Hello everyone,
following details are available as on 31.03.23

Cl wdv as per books : 100 cr
cl wdv as per IT acr : 92 cr

applicable tax rate : 25%. Assuming no other timing diff other than depreciation

i am stuck in computation of closing deferred tax asset/liablity

my understanding is since co has claimed higher depreciation and paid less tax going forward tax liability is going to be higher so direct tax liablity shall be created

closing value of DTL = 8 cr * 25% =2 cr

2cr should appear in balance sheet after adjusting opening balance

is my understanding correct ??

Auditor mentioning on balance sheet 'as per our report'. few auditors mention 'as per my report:. what is the difference in this ? as per my knowledge if CA is practicing in firm name it will be our report & if he practicing in individual capacity & not applied for firm name then he is mentioning my report.

Is this correct?

Dear Experts

Kindly let me know what's the meaning of DELETION of Asset while preparing DEPRECIATION SCHEDULE as per Companies Act 2013

Also whether when the useful life of Asset gets over & Carrying value of such Asset will come under Deletion of Asset ?? or it can be taken to Reserves & Surplus

Thanks in Advance

a doctor have gross receipts Rs. 40 lakhs in current year, he want to fill return in 44ADA, but he have also F & O turnover Rs. 27 lakhs and profit Rs. 80 thousand.

can he file itr profession income u/s 44ADA and f & o income tax audit togeather.

Greetings Sir/mam,

Kindly let me know whether Staff welfare exps are covered under Negative List and reporting under Clause 44

Whether we need to report surrender of shares in form 29b,if yes where to report it.

There is a person doing business and he was filing income under 44AD as the turnover is less than 2 Crores. And for the current FY 22-23 his turnover is more than 3 Crores. Can i file the ITR returns without Audit as per the new las of 5CR.

If Audit is not applicable then in which ITR we have to file can we take the Income in 44AD only???

SIR
ASSESSEE HAS TURNOVER OF RS. 80.00 LAC IN TRADING BUSINESS AND HAS RECEIVED COMISSION OF RS. 40.00 LAC FROM OTHER BUSINESS. THE QUERY IS -1. IF AUDIT IS APPLICABLE BECAUSE TURONVER HAS CROSSED 1.00 CRORE. OR
2. INCOME CAN BE DECLARED UNDER 44AD FOR TRADING BUSINESS AND FOR COMISSION INCOME BOOKS ARE MAINTAINED. AND ITR 3 CAN BE FILED WITHOUT AUDIT.

DEAR SIR,

ONE OF MY CLIENT IS PARTNERSHIP FIRM ITS TURNOVER LESS THAN 10LAKHS MEANS 6,77,892/- IN THIS SITUATION SHOULD WE FILE TAX AUDIT U/S 44AB, BECAUSE ONE OF MY CLIENT IS ITS PARTNER HIS IT RETURN SHOULD BE FILED, BUT THE FIRM DID NOT FILE ITR NOW CAN WE FILE AFTER FIRM'S ITR FILING THE INDIVIDUAL SHOULD BE FILED BEFORE JULY

WHAT TO DO

REGARDS

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