Clause 27(a) of Form 3CD :
Amount of Central Value Added Tax Credits/ Input Tax Credit(ITC) availed of or utilised during the previous year
and its treatment in profit and loss account and treatment of outstanding Central Value Added Tax Credits/Input Tax Credit(ITC) in accounts.

CENVAT/ITC Amount Treatment in Profit & Loss/Accounts
Opening Balance
Credit Availed
Credit Utilized
Closing /outstanding Balance

What does the Input Tax credit ( ITC) ? Is it applicable to GST and 3 months VAT?
There is no notification about it,though it appears in 3CD schema .
How we will deal with this clause?
Experts,Please clarify
Best Regards

Dear Sir,

Our Pvt Ltd Company Income for 31.3.2018 as following :

Dividend from Mutual Fund 1,10,04,059
Dividend from Shares 2,12,807
Capital Gains Income 2,61,258
Interest Income 37,469
Total Income : 1,15,15,593

My query is applicability of Tax Audit u/s 44AB.
The Investments made by the company are shown in Balance Sheet as Current or
Non-Current Investments and corresponding income from the investments is shown
as ‘Revenue from Operations’.

Investments shown in Balance Sheet as Current or Non-Current Investments
and corresponding income from the investments should be shown as ‘Other Income’
than Tax Audit is not applicable to Company.


Please advise in above matter

Thanks & Regards
NK

Dear All,

If we pay Rs 6,000/- in cash to my part time sweeper.
how could I show this legally ?

Thanks & Regards
Partnership Firm

Dear Sir,


My client business is recharge of Videocon & Dish tv etc. and also serivce center operate then he will get Commission on Sales of 5%. and his turnover hiked 2.5 Cr. then my question, Client is liable to tax audit or not.?

Kindly explain in details.

If amount is not deposited due to dispute in the court but the time period elapsed is less than 6 months. Should we report in 3CD?

Sir,

My business turnover is INR 43.00 Lakh for 2017 - 2018. Gross profit is INR 4.43 lakh. Then INR 2.79 lakh all allowable expenses. So net profit is INR 1.64 Interest on capital is INR 1.65 lakh

After all my books shows loss of INR 3000.00 I am liable to audit my accounts??

Whether I am required to get my books audited?? if my net profit is below 8% and I m not opting for sec. 44AD and showing my income in business and profession head. My turnover is below 1cr. and upto last year my books are audited.

Dear Experts,
I am a CA article and I filed a wrong tax audit u/s 44AB caluse 26
((i) In respect of any sum referred to in clause (a), (b), (c), (d), (e) or (f) of section 43B, the liability for which
(B) was incurred in the previous year and was
(a) paid on or before the due date for furnishing the return of income of the previous year under section 139 (1);(AT THIS PLACE)))
I ENTERED WHOLE AMOUNT OF THE GST PAID(say rs.50) IN THE YEAR AT ONE ROW THEN ADDED ANOTHER ROW ENTERED SERVICE TAX AND ENTERED AMOUNT (SERVICE TAX+GST (i.e 50+service tax) ).
I am really in great depression after that.
what could be the possible scenerio? please help help

Dear Sir,

How to show the total investment in Balance Sheet for AY 2018-19.
Total Investment is 2.35 Crore as on 31.3.2018.
Opening balance of Investment is 1.95 Crore. (MF & Equity Share)
During the year purchase & sold transaction net of amount 40 Lacs.
How to show current investment & non Current investment in balance sheet of Pvt Ltd Company.

Current Investment means transaction during year.
Non-Current Investment means no transaction during year or op balance of investment (No Movement in Investment).

Please advise the same in above matter.

Thanks & Regards

NK

Dear Experts

Please help me to know the limit (turnover )of audit for Income tax under 44AB for Business and for presumptive Business and also what is the audit limit for GST , F.Y. 2017-18.


Reds,