S ELAVARASI (ACCOUNTANT) (2975 Points)
15 November 2017Dear Sir / Madam.,
Please give me the Rate changes for the products of
1. Ceramic Tiles - 69071010, 69071090...etc.,
2. Sanitary wares - 73241000, 73249000.... etc
3. Adhesives - 35061000, 35069999...etc.,
Thanks in Advance...
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177877 Points)
Replied 15 November 2017
Please check the new rates as per attachment
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177877 Points)
Replied 15 November 2017
Thanks.......
Your gesture has not been conveyed as you have exceeded
the limit of number of thanks allowed.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 16 November 2017
Thank You for the Reply Sir.,
But. I can't find it....
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177877 Points)
Replied 16 November 2017
A. LIST OF GOODS ON WHICH GST RATE RECOMMENDED FOR REDUCTION FROM 28% TO 18%
Sr. no 70:: 6907 Ceramic flags and paving, hearth or wall tiles; ceramic mosaic cubes and the like, whether or not on a backing; finishing ceramics.......... &
87. 7324 Sanitary ware and parts thereof of iron and steel............
( The same is not appearing in the goods retained under 28% list)....... so take both of them under 18%, unless any more clarification issued........
For Adhesives........ no change...... retained under 18% list.......
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 04 January 2018
Dear Sir.,
FY 2014-15 One of the Partnership Firms Profit as per Books of Accounts after paid remuneration (400,000) in Tally Rs. 89580. At the time of filing ITR Auditor Disallow/Less the remuneration from Rs. 400,000 to Rs. 389,443 as per his calculation. (Actual Remuneration Rs. 400000 - Allowable Remuneration Rs. 389443 = Balance Rs. 10557).
Also paid the income Tax as Profit Rs. 100137 (89580 + 10557)...
But, In my books (Tally) shown the profit Rs. 89580 and I transferred the amount of Rs. 89580 to Two partners Accounts as 50/50...
My Questions are.,
1. The above said adjustments Rs. 89580 are correct or not...? or
2. Can I reverse the excess amount Rs. 10557 from remuneration to PandL account...?
3. If yes., I will show the profit Rs. 100137 in Tally and Transfer the amount equally to Capital Account in FY 2015-16...?
4. How to I manage the Opening balance of Capital Account in FY 2015-16 as 89580 or 100137...?
Please give your solutions. It's urgent for filings...
Thanks in Advance
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177877 Points)
Replied 04 January 2018
1. The above said adjustments Rs. 89580 are correct or not...? or
Ans.: The disallowance by autor must be correct. The adjustment is correct, but subject to finallization.
2. Can I reverse the excess amount Rs. 10557 from remuneration to PandL account...?
Ans.: Yes, it is done before finallization of accounts.
3. If yes., I will show the profit Rs. 100137 in Tally and Transfer the amount equally to Capital Account in FY 2015-16...?
Ans.: Correct. Here you can adjust additional tax paid, if not adjusted under tax provision. Otherwise its OK.
4. How to I manage the Opening balance of Capital Account in FY 2015-16 as 89580 or 100137...?
Ans. As per above finallization Rs. 100137, till tax provision adjusted.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 04 January 2018
Thank you for the reply Sir.,
The disallow in only Computation sheet at ITR filing. The Auditor sent to the Tally Data as P/L shown Rs.89580. In Computation sheet its shown Rs. 100137 (400000 - 389443 = 10557. 10557 + 89580 = 100137)
The aprtners capital Account in opening balance and end of the year 14-15 Rs. 168581 /each...
In FY 15-16 I will create opening balance Rs. 218649.50 /each (168581 + 50068.50)..
Sir.,
Is this correct or Not....?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177877 Points)
Replied 04 January 2018
Yes correct......... but what about extra tax liability of about 3K? (Is there tax provision in BS?)
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 04 January 2018
Sir.,
It's paid. The extra Tax Paid as per Rs. 100137 + 9491 (Disallowance Sec 37) = 109628... Tax Rs. 34028 (Filing on 24/03/2017). TDS Rs. 33040 and Cash Rs. 990
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 04 January 2018
No more Tax provisions in Tally and Balance Sheet...
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177877 Points)
Replied 04 January 2018
OK, Cash method. So, you can post the difference as referred above.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 05 January 2018
Thank you for the reply Sir...
Sir, What is cash method...?
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 05 January 2018
Sir.,
One more query in a partnership firm... Also the above said 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...
CAclubindia
