Recent Forum Messages ( Last 7 days )


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For ay 2017-18, pl & bs mandatory or not for lic agents ????

Posted by : Sarath kumar.M   27 April 2017

If LIC agen earns small commission, show the gross commission in PL as gross amount received and dont show any expenses and the profit will be the same commission amount. In the Balance Sheet show the TDS amount Other Current Assets and same amount under Capital Account. 


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Maturity proceeds of insurance

Posted by : Sarath kumar.M   27 April 2017

One of my clent who is an NRI took Unit Plus 2 Single premium policy of SBI Life. The sum assured is Rs. 12,50,000 and the period of Policy was 10 years with a single premium of Rs. 10,00,000. The policy was started in 2006. He has received a sum of Rs. 35,00,000 in  May 2016 on maturity on which 30.9% of Tax has been deducted u/s 195. Now he wants the return to be filed. How should the income be brought to tax and file the return for AY 2017-18?? Please advice


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Applicability of gst for book sellers

Posted by : Bhara Bhara   27 April 2017

Hi sir.
can u please tell me whether gst is applicable to the book seller, a proprietor whose turnover exceeds 60 lakhs.

Thanking you ,




Regards,
Bharathi

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Applicability of gst for book sellers

Posted by : Bhara Bhara   27 April 2017

Hi sir.
can u please tell me whether gst is applicable to the book sellers a proprietor whose turnover exceeds 60 lakhs.

Thanking you ,




Regards,
Bharathi

New Topic

Tax treatment on lic maturity amount received

Posted by : vinayak   27 April 2017

I have purchaed LIC policy in Feb 2001 with aanual premuim of Rs.1700.  in April 2016 I have received Rs.41000 aginst the said poilcy as maturity amount. How should I show this in IT return? Will it be taxable? I am salaried employeee having below taxable income. Do i need to show this transaction in IT return?


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Tcs on sale of scrap

Posted by : sivaram   27 April 2017

TCS is applicable only on manufactured sraps 


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Mvat return q3 dec 16

Posted by : Mohan Bagalkot   27 April 2017

Check your carry forward figure from ur previous qtr return. And also make sure if return is filing after due date. Need to add 5000 in late filing fee as well and try

Replied in :

Mvat return q3 dec 16

Posted by : Mohan Bagalkot   27 April 2017

Check your carry forward figure from ur previous qtr return. And also make sure if return is filing after due date. Need to add 5000 in late filing fee as well and try

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Exemption under capital gains

Posted by : sivaram   27 April 2017

Querist has clearly stated  agricultural land situated in Rural Area we need not look further whether they are in 8 kms  limit from municipality since such criteria applies only for agricultural land situated in urban area 


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Registration

Posted by : Sanchit Mathur   27 April 2017

thanks sir

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Posted by : Rakesh   27 April 2017

This problem will be solved when all the dsc i.e of Designated Partners, bank personal and certifying professional is affixed at the same time without closing the form. If the form is saved and opened again for signing then the problem arise. So sign all the dsc box at one time without closing.


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Long term capital gain

Posted by : BAGESHRI G.BHATKHANDE   27 April 2017

I sold plot of land (long term) in feb-2017 ,and deposit amount in Capital Gain saving Bank Scheme (with a view to purchase another Flat) but our plan changed and now i want to invest Sales proceeds in REC Bond under section 54 EC ,now i want to withdraw amount from capital gain saving bank account and invest in REC bond can this possible bank is asking me to provide assessment can you please help me

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Property papers lost...

Posted by : CA CS Jainam Shah   27 April 2017

You can take valuation report of the house for the year 1981 from the registered valuer and take that value as a purchase price of the house. 


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Cash limit rs. 200000

Posted by : Manoj Khandelwal   27 April 2017

How it use ? Give Example

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For ay 2017-18, pl & bs mandatory or not for lic agents ????

Posted by : PALASH RAKSHIT   27 April 2017

If a LIC agent earning commission more than Rs 2 lacs then it's ok but if a lic agent earning commission of rs 30000/= then a little bit problem to prepare pl and bs for ay 2017-2018.

 


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Registration

Posted by : CA Saurav Somani   27 April 2017

Dear Sanchit ji,

As far as GST Enrollment is considered, all exisiting assessees are required to get enrolled irrespective of their turnover limits. Existing assessee means those who are alredy registered under existing acts(VAT, Excise, Service Tax, etc)

Registration will be done after GST comes into act. For those "enrolled" assessees whose turnover limit is less than 20 lacs...they will not be required to register (unless they opt so voluntarily).

As a conclusion, irrespective of the turnover limits, "enrollment" is cumpolsory for "existing" assessee. Enrollment does not itself means regsitration.

 


New Topic

QUERY REGARDING PTAX

Posted by : Krishanu Chowdhury   27 April 2017

WHAT WILL BE THE RATE OF PTAX FOR OPTOMETRIST

New Topic

Aop trust capital gains

Posted by : T.T.VIJAYAPRAKASH   27 April 2017

             AOP( RELIGI TRUST CAPITAL GAINS  AMOUNT  INVESTED  IN  RURAL ELECTRFICATION CORPORATION LIMITED BONDS  DEDUCATION U/S 11(1A)    0R ?

54EC


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Solve please........

Posted by : Nibedita Panda   27 April 2017

Find the closing debtors.

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Solve please........

Posted by : Nibedita Panda   27 April 2017

Can i get the ans plz..
Opening balance of debtors is Rs 35000.cash received from debtors is Rs 30000.Cash sales is Rs 20,000 which is 20% of total sales. B/R received for Rs 40,000 and discount allowed is 1% of cash collection


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