Kindly tell me which of the following method of passing journal entry is correct and also tell the reason.
1st method)
at the time of due
Dr Commission on sales A/c 1000
Cr. A's Commission A/c. 950
Cr. Tds A/c. 50
at the time of payment
Dr. A's commission a/c. 950
Dr. Tds a/c. 50
Cr. Bank A/c. 1000
2nd Method
at the time of due
Dr commission a/c. 1000
cr. A's commission a/c. 1000
at payment time
Dr A's commission a/c. 1000
cr cash. A/c. 950
cr. Tds A/c. 50
as per guidance note on fixed assets register if the company has not maintained fixed asset register what will be its effect on auditors opinion? do we need to qualify ? or unfavourable opinion is alright?
An Assessee has taken an unsecured loan from Individual amount to Rs. 600000 on september. Interest on Such loan is Due on Oct. 18000 & the same Interst is paid by the Assessee. Again Interst due on Such loan is 25000 & the same Interst is paid by the Assessee. My Query is How the Above Transactions is to be reported under 269SS & 269TT. please reply..
As per section 10 (32), The income of a minor child upto Rs1500 in respect of each minor child whose income is includible under sec 64 (1A)
My question:
Is this exemption available on the total income per child that is if A a minor has 3 source of income then can he avail individual exemption on each source of income or he has to sum all the source of income and then avail exemption of Rs1500
Is this exemption available for individual source or on lumpsum basis
Thank You
How to show lower rate deduction of TDS in RPU due to excess deducted in earlier quarter and Earlier qtr return has filed with excess tds amount ? for e.g. u/s 194H tds was deducted @10% in June-16 but applicable rate is 5% and we have filed TDS return with showing TDS rate 10%. Now we have adjusted excess 5% in the period of July to Sept for that effective rate on gross amount came down to around 3% from 5% however cumulative for both quarter tds rate is ok.
Dear All, 1)one of my Employee is calming LTA for 2016-17 and he is traveling by his won can what will be the proof for LTA Reimbursement and Exemption? 2) As per the LTA rule he can claimed LTA every year but he can avail the exemption once in two year means if he 2015-16 & 2016-17 so 2015-16 will be taxable and 2016-17 will be exempted because we pay the LTA amount every year.
please guide on this, and provide detail on LTA rule.
I have received the subject policy proceeds after 15 years as I opted for one time notional payment and did not go for monthly or quarterly pension. My question is the amount of Rs. 2 lacs received now (out of Rs. 41K payment some 15 years back) will be considered as taxable and if so , at what rate and whether it can be adjusted against current year taxable income income (to what extent). Further also let me know whether indexation benefit can be available if it is to be treated as taxable LTCG. I am NRI. Please advise.
I have received the subject policy proceeds after 15 years as I opted for one time payment and did not go for monthly or quarterly pension. My question is the amount of Rs. 2 lacs received (out of Rs. 41K payment some 15 years back) will be considered as taxable and if so , at what rate and whether it can be adjusted against current year taxable income income (to what extent). Further also let me know whether indexation benefit can be available if it is to be treated as LTCG. I am NRI. Please advise.
I am filed itr 4 but selecting wrong section. i am selection 142 (1). and after e verifying itr i am received letter from cpc banglore office that your itr is forward to income tax officer. But i am not received any notice form income tax dept. please suggest me what happend in this case it is a big mistake if there is any penalty because i am filling income tax return for AY 2014-15
The party has purchased and sold the property during F.Y. 2012-13. Nothing has disclosed in the books of accounts. Now how to disclose the amount in I.D.S. Shell he pay 45% on total amount recd and closed the matter. Please advise. Thanking in advance.
For army disability pension it is fully exempt.
but the bank has deducted tds.
now pension received is to be shown under which section while filing itr??
Sir, In ITR-5 balance sheet of unsecured loans consists "from persons specified in section 40A(2)(B) of IT Act" and in 3CD column no.23 consists "particulars of payments made to persons specified under section 40A(2)(B)". what is the difference between these items. if we enter the details in balance sheet can we entered the same details in 3CD. Thank in advance plz reply ASAP
commission & brokerage add in to basic price of product can we deducted tds. not mention separately in Invoice. E.g:- Rice Paddy Purchase of Rs:-20.45 including 1% brokerage.
CAN SOMEONE PLEASE EXPLAIN THE PROCESS OF CALCULATING THE LIMIT OF AMOUNT ON WHICH THE TAX COULD BE PAID UNDER PAYMENT BASIS. LIKE THE 50 LAKS VALUE IS THE TOTAL LIMIT OF PAYING SERVICE TAX ON PAYMENT BASIS BUT IS THAT LIMIT OF THE INVOICES OR IS THAT LIMIT OF 50 LAKHS OF TOTAL PAYMENTS RECEIVED? 50 LAKHS LIMIT IS OF THE INVOICES OR PAYMENT? FOR EXAMPLE PAYMENT RECEIVED 40 LAC ON INVOICE OF 50 LAKHS NOW THE LIMIT UPTO WHICH WE CAN PAY ON RECEIPT BASIS IS 50 LAKH OF INVOICES OR 40 LACKS OF PAYMENT AND IN THIS CASE 10 LAC STILL REMAINS WHICH MEANS OTHER 10 LAKHS OF PAYMENT WILL BE USED FOR RECEIPT BASIS? CAN U EXPLAIN IT WITH A EXAMPLE?
I am providing software services to an foreign company since October 2015 and have been paying 15% service tax every month. I just now came to know that if the service is provided to outside of India then we need not pay any service tax.
Is this true? If yes, then is their any way I can get refund of the service tax amount which I have paid from October 2015?
service tax is not levied if entire consideration is received after completion certificate but what if partial consideration is received before completion and partial after completion certificate in case builders
if name of the person change with different from shrinivas panwar to nivas panwar in electricity bill than can i file inc 22 with attached elc bill bz i have no any proof for registered office pls suggest me
how to surrender PAN of an unlisted company in case of its winding up...??? Whether original PAN is required to sent along with the PAN surrender application...??
Hi All, A company wants to conduct Annual General Meeting for the FY 2015-16 on September 30, 2016 but there is a problem.... the company has already filed form INC 28 regarding sifting of registered office from the state of Maharashtra to the state of Karnataka and form is approved by roc. after that on Last week of September the company has filed form INC 22 but the Form is still under the process of approval. please let me know where the Annual General Meeting will be held?
A private ltd is giving Rent to Directors' wife, if the same is related party and if the company has passed resolution in the EGM held after exemption notification for private limited, is it necessary to file MGT-14 with ROC as this was not " SPECIAL " but " ORDINARY " resolution as per Companies Amendment Act, 29.05.2015
i have registered for ipcc on 26th feb 2013 after that i have attempted for 3 times for the exam and failed when can i revalidate my ipcc registration i want to write ipcc exam in may 2017
Please resolve my query.. Proprietor business taken over by a private limited company and all assets are carried forward. Is there any stamp duty applicable on this transaction? it is under bombay stamp act. If yes, How much percentage?
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A Private Limited company to borrow loan from bank.(Loan Value Appor.Rs45 Crore) whether any prior permission or approval from their share holder's? Is the board passed any special resolution under company act 2013 ? Kindly guide my above quary Thanking You Mani A Kandan
I have a query regarding the FDI compliance. My Company is a Subsidiary of US Company. The director of Indian Company transferred their holding to the US company( Parent Company). Parent Company transferred the amount of the shares in director's Saving account.
Dear experts,
one of the pvt co. has partly paid up shares since 2000.
now as per new co. act is it required to make them fully paid up?
No bonus issue or right issue is planned by the co.
