Hello,
Iam an article assistant auditing a well known educational society which is maintaining cash balance of 25lacs to 33lacs daily and are not depositing into bank on a daily receipt of fees collected from students.
When i put a question to them, they didnot gave me satisfying reply why the cash balance is huge.
"What are the tax complications to be faced by society by maintaining a cash balance?" though the source is fees collected from students.
What questions may be raised by Assessing officer?
Is there any section regarding the maintenance of cash balance?


Thankyou.

Sir.,

In a partnership firm. They are deal Mfg & Services trade Name "SEAL ENGINEERING" started on 02/12/2011 with Two Partners... Also one of the Partner run PROPRIETORSHIP businesss the same name on or before starting Partnership firm. Now he is closed the Proprietory firm on 06/08/2012...

The Partnership firm give service to One of the customer. The Customer deduct & Deposit TDS mistakenly in Proprietorship Firm name and his PAN till the Date. Also the Payment received after less the amount. I found the Details in Last month. The customer will not revise the TDS returns... In this situation 

What can I do...?

How to account the balance amount for deducting amount?



Please give your valuable Solutions...

Sir,
while filing returns of the 3rd quarter (oct-dec), in the offline excel sheet, in the rax period column I am not able to find the period of oct-dec it shows only July-sep.
I tried several times but same and tried by downloading the new file from the GST portal still facing the same issue. kindly help me

thank you

Respected Sir / Madam
A Builder engaged in the business of construction of residential complex after completing the building assessee has installed Solar panel and sales electricity generated to MSEDCL

What is the nature of transaction and changeability of tax for electricity generation activity
is additional depreciation can be claimed by assessee for generation activity, if additional depreciation can be claimed then what will be the rate of normal depreciation

Dear sir/ madam, A works contractor can clime ITC on purchase of goods for construction of building?

Dear Expert
In case of accountant wrongly deposited IGST amount in CGST and SGST. Is there a way rectify the same.

Incase outward supplies shown in gstr-1 exceeds gstr-3b,do we need to pay any interest if we file gstr1 now for the month of august? or can we wait till gstr-3 opens?

Sir, My articleship starts from 9th december,2016 and i have cleared ipcc. Can i appear for CA final in may 2019?
Thanks

Dear Sir, the query is in context of a CA Firm.

CA Mr X was partner with CA Y in XY & Co.
Mr X was also a proprietor in X & Co.

Mr Y died on 01 Jan 2018.

Can Mr X be a proprietor in both the firms or he shall have to close one firm?

Dear experts, 

              we are issued a tax invoice on 3rd Oct, 2017 for FY 2016-17 Accounting working. Accounting fee - 60,000/- & CGST& SGST - 10800/- are the breakup of tax invoice. I passed entry for tax invoice on 31st march, 2017 as below as my principal said,

Accounting Fee A/c        Dr 70,800 (Includes GST) 

           To MAK A/c (My office)        70,800



Now Problem is, How to pass entry to utilise the ITC from the above tax invoice because we already filed clinet Oct month GST return by utilisation of ITC from above tax invoice for accounting work. and how to keep same 70800 outstanding due even after pass rectified entry for the above entry.