Employer has taken Group Life insurance policy , Group Term Insurance Policy and mediclaim policy for his employee , and paid renewal premium .
is employer is eligible to take GST Credit on insurance policy premium .

Thanks

When we are adding the value of taxes in sale, purchase and Inventory as per ICDS -II it is resulting in increase in Gross Profit -(By the amount of taxes on Sales Margin).
Please explain how value of taxes should be taken in closing stock so that ICDS are also complied with and net impact of taxes on Gross profit is also NIL.

EG:(Taken from an earlier query on Ca Clubindia by Roshan)
Current Year Data : State Tax assumed to be at 10%
Opening Stock [1000 unit] - 50,000 + Tax on it - 5,000
Purchases [2000 unit] - 1,00,000 + Tax on it 10,000
Sales with 20 % Margin on Cost price [1500 unit] - 90,000 + Tax on it 9,000
Closing Stock [1500 unit] valued @ Cost - 75,000 + Tax on it 7,500
Gross Profit excluding taxes - 15,000

No Opening ITC available as per books of accounts.
Now referring to Section 145 A and ICDS 2,
I need to Compute my profit by valuing my purchase, sales and Inventory including taxes, Also ICDS 2 says that "NO CHANGE IN VALUATION NEEDED IN OPENING STOCK"
So considering example mentioned above and giving effect to ICDS GP - 15,000 Add: Tax on Sales - 9,000
Tax on Closing Stk - 7,500
Less: Tax on Purchases - 10,000
Total profit chargable 2Tax 21,500
As per Institute guidance on Income Tax audit - Referring Para 23.23 - The tax on revenue will be neutral. How it can be made neutral?

If any state govt employee contribute 30000 to NPS than deduction is eligible for 30,000 or 50,000

I have filed application for registration of GST
I received notice to upload proof of ownership of property viz electricity bill/property tax receipt or M.C. Khata copy
etc.
But the premises is Rented, so I uploaded the copy of Rent Deed, But the officer passed an order for rejection of application.
Now how I can re-open the application or file appeal against the same, as the document (Rent deed) is sufficient.
Kindly provide the solution.
What should I do now. I want registration as soon as possible.
Thank you

Can I apply with initials of surname of 3 directors , if yes, which documents I need to give in support of the same.

Whether the Capital Gains earned from sale of house in the name of husband can be used in construction of house on the vacant site held in wife's name

Dear sir/Madam,
what is the procedure of cash sales return and B2C sales return. what entries to pass on such sales returns.

Dear Experts

Assesee wants to incorporate a firm to conduct hotel and lodging business. Is the firm eligible as startup for claiming the Tax free holiday benefits?

Please Reply

ERROR WHILE FILE UPLOAD.
2) at least one BRF message of type w e a or x occurred
3) Balance should not be more the Zero

How to calculate book profit under MAT?