I want to understand Taxation for company. Let say I started an IT service company (LLP) with initial investment (capital) of 1,00,000 Rupees. I got a service contract for 1,00,000. I paid 50,000 in Salaries and used another 50,000 to buy Laptop for the employees, so 0 money left in company account, then at the end of Financial year how am I suppose to pay tax 30% as no money left in account and Laptop is considered as Asset and not Expense and Capital should not be touched?

Sir,
When I filled ITR-3 of ay-23-24 by excell utility, when calculate button press allert message show i.e DPM45:CAPITAL GAIN/LOSS UNDER SECTION CANNOT BLANCK what is meaning of it. when I have none done any property trade nor any depriciation. please help me.

Dear Sir,

We have Purchase some raw material for Finished Goods but due to shortage of some other material we cannot convert to finished goods. So can we sale raw material as its any complication by IT or GST department please advise

Dear Experts, I have a query related to TDS, we have raised tax invoice for services to the party for Rs. 1,00,000/- (GST), Party issued a Debit Note of Rs. 40,000/- + (GST) against the above Tax Invoice as well as we had also issued Credit Note for the same. Party paid a sum of Rs. 60,800/- to us after deducting TDS @ 10% on Rs. 1,00,000/-. Now party said that we have to deduct TDS on Credit Note i,e. on Rs. 40,000/-.
Should we liable to deduct TDS on the Credit Note issued by us or Debit Note issued by the party?
Thanks in advance

Recently (from 25-03-2023) E-Filing site showing Restricted Refund for some people and for some Bank accounts. For State bank of India shows as Eligible For refund and for again it showing as Restricted Refund. I checked with bank and it is not Inoperative account. Regular Transaction is there. No KYC problem and account is also validated & EVC enabled. Can anybody guide me regarding this issue.

Read more at: https://www.caclubindia.com/experts/restricted-refund-for-bank-accounts-in-e-filing-site-2894199.asp

I want to file my ITR for FY 2021-22, my total income is below 500000/- I am filing through ITR U but getting error as "if net payable is nil you can't file return" while filing return it shows me to pay Rs 1000/- as fee that i made through challan payment

what should i do

1. HOW MUCH LIMIT OF CASH RECEIVED ON NATURE OF LOAN REPAYMENT, DEPOSITS FOR A CO-OP. SOCIETY IN A DAY AND ALSO IN A YEAR BY A SINGLE PERSON OF SINGLE TRANSACTION.

2. HOW MUCH LIMIT OF CASH WITHDRAWN FROM BANK IN A DAY AND ALSO IN A YEAR

Dear Experts,

While filing ITR for an Individual who is having both Business and Salary Income.

We have included the Interest from PF Account as - Interest from Other Sources

Since the interest is below the threshold limit (ie 2.5 Lakhs) please advise where to Claim the corresponding Exemption in ITR

Hi,
I'm working for a foreign company based in Finland and receiving salary to my Indian Bank. I'm a Indian resident. I didn't pay any tax to the particular foreign country - Finland.
I'm confused with ITR 2 - Schedule FA vs FSI

Should I need to fill both?
Can I get 50000 std deduction?

My tax auditor saying i won't get 50000 deduction b/c my company is not registered in India. And he is not giving importance to schedule fsi! He is filling only schedule FA in some software!

Hi,
Suppose i had given declaration for opted New tax regime or Old Tax regime while joining the company, and company has calculated my income tax on same basis and deducted TDS.
Hence when filing my ITR can I change the regime which i had declare in company.

Please suggest.
Thanks