Sir

Can a person opt for 44AD for one business and Opt Audit u/s 44AB for another business .Both business are different and books kept separately. Gross Receipts Exceeds 1 CR for both business

Thanks

One assessee in previous year audit done under 44ab(1) and in current year turnover below 1 crore and incurred loss then Under which provision the audit is to be done ?
May audit done under Clause 44AB(e)- When provisions of section 44AD(4) are applicable or any other provision .

Kindly guide

C Op bank has revalued one of its immovable proerty a few years back based on valuer's report and has created revaluation Reserve. now the bank intends to sell the same. Query is:
1. how will we calculate profit on such sale? Whether by substracting revalued value from sale value?
2. Will the profit be considered as routine business income or it will be treated as Capital Gain?
3. In case if we treat it as Capital Gain, will indexation benefit be given to arrive at taxable Income?
4. What will be accounting entries?

Dear Friends,
I shall be grateful if you can share your opinion on the GST liability of a A Pvt Ltd company which sold a used car recently. The facts are.

Car was originally purchased in 2015 for Rs 35 lacs app,
Sold in Aug 2023
Consideration Appx Rs 4.75 lacs
WDV of the car on 31/03/2022 as per last audited B/S
As per companies Act, Rs 3.50 lacs
As per IT Act Rs 12 lacs

profit/loss on sale- As per companies Act- Profit 1.25 lacs
As per IT Act- Loss Rs 8.50 lacs

The quries:

1. Whether the company is liable to pay GST on profit/loss on sale and at what rate.
2. The profit or loss on sale of car and GST liability is determined in this case as per Companies Act or Income tax Act.
3. Is there any GST rule or court ruling on the basis f which the GST liability is to be determined

Thanks
PC Joshi

Sir/Mam,

Our Courier person is proprietor and Registered in GST, we are paying regular monthly courier charges, Our payment crossed Rs. 30,000/-

My doubts courier charges TDS applicable or not , if applicable what is TDS rate

Plz clarify my doubts

I paid Rs. 15000/- through my credit card on behalf of my friend.Also I will get cashback of Rs. 2000/- for the transaction.

what journal entries will be passed in Tally prime to record the transactions.

Pl. help me out

Our company has opened a Group Gratuity Fund with LIC for disbursement of Gratuity to employees. LIC gratuity A/c and Gratuity Bank A/c are maintained in the books of the company itself. Each year, Gratuity provision and fund balance are adjusted in the books as per the actuarial valuation statement received from LIC.

Issue : What is the tax treatment of income/expense recorded in the books which has been accrued as per the actuarial valuation statement from LIC ?. For example, if we account Rs.5 lakhs as income recognised as per LIC actuarial valuation statement, whether that income can be reversed in the tax computation? or the same needs to be reported as the income of the company?

Dear Sir

When it comes to tcs on receipt u/s 206cr, Sale consideration related to last year sake should be considered as receipt while collecting tcs or only current year sale consideration will be taken??

i.e,
Total receipt in FY 22-23 is Rs. 80,00,000/-

Receipt related to sale FY 2021-22 Rs. of Rs. 20,00,000/-
Receipt related to Sale FY 2022-23 Rs, of Rs. 60,00,000/-

TCS will be collected on 30,00,000 or 10,00,000 ??

Dear All,

What is due date for filing NIL Income Tax return of a company for FY 2022-23?

suppose purchases made during the year 100 cr which is reflected in GST. However invoice for 1 cr purchases is not found at the time of audit/nor duplicate copy collected from parties upto the date of audit and it is disallowed by the auditor in fy 21-22.

however party gave duplicate copy of invoice post audit.

My question : can 1 cr purchase accounted in fy 22-23 pertaining to fy 21-22 be allowed as expenditure in fy 22-23 ??