Sir,
A NRI individual wants to transfer some amount say Rs 9 lacs from his NRO a/c to his resident parents here for their maintenance and well being. Hence queries :-

1. Is there any upper limit up to which he can give funds from NRO a/c to his parents for their use ?
2. Will the receiving parent be required to show this receipt while filing their ITR ?
3. Is there any requirement to create any formal gift deed for this transaction ?
4. Will there be any requirement to create gift deed if amount for transfer to parent is even more say upto Rs20 lakhs .?
5. Will there be any requirement to create evidence of transaction which otherwise is already a bank transfer only.?

Pls guide.

I wrongly upload 10B instead of 10BB. What is the solution?

IF MR.X HAS TURNOVER NOT EXCEEDING RS. 10CR IN PREVIOUS FINANCIAL (I.E.2022-23)YEAR SO SECTION 194Q IS NOT APPLICABLE TO MR.X
HOWEVER MR.X WANTS TO CUT TDS U/S 194Q OF ANY SELLER IN CURRENT FINANCIAL YEAR (I.E.2023-24) SO CAN HE DO SO?
AND IF YES WHAETHER HE HAS TO CUT TDS OF ALL PARTY EXCEDDING RS. 540LAKH IN CURRENT FINANCIAL YEAR OR CAN HE CUT OF ANY SPECIFIC PARTY ONLY?

As per AS7 of ICAI: When an uncertainty arises about the collectability of an amount already included in contract revenue, and already recognised in the statement of profit and loss, the uncollectable amount or the amount in respect of which recovery has ceased to be probable is recognised as an expense rather than as an adjustment of the amount of contract revenue.

Now my questions are:
1. how should i classify(group) this expense? does it fall under direct or indirect expense. please note that the uncollectability arises due to final measurement and not a bad debt situation.
2. Incase the revenue is recognised during mid year reconstiution of firm should i follow the above guidelines if the adjustment is to be done in the same accounting year?
Example: the construction contract was taken up during april 2023. Reconstitution of firm happens on Dec,2023 and at that time the initial contract amount was recognised as revenue, now the work finished on Jan., 2024 itself and during final measurement slight variation in amount is noticed and that necessitate an adjustment of recognised revenue. Now given that this whole thing is happening in the same accounting year and year end profit and loss is not prepared yet, but mid year p&l due to reconstitution was prepared, shouldi i follow the Accounting guideline qouted above and recognise the uncollectable amount as expense or adjustment of revenue is permitted? if expense need to be recognised, will it be a direct expense or indirect?

Pl note that I gave loan of Rs700000/ to a party .now the party is not returning my money.I want income tax department adjust this money for my taxes .How to start the process?

1. WHETHER UPDATED RETURN FILED U/S 139(8A) BECAME DEFECTIVE U/S 139(9) THEN SUCH RETURN CAN BE RECTIFIED OR CAN BE FILED U/S 139(8A) AGAIN?

2. While filing updated return, the payment of tax u/s 140B was wrongly shown under self assessment tax paid. Defective notice u/s 139(9) has issued asking valid proof of payment of tax as required u/s 140B. Can we use the same challan and file defective notice.

Dear Sir,

Can we claim itc on electronic goods for office use. note:- we are dealing with financial service and Real estate.

Item:-
refrigerator
tv
coffee machine
laptop
computer
and other furniture.

We are paying commission to a NRI firm situated out of India for export of goods out of India, whether TDS is required to be deducted. ?

Hi All,
Client is a Doctor, engaged in providing consultation services to Insurance companies for underwriting policy, Second opinion on critical complex cases, training to Medical Underwriter / claims assessors, and Review / Supervising of diagnostic centre.
As a doctor he was not registered under GST, however, since now services are slightly twisted but more or less remains towards medical consultation only.
He is on the panel of 3 leading medical insurance providers and one of them has asked for GST registration.
Query - The above services by and large is in nature of Consultation as medical practitioner only. Is he required to be registered under GST and levy while raising the consultation charges?
If Yes, under what head will GST be charged -
As Medical Consultant - But being a Medical Consultant it is exempt from GST, right?
As Trainer (training to Underwriters) - but it's not a full-time time and its just a part of the overall service obligation
Thanks

HOW TO MAKE E-INVOICE FOR EXPORT BUSINESS??

CONSIGNOR PARTY IS GUJARAT AND CONSIGNEE PARTY IS PORTUGAL

AND CONSIGNEE PARTY IS UNREGISTER DELAR.