Dear Sir / Madam
In Charitable Trust balance sheet depreciation of fixed assets were never accounted since years. Now for some reason and to avoid tax it
is necessary to take depreciation on books. Now my query is how to take depreciation on fixed assets I mean the original value should be taken as opening balance of FY 2017-18 of any fixed asset or will have to take from year of original purchase and how much amt is allowable. e,g, If the opening balance of Furniture is say Rs.100/- as on 01.04.2018 and it was purchase in the year say 2013-14 then 10% of 100 means Rs.10 is be taken as depreciation or otherwise Please explain.
Thanks in advance.

The assessee has received advance towards sale of property and TDS of 1% has been deducted during previous assessment years. Now the sale deal is to be cancelled and final sale is not to take place. How to claim back the TDS deducted since no income will be offered in this case now?

Sir,
My client has sold out a residential house property for 50 lacs in 2018 which was purchased by him in 2011 for Rs. 35 Lacs and then he purchased another house after sale of existing house for Rs. 55 lacs but taken a house loan from bank for purchase of this new house for Rs. 50 lacs.

Please suggest whether exemption u/s 54 can be availed for sale of this house and then purchase a new house

Sir
It the turn over as per gst and as per incometax are different.
Then what was the case.
That means is there any problem

I am running a Proprietory Business. In column E-18 of ITR-4 (Sugam) of Fixed Assets, what types of fixed assets will be shown in this column? Can I show in my ITR-4, E-18 Column, my Saving Bank fixed deposits/post office Fixed deposit/ MIS of my name ? Can Fixed Deposit can be shown in other assets column E-24 ? Give me your expert advice.

Read more at: https://www.caclubindia.com/experts/column-e-18-of-itr-4-sugam-of-fixed-assets-2676404.asp

Dear All,

As per Form 16 issued by employer to me there is difference of Rs.9532.00 in TDS with Form 26AS. Kindly advice should I claim TDS as per Form 16 or Form 26AS.

Regards

Shoeb

Hello,
In year 2017-2018, I worked for a company for around 45 days (June-July) but left without taking any salary (they delay salaries). I did not serve notice period and in return asked to not credit any salary. The account also shows no credit. However, form 26AS shows some entries on their behalf which are like follows :
Txn Dt Status Dt o/Booking Remarks Amt Credited Tax Deducted TDS Deposited
20-Jul-2017 O 02-Dec-2017 70463.00 934.00 934.00
20-Jul-2017 F 02-Dec-2017 0.00 0.00 0.00
20-Jul-2017 O 02-Dec-2017 B -70463.00 -934.00 -934.00
20-Jul-2017 F 12-Jun-2018 70463.00 934.00 934.00
Plz make me understand what does O & F mean corresponding to 70k? What does the B remark mean? Should I include it in ITR inspite of the fact that I have gotten no such money. Why the amounts are in + & -?

Dear Sir/ Madam,
My Client has received a LIP Maturity Amount from LIC. LIC has deducted TDS on the maturity amount. Please tell me whether Maturity amount received from LIC is Taxable or Taxfree. Please also tell me the reason for the answer. if It is Taxable then under which section & Which head, and if it is Taxfree then under which section.

My dealer is selling tobacco products on which GST rate is 28% plus cess @160%

Total Taxable turnover as per GST 3B return is Rs. 50,08,100.00
On which CGST @ 14% Rs. 7,01,134.00
On which SGST @ 14% Rs. 7,01,134.00
On which Cess @ 160% Rs. 80,12,960.00

Total Value including all taxes is Rs. 1,44,23,328.00

Dealer is following booking sale and purchase net of tax in his books.

Question: For the purpose of filling income tax return turnover is net of tax or not ?

Suppose a proprietor, who is liable for audit u/s 44AB, gives Rs. 50,000 to brother as interest and no TDS was deducted. And the brother’s income is less than Rs.250,000.Can his brother submit form 15g to the proprietor?