Two I.t return filed individual Assess single bank sb account maintained jointly transactions
1st Assess trading transactions in bank sb account
2nd Assess rental income transactions in bank sb account.
Question:
Two I.t. return filed assess every transaction 50:50 share or Assess applicable transactions only entries passed in books.

SIR
We are GTA. We do all the expenses on behalf of sub-contractors and periodically, we set off them against their bills. How ever, the fastag expenses remains unadjusted at the end of year. So, Can we account the fastag charges as PREPAID EXPENSES IN ASSET SIDE - because the remaining expenses to be carried forwarded to the next year for the purpose of set off.

Plz clear my doubt
thanks in adv

SIR
We are doing GTA business. We are supplying trucks to our Party (Supplier of the goods) and after the delivery, we will the receive the consignment copy with sign and seal (Received Copy) from buyer (receiver of goods). We will issue sale bills based on the received copies periodically to the Party (Supplier of goods).
In this case, it is essential to keep the Received Copies (consignment copy) in file? or enough to maintain the sale invoices only?

Plz clear my doubts
thanks in adv

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