SIR
Mr. X is the director of our company. We did not pay the remuneration to him for the last year.

Will any problem arise?
Can the remuneration be paid totally at the end of year in cash?

Plz instruct me
thanks in adv

i have a query about unsecured loan that one person say. mr. A has received unsecured loan of rs. 300000/- from another person (not being relative) say Mr. B. after that Mr. B has been passed away. How to settle that Unsecured loan amount in the books of Mr. A???? What is the Taxability in hand of both Person????

A company gets demerged and got land from the transferor. As per the scheme, the land will be transferred as book value and land has been transferred as per the scheme. While preparing the Financial Statements, registry of land could not be done and stamp duty payable on such transfer has not been shown due to non valuation of land.
As per Ind-as 16, should company treat stamp duty expenses as current liability and consequently treat it as part of Fixed assets?

In general we harvest cotton in January and the same got sold before march but due to corona and other reason for this year we were not able to sold the same and stock of cotton lying with us. For past year we followed cash system for booking agriculture income.

- Now my question is Can we book Agricultural Income on accrual basis? If yes at which price ( we sold cotton in the month of May - 2020)?
- If yes what effect needs to be given in Income Tax return?

I.t.assess un secured loans and Sundry debtors outstanding balance as per books mentioned below.
Un secured loan(Mr.A) rs: 4 lacs
Cash loan to debtor(Mr.B) balance rs:10 lacs.
Assess unsecured loan balance amount transferred to cash loan to debtor account allowed adjustment entries in I.t. act.

In a balance sheet of prop firm ,the housing loan taken by prop is shown as capital while house is not reflecting in fixed assets side. The balance sheet is duly signed by CA.I think it's invorrect. What does he law says ?Kindly guide?
Regards.

Hi,

Can you please give your thoughts on below given query.

As per Guidance note on ESOP, Company has to take valuation report at the time of granting of ESOPs.
What if Company has not taken any valuation report and time limit of 180 days ahead of grant date also got expired?

Thank you

Dear Sir

We are paying Rs 550000 to an advocate regarding legal /consulting fees .Now I want to ask

01 Should I deposit TDS on It (I heard from another lawyer that No Need to deduct TDS)
02 who will pay GST on Rs 550000 ?

Thanks

Hello everyone, I pay salary to some employees under my proprietorship (IT services only business) and get the audit done. But is it required for me to deduct TDS on salary of employees for whom salary is below INR 5,00,000 per financial year? Looking for your help. Thanks

Suppose one business man sale for first year is Rs. Ten Lakh & Net Profit @ Ten Percent for Rs. One Lakh.

Second year purchase furniture for Rs. Fifty Thousand from last year Profit. Depreciation on furniture @ Ten percent for Rs. Five Thousand debited to profit & loss a/c. Due to furniture is purchase from last year that’s why depreciation debited to Reserve & Surplus. Lots of people say depreciation of this year expenses, I agree but in profit & loss account only depreciation is single expenses is not paid for the year or not payable for next year. Now position is year end Furniture value is Rs. Forty Five Thousand & Business Man collect money from market for this furniture is Rs. Fifty five Thousand. This gap is increase every year. Business Man show compering to last year profit is ratio is decrease that why business man decrease expense or increase sale price, that why Unemployment or Dearness is increase every year.

Thanking You,
Shailesh Kanth