Dear CA Club Team,
whenever I prepare financial statements at the time of audit, one thing is not clear to me that the figures that I should write in it should be written in thousands, lakhs, millions.

Is there any such company act or government circular according to which it is necessary to write the figures of financial statements in thousands, lakhs, millions. If so, then please share any circular, notification.

Secondly, I want to know whether any new format of financial statement has come which is necessary for corporate and non-corporate assessees. Please share the new financial format and also share the notification.

Third point, is there any website from where all these types of notifications, circulars can be seen? Please share it so that I can also get updated on time.

Thanks

If an individual gives a gift around 1 crore to his uncle (property or money),
then what are the tax consequences in the hands of such individual and his uncle both?

Is Tds liable for interest received on accident claim from insurance company ?

The insurance company deducted tds of 40000/- on interest received 400000 on accidental claim reflected in 26AS. And the interest amount is cross the exemption limit 300000 for senior citizens.

The hurdle we are facing on filling income tax return to get the refund due to have only one source pension income receive from haryana government which is restricted to 300000 income limit. And 4 lacs interest amount is received which is one time income.

After filling income tax return, Is it impact the pension income?

If i have filed form 10iea on 16-sept-2024 and now i want to file belated return under new tax regime being defaukt tax regime can i file the same under new regime...??

Since, original due date to file return under old tax regime is lapsed hence our software is not allowing us to create json under old tax-regime.

What to do in this case?

Whether GST is applicable in the case of realestate of regular purchase and sale of sites / plots (Including development of plots)

On Corporate Training Programme what is the TDS rate applicable?

We have purchased grocery items, like as Rice, wheat, soap, sugar, tea powder, edible oil, pulses, etc and distribute to poor people as a donation ( this is not our trading commodity ).
Yearly our purchases near about 2 crore.
Can we are liable to pay tds under 194 Q ( Tds on Purchases of Goods ) .
Is said grocery comes under definition of goods

An assessessee who purchased a property for Rs.1crore whereas as per stamp value is Rs.1.50 crores. The assessee deducted TDS u/s 194IA on 150000 stamp value and paid the 9850000 to the seller by way of cheque. As per income tax act 50C Will attract to the seller. Suppose, if seller paid the capital gain tax on the basis of sale consideration as stamp value even then 56(2)(x) attracts to purchaser.

I originally filed return within due date but department has not allowed to carry forward the loss of short term capital gain.
So i revised the return but in revised return again department has not allowed the same and raised the demand for revised return of rs. 1,000.
what to do in that case..??

WHERE FORIEGN REMITTANCE NEED TO BE SHOWN IN ITR? AND FINANCIAL STATEMENTS?