becker cpa

Updated CA/CS/CMA Online/Pendrive/Download classes available for May 21/ Nov 21 attempt. Call: 088803-20003

coaching
Prodamy

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


23 November 2020 at 21:20

Conversion of Partnership into Pvt Company

Dear Sirs,
Ours was a partnership firm dealing in PWD contract and converted into Pvt ltd co in July 2019. We have transferred all assets and liabilities as on date of conversion to new co. Since our customers are government and even though we had informed them about conversion, we had to issue invoice in the name of old firm upto February 2020. This was reflected in 26AS and GST TDS, GST returns etc. And booked some expenses also Is it legally correct? Whether we need to transfer it to new Co?? Also, whether balance sheet as on 31.03.2020 need to be NIL?? Bcoz whether TDS etc to be shown in BS?

Please advice.

Answer now

Kindly suggest the taxability of ULIP SURRENDER VALUE AFTER LOCK IN PERIOD OF 5 YEARS.
For example.....
One time premium paid of Rs.150000/- on 24.10.2013
Surrender value after lock in period of 5 years is Rs.177000/- on 19.02.2019
What is the taxable amount?

Answer now

06 November 2020 at 12:04

Gst audit

IN GSTR-9 TABLE NO 9 HAVE LATE FEES AND INTEREST. WHEN GSTR-9C IS FILING THE TABLE NO 9Q IS ONLY TAKEN THE FIGURE OF TABLE 9A , 9B, 9C OF GSTR-9 AUTOMATICALLY. WHEN I PUT THE FIGURE OF LATE FEES AND INTEREST IN GSTR-9C IT SHOWS UNRECONCILE.

SO WHAT IS THE CORRECT PROCEDURE TO FILL THE TABLE 9 OF GSTR-9C , IS WE HAVE TO PUT THE FIGURE OF LATE FEES AND INTEREST IN TABLE 9L AND 9M OF GSTR-9C FROM GSTR-9 OR NOT.
PLEASE HELP ME.

Answer now

03 November 2020 at 18:07

Trust Audit - Contribution

Whether a school trust is liable for contribution to administrative fund or not??

(As per section 58 govt. "may" exempt educational institution from contribution. But no relevant ciruclar/notification found which clearly states that a school trust imparting education exclusively is exempt from contribution to administration fund)

Answer now

Any one have done audit of cyber security framework of public sector bank then please provide procedure and audit report for studying the field.
mail at : lokeshj873@gmail.com

Answer now

29 October 2020 at 11:37

Trust Audit

1) We are claiming exemption u/s 10(23C)(iiiad). So, while filling ITR - 7, do we need to fill balance sheet and profit and loss schedule??
2) In Sch-IE-4, how to derive amount applied for objectives? what types of expenses are covered in it (Our's is school trust)
3) While computing gross income chargeable to contribution, in clause(iv) of ii. items not chargeable to contribution u/s 58 and Rule 32, "Amount spent for purpose of secular education and functions", what types of expenses are covered in it??

Answer now

29 October 2020 at 11:22

Audit for non corporate borrowers

An assessee is filing return u/s 44AD and has turnover between 1cr to 2cr for last 2 years. However now the bank is asking for "audit for non corporate borrowers (RBI guidelines)" since the borrowings are exceeding 25 lakhs and saying that tax audit is mandatory.
Can he leave the presumptive taxation now and get audit done since his turnover is 1.5 cr in 19-20.
Pl help

Answer now

Is it complusory to create lease equalisation reserve.

Suppose the client has not created and is debiting entire expense as rent, is it a noncompliance on AS-19.

For creating lease equalisation reserve, whether lock in period is consider while dividing the rent amount or lease term consider.
In case out of 5 year, client has not created such reserve for past 3 year, whether in balancing year- should it be possible to rectify.

Answer now

23 October 2020 at 14:50

DSC FOR TAX AUDIT

SIR

Whether DSC is mandatory for tax audit purpose ? It is a proprietary concern sales turnover of which during the fy 2019-20 is 1.14 Crores and in such case because of showing 5% nett profit instead of showing 8% tax audit is mandatory. Whether even in this case DSC is mandatory and whether ITR cant filed without DSC.

Answer now

21 October 2020 at 13:20

Tax Aduit Limit u/s 44AB

Dear Experts,

An assessee earned Business Loss of Rs. 2.85 Lacs from Speculative & Non-Speculative transactions for FY 2019-20.
His Gross Total Income is Rs. 7 Lacs.
Turnover as per 44AB for Speculative & Non-Speculative - absolute value of profit/loss + premium on sale of options is 9 Lacs.
Queries:
1. Whether tax audit is applicable in its case?
2. If tax audit is applicable the under which section of 44AB?

Answer now



X

Do you have any Tax Queries

Submit