Sir / Mam
We are GTA Pvt Ltd. We are generating the sub-contract bills in our software on the basis of Trip details instead of receiving the bills from sub-contractor. The software for GTA has been designed like that.

Besides, We are helping the sub-contractors as they do not know how to issue invoice on their trips.

How ever, We are deducting TDS in right manner.

Can we follow this system Or Is there any compulsion to receive the bills from sub-contractors?

Guide me plz
thanks in adv

Respected Members, there is a doubt regarding capitalization of Expenses while construct an asset for selling purpose.
A co getting contract to construct an asset. which will be taken 3 to 4 years to complete. now my questions are,
1. Retention portion as per agreements where it should be shown. Current liabilities or any separate provisions should be created?
2. If any Professional services are given related to construction of above assets, then whether it should be capitalized or not.
3. IT would be under WIP as a stock or asset??
Please Help me in this matter.

sir in sole proprietorship, we say interest on capital. but as business and businessmen are same as per law, so why to allow ioc, salary, I'd, and other as these get deduced form profits and get added to capital. in a way profit is added to capital. sow hy to reduce profit from these expenses and then add it to capital in way if it is not deduced it will go to profits which will ultimately increase profit.

Hi All,

Could you please share me the roles and responsibilities of each dept like GL, P2P,R2R,O2C, during month end. It will be more helpful if i get the flow of work. If I miss any other departments apart from the above mentioned, please let me know on the same. I look forward to hearing from you.

Regards,

M/s BL Ltd,a Public Company, has given a contact on 01.02.2021 to M/s Smooth Paint Pvt Ltd for Rs. 60 Lakhs + 18 % GST total Rs. 70.80 Lakhs for overhauling & painting a various machines within time limit of 6 month from date of contact. The work is of Revenue nature. As per the terms of agreement payment shall be made after completion of works.

As on 31.03.2021 (i.e. on balance sheet date ) M/s BL has surveyed the work done till date and measure the work done by contactor and found that only 20% of work having value Rs. 14.16 lakhs (Rs. 12 lakhs + GST Rs. 2.16 lakhs) has been completed by to M/s Smooth Paint Pvt. Ltd. No payment has been made for this part work since as per the terms of agreement payment shall be made after completion of entire work.

What shall be entry in the books of accounts of M/s BL Ltd as on 31.03.2021 ( Balance sheet date )
Option1:
Overhauling & Painting Exp Dr. 12,00,000.00
To M/s Smooth Paint Pvt Ltd 12,00,000.00

Option2:
Overhauling & Painting Exp Dr. 12,00,000.00
CGST Receivable A/c Dr 108000.00
CGST Receivable A/c Dr 108000.00
To M/s Smooth Paint Pvt Ltd 14,16,000.00

In Nutshall DO we should show the GST on part value of work done( calculated on estimated basis ) as input receivable in Balance sheet EVEN if the bill is NOT received.

Kindly back your answer with relevant para of Accounting standard or guidance notes .

we are a manufacturing concern and we are taking the labour on contract for filling the raw materials into the bags.we are making the payment directly to the contractor..under which head these expenses will be show and what will be journal entry for it.

Dear Sir

Sundry debitor has not given to us payment its more then 11 months many calls reminder but not responding please suggest in which head i crate the ledger for bad debitors written off and what is the entry in books

Dear Sir

In April 2020 I have Filed 15G form in Bank to avoid TDS on FDR. FD interest Rs. Less then 13000/- Where i mention my annual income Rs.180000/- ( Private School teacher Salary+ Tution fees) But my annual income increase due to tution fees school closed during Covide-19 So Can i face any issue Please suggest
Can i fill Income tax return earlier i have never filed income tax return

Dear Sir,
Greetings !
Our stat auditor has increased the closing stock with 50 lac at the time of finalisation of balance sheet under Change in inventory. our books of account does match with that amount. Please advise which entry should be passed into our books of accounts to make the number same.
Thanks in advance.
With best regards / Vijay

SIR, KINDLY MENTION THE DUE DATE OF TDS RETURN FOR THE F.Y. 2020-2021