Provision for Gratuity (Liability Side)

2 - For amount paid to LIC for Group gratuity scheme.
Gratuity Fund (LIC) Dr. (Assets side)
To Bank Account

my question
3. Whatever Interest we received from LIC is shown as income in gratuity Trust. & Trust is having separate PAN No. and we also file Trust Income Tax Return. - so shall we also show that Interest income in Company's profit & Loss account ? if yes how -i.e. what entry should be passed -say interest shown as income in p&l but dr. to what ?

4. when ever employee left the job and having completed 5 years - LIC pay Gratuity Directly to Group Gratuity Trust account and from trust account it is directly paid to employees.

Do we also have to show Gratuity paid to employees in company's books of account if yes what will be the entry ? i.e. which account will be debited and which account will be credited ?

highly appreciate if some one help to solve our query.
Thanks in Advance.

This pertains to my IT return for AY 21-22. I had filed the ITR return within due date (i.e. before 31st Dec 2021). The Due Tax payment (self-assessment Tax) of about INR 2 Lacs was paid within 4 days of the filing of Tax. I also paid interest of around 7000/-, as was showing in the Income Tax system, though no interest should have been applicable

Please let know whether I can file:

1) Rectification to update my challan for payment of INR 2 Lacs: -
I was told that last date of filing rectification was 31st Dec 2023, for AY21-22. Can you please confirm whether I can file rectification. In this case I am getting Tax due of around 35,000/-, as system is not capturing date of my challan payment of INR 2 Lacs and calculating interest for delay. Actually, no interest should be applicable.

2) Updated return under 139 (8A):-

In this case, I am getting marginal refund of around 6500/- (nearly same as the interest amount I had paid), but since refund is not allowed under 139 (8A), I have to manually make it zero, before system allows the filing.

Please confirm whether 1) or 2) is the right way to proceed.

If a school has incurred expenditure on photography on various functions such as annual function, some event. some promotional work etc then under which head it will be debited ? Please inform.

I have received RSUs from my company during the calendar years 2021 and 2023, but due to ignorance I failed to update schedule FA of ITR-2. How can I go about fixing this, will I be able to update the previous 2 ITRs using ITR-U?

Respected Expert

I have received demand notice from TDS dept. regarding short payment. Kindly let me know how i can know the short payment deduction and how can reply the same.

Your positive and early response shall be highly appreciated.

I Have GST Number under Regular Scheme From 2017 I have Filled Nill Return from Last 2 Quarter
(April to June and July to September)
the Department issued Show Cause Notice for Cancellation of Registration on 09/10/2013 under
Section 29(2)(c)- Person, other than paying tax u/s 10, failed to furnish returns for prescribed periods

GST number Status Showing is 'Suspended ' Effective From 9th October, 2023

the Section 29(2)(c) Says Person, other than paying tax u/s 10, has not furnished return for consecutive Period of six Months
whereas I have Filled Nill Return for last Six Months

Is the suspend of the GST Registration is right or not ??

and what is the Procedure of activate this Suspended number

dear sir,

one of my client purchased one site by availing gold loan of about 3500000/- by in his son's name and also his son availed gold loan as well as same as his father. the site will be registered by his son's name. my client also gst dealer and bank appraiser.

this kind of transaction is correct and might be a source of income for purchasing land.

thank you

regards

Dear experts,

I have 2 residential properties and some RSU stock options. I wish to sell them and invest all the proceeds in buying another property closer by to my work place. How could I structure the sale so that i avoid capital gains tax? Can i invest the capital gains from both properties into a 3rd property? Can i invest the RSU capital gains into 3rd property?

Kindly guide.

We are holding two GST Registration Number the one for Maharashtra and the other for Andhra Pradesh for the same company. My query is that once stock is transferred to from Andhra Pradesh to Maharashtra State, whether it will attract GST Liability on such a stock transfer. Please guide me and oblige.

Dear sir/s, can restaurant eligible to claim ITC, whose annual turnover is below 1 crore, and which rate applicable to outward supplies both for inside restaurant and parcels by them