One of my client (Firm) is required to audit its books as per State Value Added Tax Act( as the Firm is engaged in Liquors Dealership in Puducherry), but its turnover is below the limit under 44AB. Please advice the due date filing the return of the Firm, (i.e. 31 July or 31 Oct).
Thanks in Advance

Hi team, Any idea if I can go for an appeal after paying the required demand. I used the e-pay later option at the time of filing to pay self assessment tax thinking that I can pay it later once the demand is served. However I noticed that a 33% penalty has been levied without any clear indication of the reason. No update on grievance raised so far. The tax calculated under Section 143 matches with my calculation. However the demand is much higher. How can this be possible. Ideally there should not anything more than the 1% interest. Penalty cannot be at the discretion of AO right ? Any inputs on how i can solve this problem.

Where ,the gross turnover of assessee exceeds once crore but not exceed 10 crores. The total turnover and other receipts all were processed through bank account. Inadvertently while filling the details in the ITR the clerk had noted “no” instead of “yes” in part “a2ii” & “a2iii”.

Substantial contributions to trusts above Rs 50,000 to be reported in row 41 of annexure to Form no. 10B. In the audit of schools should we include the school fees above Rs 50,000 in this row? Can the experts kindly clarify this please.

Dear Sir,

There is a sudden capital gain income of Rs 2 crore in the company's account in the financial year 2023-24. Now we want to pay income tax on capital gains income. Earlier we have paid advance tax of Rs 50K in Q1 and Rs 100K in Q2. How to avoid interest under Section 234B and 234C. Are there any provisions to avoid interest in sections 234B and 234C?.

Please suggest your valuable advice in this regard.

Thanks & Regards
NK

Dear Sir,
I am exporter and when i making the export invoice then i mention the freight value & insurance value on the invoice but i am not charging the gst on freight & insurance and i am aleadry freight & insurance book the expenses under indirect expenses account in tally but now my question is i am finilising my pvt ltd company accounts then my CA tell me if i am mention the freight & insurance in invoice then i have to book the export invoice first expenses (like: freight + insurance ) under the fixed assets account after that rest of the all bills freight +insurance under the indirect expenses account.
Sir please reply on this matter with example basis if my ca is true then pls share me the any circular or any rule.

Thanks & Regards

Can Doctor and Non-Doctor form a partnership firm and run a hospital by the abovementioned firm? Please also mention, which points should be considered while creating this firm.

CONDITIONS FOR FILING 10B AND 10BB AUDIT REPORT FOR TRUST,(Whether object of the trust is to be considered or not eg ,whether having educational purpose etc.)

Housing society having PAN as AOP. While filling the ITR,

1. How to show members contribution? (in which head)

2. How to claim exemption of members contribution under concept of mutuality? (under which section or head?)

3. Interest income shown under income from other sources but not able to claim deduction under section 80P. How to claim deduction?

Sir,
It Assessee new house construction value rs:1.50 crores amount show in accounting records as per f.y. 22-23
Doubt:
Assessee house construction value estimated certifiy by Engineer compulsory or not for income tax purposes.