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BISWAJIT MAIKAP
This Query has 5 replies

This Query has 5 replies

SIR/ MADAM , IS ANY TAXPAYER IS TAKING A GOLD LOAN , THEN IS IT TO NEED TO SHOW THE GOLD VALUE AS ASSET IN BALANCE SHEET?


naga sundara CA
This Query has 1 replies

This Query has 1 replies

03 September 2024 at 16:00

MACHINERY PURCHASE -COMPANY

Dear Sir /Madam

We are importing machinery to our company, my question is fixed assets on bank loan any advantages, pls let me know.


UMESH KUMAR
This Query has 2 replies

This Query has 2 replies

RESPECTED SIR

I WANT TO KNOW ABOUT LAST DATE OF AUDIT REPORT (BALANCE SHEET) SUBMITING FOR F.Y. 2023-2024


Neha
This Query has 1 replies

This Query has 1 replies

30 August 2024 at 17:04

WILL TAX AUDIT APPLY FOR FY 2023-24?

Limited Liability Partnership
which has a turnover from Professional Services only
Turnover is 27 lakhs in FY 2023-24
it shows Income less than 50% of Turnover

Is this LLP Liable to Tax Audit. Please Guide


Hemkumar
This Query has 1 replies

This Query has 1 replies

Is mandatory to prepare balance sheet in new format or recommended only? for non corporate entity


Preet
This Query has 1 replies

This Query has 1 replies

Hi
Revenue booked, GST Paid and payment received during the FY 2023-24, the actual services were delivered in 2024-25- how to account the entry?
FY 23-24 - Revenue (Sale-P&L) Dr.
Deferred Revenue(Current Liability) cr.
FY 24-25 - Deferred Revenue Dr
Revenue CR
Is it Correct?
Thanks


RAJAT SINHA
This Query has 1 replies

This Query has 1 replies

Our company is having 27.00 lakh paid-up capital and secured loan Rs. 1.21 crore, turnover is 11.50 crore in the financial year 2023-24.

1) Whether Cash Flow Statement Required
2) Whether Caro Mandatory
3) Whether Internal Control System required in Audit Report


Kochi Articles
This Query has 2 replies

This Query has 2 replies

27 July 2024 at 13:41

Vehicle bought on EMI

Where will be the balance amount payable on vehicle purchased for EMI be shown in the financials of a company?


Ankur Aggarwal
This Query has 14 replies

This Query has 14 replies

14 July 2024 at 00:35

44AD Applicability and Exit

Hi,

This is the summary of my ITR's.

FY 12-13 -> 44AD -> ITR 4S
Turnover - Rs. 301184
Profit - Rs. 301184

FY 13-14 -> 44AD -> ITR 4S
Turnover - Rs. 240000
Profit - Rs. 240000

FY 14-15
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 15-16
NO BUSINESS INCOME -> NO 44AD -> ITR 1

FY 16-17
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 17-18 -> 44AD -> ITR 4
Turnover - Rs. 750000
Profit - Rs. 750000

FY 18-19
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 19-20
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 20-21 -> NO 44AD -> NO AUDIT -> ITR 3
Turnover - Rs. 80,93,584
Profit - Rs. 7,72,655 (>6%)

FY 21-22
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 22-23 -> 44AD -> ITR 3
Turnover - Rs. 2,020
Profit - Rs. 1,010

Very Confused regarding 44AD !

1. As per me, It seems i have exited 44AD in FY 20-21 after using it for many years and reentered it in FY 22-23. Now as per 44AD, i have to use to compulsorily for next 5 Years means FY 22-23 to FY 26-27. I want to declare profit less than 6% for shares F&O for FY 23-24. If i do so, i will have to maintain books under 44AA and audit under 44AB? (Turnover is Rs. 26 L and Profit is Rs. 36000)

2. If I opt for 44AD for FY 23-24 also and declare profit at 6%, then I can opt out of 44AD only in FY 27-28?

3. The years where there is no business income to report will be counted for the counting in 5 Years for maintaining 44AD?

Thanks in Advance.


Rima Kapadia
This Query has 1 replies

This Query has 1 replies

In 2021, Inventory was lost due to floods, and entry was made in the books of accounts - insurance claim receivable debit and credit to COGS/ Purchase accounts. Now insurance claim received which was less than the actual amount recorded in books. Instead of recorded as loss on stock / Bad debts should we charged to Purchase accounts? If yes any reference or case laws?