Dear Experts, One of my Accountant friend had missed to make an entry of Sales return in the books of accounts in FY 2015-16 hence income tax was paid on that Sales return value also. Goods were returned last year only. Can the entry of Goods return be made this FY 2016-17 as it was missed to be entered last year or should it be shown as bad debts? Your early reply will be highly appreciated

According to rule 4 of Nidhi Rules,2014 ; a Nidhi company shall be a public company and must have a minimum paid up equity share capital of 5 lakh rupees. But Companies (amendment)act,2015 has omitted the requirement for minimum paidup share capital for private and public companies. So considering that Nidhi co. shall be a public company, whether omission of minimum paidup share capital will be applicable to nidhi co. or it will continue to have min.5 lakh as its paidup equity share capital ??? please reply soon

when a assessee required to apply TAN Number. Is their any limit define under income tax act 1961,if yes than specified

we are running business of trading, mfg as well as service business of there is required separate registrations for each business.

Dear Experts,
Pls clarify how much penalty shall be
levied on default in filing return.

And from which date this section will be applicable,

Regds
Komal Goyal

dear sir l receive demand letter from income tax department for digference of tax credit with 26 as and form 16. what i do please help

i have commission and brokerage income around 207000 total annually no tds has been deducted now can i show income from other sources pls suggest

In internal Reconstruction , Do we have to write off all fictitious and intangible assets even if not said in the question ?

As per amendment in AS 4 , Proposed Dividend is required to be shown in notes to accounts , so will entry be passed in journal for it ?

Corrected Text: I am working for a firm in Bangalore providing Information Technology Service. We deputed our staff to Srilanka to provide IT Service at clients location.. We are Income tax Assesses in India. Our clients deducted Income tax from our payment, paid to the Taxation Authorities in Srilanka and issued Certificates. As per India-Srilanka Double Taxation Avoidance Agreement .can we adjust that tax in our tax dues in India. We have shown the transactions, payments received and tax deducted in our accounts in INR (As per exchange rates noted in Bank's Credit Advise). All payments are in USD through Bank. In their Tax Deduction Certificates they had shown the tax payment made in Srilankan Rupee and noted the corresponding value in USD. Our adviser says as the tax deducted in Srilanka and paid to that Government we have to provide proof that the amount reached Indian Indian Tax Department.If we could not adjust that tax deduction in our tax dues we will be at a loss. We have shown the Income from that transaction and if we could not adjust the tax deduction for it how can we get back that money. Is there any specific clause for TDS in Srilanka-India Double Taxation Avoidance Agreement for Tax Deduction

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