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G Prathiba
This Query has 1 replies

This Query has 1 replies

Explain the compliances needs to increase paid up capital?-Private Limited Company.

Thanks in advance.

Umashankara HB
This Query has 1 replies

This Query has 1 replies

We do sale both taxable & exempted goods and we purchase packing covers, which is taxable, for the purpose of packing both taxable & exempted goods. Out of these packing materials we use same covers for all the products except few, which are exempted, named jaggary, Oil & Pushti. For Pushti we use separate packing cover(Pushti Covers) and for other two we don't do packing. We are reversing entire ITC of Pushti covers(T2), because it is used for exempted supply.

My Question is, while calculating Aggregate value of exempt supplies during the tax period(E) & Total turnover in the State of the registered person during the tax period (F), for Rule 42 purpose, do we need to include turnover of Pushti(for which we are using separate Packing covers and not taking any ITC benefit), Jaggary & Oil (for which we don't do any packing)?

This Query has 1 replies

This Query has 1 replies

30 January 2023 at 12:52

Rental income on movabel assets.

What if private company purchases truck and provide it for rent to patnership firm, and receiving rent on that.

So, how to deal with this in income tax.

shivam singh
This Query has 5 replies

This Query has 5 replies

Circular 23/2017 dt 19.7.17 clarifies that TDS should be deducted on amount excluding GST, provided GST is indicated separately. Now, under Income Tax act, for what purpose should this circular be applied.

1. For the purpose of ‘determining the amount’ on which TDS should be calculation .

2. For the purpose of ‘determining TDS APPLICABILITY’ ie: scope of TDS threshold limits.

If the scope of the above circular be applied on point no 1 , then what is the scope of checking threshold limits(including GST or excluding ).

This Query has 1 replies

This Query has 1 replies

30 January 2023 at 11:16


If, we provide reimbursement against repair & maintinance of personal vehicles of staff's car, then what GL have to open.

For Example, Staff welfare or Repair & Maint. Vehicles

This Query has 7 replies

This Query has 7 replies

30 January 2023 at 09:22


Assessee's Total income for the financial 2021-22 is Rs.472800. After 87A relief his tax is zer0. 234F Rs.1000 Payable. He wants to file ITR U for the asst year 2022-23. He has not filed return already. Is it possible . If it is possible challan 140B or 140A. How much is the tax payable. His age is 58 years.

This Query has 1 replies

This Query has 1 replies

I paid monthly contribution ( about 12%) from my tax paid salary to my Company regularly for 14 year ( about Rs. 9 Lakhs)
After retirement at 60 years , Company fixed my monthly Annuity through SBILIFE and I am receiving annuity monthly .
Question -
This annuity is taxable or not ?
In my opinion , it should not be taxable as I had contributed this Rs. 9 Lakh fund from my taxable salary for past 14 years. Can we connect this case with Section 10 , Tax clause 23aab
Kindly clarify me .

This Query has 7 replies

This Query has 7 replies

29 January 2023 at 10:28

Economic profit

Why most people consider accounting profit and not economic profit. And from our childhood itself we learn about accounting profit only. Why so?

Gopalakrishnan. S
This Query has 3 replies

This Query has 3 replies

29 January 2023 at 10:00

Restaurant under 5% GST without ITC


One of my friend is running a restaurant. He opted for 5% GST without availing ITC.
His turnover has crossed 1.5 crores in October 22 itself, but he noticed it now only.
Can he continue under the same scheme for this FY ? What should he do now ?
Pls. advice.

Mahabir Prasad Agarwal
This Query has 2 replies

This Query has 2 replies

29 January 2023 at 08:23

ITR Filing AY 2022-23

Sir, Is there any way to file ITR for AY 2022-23 now ?

IIM Indor
Budget 2023

Answer Query