Rs.2,83,562 bank loan processing fees and RS.5,49,361 Bank CGTMSE Scheme fees paid in February,2020 for loan of purchase of plan and machinery but plant and machinery put to use in July,2020.
So whether Processing fees and cgtmse fees capitalized or not?

SIR,
My query is as below:
A.Y.2018-19 TURNOVER RS.40 LACS RETURN FILE UNDER SECTION 44AD
A.Y.2019-20 TURNOVER RS.1.80 LACS AUDIT DONE UNDER CLAUSE 44AB(a) because turnover exceeding specified limits.
now A.Y.2020-21 TURNOVER RS. 30 LACS. Whether I can File i.t.return under section 44AD FOR A.Y.2020-21?
note: I have done audit for a.y.2019-20 under clause 44AB(a) but not under clause 44AB(e) because my turnover exceeding Rs. 1 crore for that year?
Please reply fast.
it's urgent
kindly reply above query whether should go for audit or not?

Sir,
One of my client is registered as Trust but not under IT,but getting PAN under Trust name. Trust Started in 2000 till now no IT return was filed. During 18-19 its TO 80L & Profit 3.5L. My Query is
1. Whether it is Trust or AOP under IT.
2.Which ITR (5 or 7) to be filed.
3. whether Audit by CA is mandatory.

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?

Can audit report on standalone and consolidated financial statements be signed on different date??

Please someone guide me. I need answer on urgent basis.

ASSESSEE HAVING TURNOVER MORE THAN 12 CRORE IN NORMAL BUSINESS AND HIS BOOKS ARE SUBJECT TO AUDIT IN F.Y.19-20. HE ALSO TRADE IN DERIVATIVES (INTRADAY) IN WHICH PURCHASE AND SALE OF SHARES ARE OF RS. 58 CRORE AND SUM TOTAL OF PROFIT AND LOSS TRANSACTION IS 20.00 LAC . I WANT TO KNOW 1. WHETHER HIS SHARES BUSINESS WILL ALSO BE AUDITED. HIS ACTUAL LOSS IS 3 LAC FROM SHARE BUSINESS. 2. OR WE CAN SHOW IT AS SPECULATION BUSINESS AND SHOW 1.20 LAC AS PROFIT IN ITR (6% ON 20.00 LAC). PLEASE SUGGEST

Respected Sir,

Can a other Chartered Accountant take Tax Audit without any concerned of previous auditor in proprietorship firm. ?

hello everyone

can cash deposited by partners in current account of partnership firm account be attributed as capital of partners. Total deposit on a single day is around Rs. 14 lacs. Likewise there are few more instances of cash deposits more than 2 lacs on single day by partners. Will this go for qualification in tax audit report?

kindly clarify

sir : "x" person is a Distributer of Airtel Company. Mr. "X" Purchase Mobile Recharge & Top up Recharge Coupen From Airtel Company. Mr. "X" Sale of Recharge & Top up Recharge Coupen to Retailer Distributer. ( "Y" Party) & Mr. "Y" (Retailer Distributer) Sale of Recharge & Recharge Coupen to Last Custumers. Mr. "X" Collect Cash Amount from Mr. "Y" Against Sale of Recharge. Mr. "X" Received Cash Amount Deposit his Current Bank Account & this amount Paid to Airtel Company. this Service Against Airtel Company Paid Commission @ 1.25% Main Distributer (Mr. X) And @ 2.50% Commission Paid to Retailer Distributer (Mr. Y) In this Process Mr. "X" (Main Distributer) Collect cash amount from Mr. "Y" (Retailer Distributer) This Amount Deposit in Mr. X Current Bank account and this amount Paid to Airtel Company By Online Transfer Q. 1. Mr. " X" Persen Turnover...........? Q. 2 He is Liabel for Audit...........?

Is it posible to get artcleship registerd with ca in practice is appointed as full time or part time employee else where, provided permision of ICAI is obtained by ca for employment.??

Pls reply!!!