To
The senior experts

Concerned Company is a Govt owned Company whose auditors are appointed by AG. The Board of Directors fix the remuneration of Auditors Rs.2,00,000/- for Statutory Audit including Tax Audit. This amount agreed by AG and communicated the Company via letter.
However Auditor states that the amount exclude I Tax/GST.(but nowhere it was mentioned whether the amount(Rs.2,00,000/-) was include/exclude I Tax/GST).
Now my query is:
1. How we treat Rs.2,00,000/- (audit fee) inclusive or exclusive of I Tax/GST?
2. If we pay auditors some extra amount by way of Out of pocket expenses will it be included in auditors fee and tax will be deducted?
Thanks
Abhijit

Hi, Im a software engineer and want to hire a CA who can manage my finances and investment plans.

Dear experts,
We have issued 340000/- invoice to customer on 18/3/22 and received 250000/- as cash on 23/3/22 and out of that few items returned by customer amounted to Rs 130000/- on 24/3/22 and again invoiced around Rs 130000/- on same day. I would like to know by splitting cash receipt 250000/- to 190000/- in a day and in another day 60000/- whether we can avoid penalty as per the sec 269st income tax? or what to be done in this matter . kindly suggest

Thanks in advance
Regards
Rajesh

Sir,

Can you please clarify regarding the TDS Applicability under section 194Q in case electricity payments. I have currently received letter form the electricity board to deduct TDS if the total charges exceeds the threshold limit.
Our company have five branches and electricity liability for the financial year 2021-22 well exceeds the threshold limit of Rs. 50,00,000. But all the branched have rented building and electricity bill was in the name of building owner. Then I want to know whether the company was liable to deducted TDS?

Mr. A is having salary income regularly till FY 2019-20.
However, during COVID he lost job and was doing some business during FY 2020-21 and having banking transactions likes loans & advances.

And after situations is favorable again he has salary income for FY 2021-22.

So, normally he files ITR-1 so which return can we file for FY 2020-21 ?
Can he file ITR - 4 considering 44AD income or ITR - 3 normal business income or ITR - 1 showing other income.

Can anyone help on this.

Dear Sir / Madam,

My query is related to claiming losses & revised return.

Mr A has filed ITR for FY 2020-21 within due date; however, he was not able to show loss on sale of property as some papers were not readily available. However he then filed the revised return in March 2021 and showed this sale of property transaction and showed the loss.

Can he carry forward this loss in the ITR of FY 2021-22?
Kindly Guide.

Regards,
Suraj

Sirs

Kindly advice the due date for deposit of TDS on salary & other than salary for the month of March22.

Whether we have to deposit on 7th of April and balance of TDS on 30th April or straight away we can deposit the total due on 30th April for both salary & other than salary.

Thanks.

I am Karta of HUF (Me , My wife and Daughter). Recently we have sold our old flat and Invested into new flat.

Both Flats are owned jointly by My wife and me.
I paid my contribution to new flat using Capital gains from Old property And balance money using home loan.
If I can transfer Balance amount (apart from capital gains) received from sale of old property to HUF account ?
Will there be any Tax liability to me as Karta or Individual ?

I intend to avail a personal loan and utilise the same for my daughter’s overseas education. Can I claim the interest paid on the loan as a deduction from my income under income tax

If P&L A/c & B/s is prepared & having NP ratio say 12% ; then can we file ITR 4 i.e. presumptive income by declaring profit at 12%& that PL n BS can be submitted to the bank for loan purpose. ?? or we have to file ITR 3 only & cannot file ITR 4 ??