Dear All,

We have received general grant from the State Government for setting up a sorting plant.

We will have to refund the same grant to the Government after Five Years.

What is the tax treatment of such grant? Can We keep the such amount as reserve & surplus in balance sheet or we need to deduct such amount from fixed assets for calculating depreciation?

Thanks & Regards
Nirmal Dave

Dear Sir,

If a salaried person is getting petrol allowance and he uses his personal car for travelling from home to office and also submitting petrol bills to the company.

Can he get TDS exemption on Petrol allowance if he uses the car only for personal use.

Please help me in this matter.

Thanks,
Divyesh Jain

Form of application to be submitted to high pitch assesment committy / samadhan.faceless.assessment

Dear sir/Madam,
We are a registered company in GST in kolkata. We want to transport some material to our Chennai office which is not registered under GST yet.
So, kindly advise how to transport material from kolkata office to Chennai office.
Regards
VIKASH PATHAK

WHETHER TDS WOULD BE ATTRACTED ON THE EXPENSE RELATING TO PLANT PREMISSION FROM LOCAL AUTHORITY?

Dear Sir,

I was filing a return U/s. 44AD from A.Y. 2020-21 where turnover was Rs. 20 lacs and showing profit as 8% . Now for A.Y. 2023-24 his turnover has increased to 1 cr and actual profit is coming to Rs. 5 lacs after adjusting all expenses.

I want to know can I switch back to preparing normal books of accounts and show profit of Rs. 5 lacs as selecting 44AD for filing return will result in higher profit.

Please help me in this matter.

Regards,
Divyesh Jain

One person met with a road accident and lay motionless for ten years and expired subsequently. On death he was awarded enhanced compensation on which interest an amount @20% as TDS.

Three high courts have opined that the interest on compensation is part and parcel of the compensation itself and is not chargeable to income tax since both compensation as well as interest thereon are capital receipt.

I have a similar case where the first award was received the return was filed by the assessee and refund obtained.
Now On the enhanced compensation, received later, condonation was applied for and received.
Can the assessee demand refund on the analogy that the interest is of capital nature and demand the entire tax deducted on interest?

I have taken loan of Rs. 20 lac from Toyota finance and purchased vechile in March 2023. But till date forget to create charge with ROC

1. The time limit of 120 days already crossed.
2. Is it mandatory to create charge with ROC.


Pls advice how I can create charge now.

Rajesh gupta

Dear Experts,

1 A company's vehilce has met with an accident.
2 This vehicle is used for business purposes.
3 The company has incurred some service charges also
4 The automobile dealer has raised the invoice in favour of Insurance company.
5 Now the query is :
a. Whether the company needs to deduct the TDS on these service charges.

pls clarify

If a company rents it's own machinery outside India for a certain duration of time and will bring it back to India then how will machine identification be done after machine is brought back.