One of client's supplier raised invoice in CGST & SGST by mistake instead of IGST in F.Y. 21-22.To correct this supplier cancelled those invoices in same year. But then to close the a/c of supplier client claimed the exps in F.Y. 21-22only without GST as per expert's advice. And now in F.Y.22-23, same exp are reversed against that supplier to raise the supplier's balance. And supplier has raised new invoices under IGST and client is accordingly claiming exps in F.Y. 2022-23. Is the reversal and claim of expenses on 21-22 correct?

MR A. HAD NOT PAID GST TAX AMOUNTING RS. 10000 TILL TAX AUDIT & THE FILING OF INCOME TAX RETURN OF A.Y. 2018-19 AND SO THE SAME HAS BEEN DISALLOWED U/S 43B .

IN A.Y. 20-21 MR A. HAD PAID THE TAX BUT HOWEVER NOT ALLOWED BY IT DEPT. AND RECEIVED DEMAND AGAINST IT. NOW SHOULD MR A. NEED TO RECTIFY HIS RETURN OF NEED TO REVISE HIS TAX AUDIT ?

A MEDICAL PROFESSIONAL DO HAVE INCOME FROM PROFESSION WHO HAS STARTED PODCASTING BUSINESS RECENTLY IN DECEMBER 2022 AND THERE ARE ONLY EXPENSES OF ABOUT 400000 AND NO RECEIPTS FROM THE SAID BUSINESS.THE TURNOVER OF PROFESSION IS ABOUT RS.12,00,000/-WHETHER HE IS LIABLE TO TAX AUDIT OF PODCASTING BUSINESS FOR A Y.2023-24

Hi
A company is manufacturing paper in one factory(use Tally) & transfer it to another factory (use Finsys for production) where they manufacture cartoon as per the specifications provided by the customer. What software should use in Factory 1 for inventory management & operational controls & production so that management can figure out correct accounting figures & avoid wastage

CAN A GALLA VYAPARI (MANDI BUSINESS) PURCHASE/ SALE GOODS OF MORE THAN 10000 / 2LACS IN CASH

Company A and company B are under the same management. Company A owns a plot, the market value of which is about 2.50 Cr. Company A allows company B to construct a showroom on plot of A. Company B gives proposed map as per its own requirements, which is submitted to development authority by Company A. Map approval charges and development charges are paid by Company A to the Development Authority. The cost of construction of showroom is borne by B. No rent is charged by A from B for giving possession and allowing use of plot by Company B. Period of allowing use of plot is likely to be quite long. There is no written agreement between two Companies.

Any transaction between two companies under the same management should be made at arms length price, whereas in the instant case there is no consideration.

On these facts of the case, my questions are:

1. Is there violation of any Act!?
2. Should the Auditor report such transaction in his Audit report, if no reference of this transaction is made in the Notes on Accounts?
3. How and in what manner the Auditor should report in his Audit Report?

Hi, how to close a CA firm having 2 partners when one of the partner died? What is the procedure for closing firm in the institute records in this situation

Dear Experts,

As per 8th edition of the ICAI, turnover of Option will be calculated by ABSOLUTE formula, like a Future. Is it correct as below?

(i) The total of favourable and unfavourable differences shall be
taken as turnover.
(ii) Premium received on sale of options is also to be included in
turnover. However, where the premium received is included for
determining net profit for transactions, the same should not be
separately included.

Incase of Loss or less than 6% Profit in Option Trading and Turnover is below 2 Crore, will 44AD be OPTIONAL or MANDATORY? In case of Loss, can it be carry forwarded to future years without Tax Audit where Turnover below 2 Crore and 44AD not adopted?

Ours is a private limited company having a sales Turnover for the financial year 2022-23 around 2.24 Crores as at 31st March 2023. We are maintaining our books in tally 7.2. We have come to know that our auditors will have to follow rules of auditors trial version. Can someone make me understand in detail the issue of auditors trial version.

is it compulsory to mention Vehicle number in E invoice ?