Dear Sir,
Our society is registered under Sec 12A and Sec 80G we have invested amount in FDR with banks as investment of funds under sec 11(5) to be used for future dates. My query is the interest received on it is accmulated in FDR account but we are showing it in income of society in income and expenditure account and Debiting Concerned FDR account. are we doing it correcty or we should show interest received on liability side to be accounted as income when fdr matured or fdr encashed

Partnership Firm having loss (business loss and absorbed depreciation) firm want to carry forward loss and don't want to distribute to partner as partner's capital was not sufficient to set off business loss and absorbed depreciation. firm want to set off that business loss and absorbed depreciation against next year profit.
1). it is possible for firm to show that business loss and absorbed depreciation in balance sheet as accumulated loss and firm will set off that loss against profit of next year?
2). Firm can pay interest on capital to partner in case of loss in business?
We are covered under audit for AY 23-24

Which Audit report to be filed for AY 2023-24 for trust having gross receipts up to 5 crore, 10B or 10BB ?

TIA

firm have made deposit with electricity company for electricity now firm has received interest on that deposit so question is that whether interest received is taxable in the hands of firm under the head of business income or income from other sources??

when the tax residency certificate is required when we are paying some other entity in foreign .

suppose a uk company raise a invoice to indian company so when we required the tax residency certificate FROM THEM ? AT the time of receiving the invoice or at the time of making the payment to the bank .
please share the section also .

Hello, Could anyone please help me on the below query

A proprietor took a loan for Commercial Vehicle Loan for business use from Cholamandalam Investment & Finance Co. Ltd. Yearly the interest happens to be around Rs.74912/-.

Should we deduct TDS on the Interest paid to Cholamandalam?

Can a trust apply for 80g after 20 years of commencement?

In the income tax intimation under section 143 (1) credits not given properly and fully. Entries are found proper in Firm 26AS. Still Demand is raised in many cases. i filed rectification request under section 154. Even in such rectification orders credits of tds refused. What is the remedy for this. Can the experts tell a way out of this dilemma. Not only credits refused but huge interest also levied in such cases....

Dear Sir

My son ( NRI) is working in USA and taxed as per US laws. He needs money to purchase certain assets in USA for his needs.

Can I as a father Gift him and remit USD 25,000 from my resident account in India as a normal foreign currency remittance.
Will there be any tax implications for me or for him as per law. Also what is the limit that I can remit money as a Gift to him

Thanks

According to Section 271H, failure to file tds or tcs returns within due date, penalty u/s 271H is leviable. Whether late furnishing of Form 26QB attract penalty u/s 271H???

I have received notice where penalty under section 271H initiated for late filing of form 26QB. But as per section 271H, penalty can be levied for late or non filing of forms specified under section 200(3) or 206C(3) which deals with tds on salary i.e. 24Q or tcs returns. So i am confused how the penalty is initiated under section 271H for late filing of 26QB. Please guide me