XYZ is a legal entity, is registered under Societies Registration Act 1860 and under sec 12A
Of in-Come Tax Act1961.

The present concern is to identify to determine whether Sec 40A (3) regarding limitation for
Cash payment is applicable to M/S XYZ or not.

Sec 40A (3) links with the term “Expenditure” so cash payment limitation
Is applicable only for the cash payment transactions, booked under the head of any
Expenditure
Let us take a situation as under

1) M/S XYZ pays INR 15000 as ADVANCE to an employee (Mr. RAHUL)
For running the Canteen.


2) Out of the above-paid amount, Rahul pays INR 7000 to grocery supplier,5000 to
Vegetable vendor, and INR 3000 to milk supplier

Then Rahul submits the above payment voucher to Accounts Dept. for adjustment
And the settlement of his advance account

Here a question arises, whether the above payment in cash as per Sl No 01
Is permissible as per 40A (3)

If an assessee have loss from future & options trading, then what will be the nature of that loss either it is Capital loss or business loss. If it is business loss and assessee have an income from Salary, Capital gains then which ITR an assessee should file ??
Kindly response at the earliest.

F.Y.2020-21 in EPF (PMGKY) scheme purpose Employer not deducted any PF to Mr. Shyam Ghuha from( April,20 to Aug,20)
how Mr. Shyam pass this entry in tally in his personal A/c & Can Mr, Shyam get 80C benefit in above PF (from(April,20 to Aug,20) ?

ABC Pvt Ltd and XYZ Pvt Ltd both are sister concern each other. Abc Pvt ltd has given long terms loan to xyz pvt ltd but in her balance sheet xyz Pvt Ltd has shown the said loan as advance received from related party instead of showing as loan. ABC Pvt Ltd requires loan confirmation from XYZ Pvt Ltd for income tax scrutiny. Can XYZ Ltd give loan confirmation to ABC Ltd despite of showing advance received

Respected sir,
Please guide me and oblige.

What is TDS rate on HSN Code 998399 (Other Professional and Technical Services)

LLP incorporated on 21.07.20 working in 'Human Resources' Industry and 'Recruitment Jobs' sector as per Certificate of Recognition issued by Government of India on 18-01-21
My question is whether LLP can take benefits of Section 80IAC for A Y 21-22 ?

If salary income as per form-16 for AY 2021-22 is say Rs.590000 which includes arrear of Rs.94000 pertaining to previous AY, then at the time filing ITR-1, what will be the Gross Salary taken it is 590000 or it can be considered after deducting arrear because we have to file Form-10E for that arrear.
Kindly reply as soon as possible.

P F is withdrawn after continuous service for 2 years and 4 months from june 15 to Sep 17

Employee contribution to PF was shown by employer in 80C deductions for all the years. However other investments qualifying for 80C without considering Employee Contribution to P F were coming to Rs.1.5L.
In that case can it be said that for 80C benefit was not taken for employees contribution to P F and employee contribution to P F will not be taxable for above withdrawal ?

Sir
My client purchase property in April 2018 and sell it after construction in Jan 2021. I want to know whether it is considered as short term or long term capital gain.
He has occupation certificate in 2020
Can he sell after it.
Pl advise.
Regards

Hello members, I am a partner in an LLP which completed its first year of operations in March 2021. During FY 2020-21, I earned income as a freelance content writer while also being a partner of the LLP. I did not take any salary from the LLP during the financial year, neither did any other profit accrue to me as a partner. The only money I withdrew was in the form of drawings, that too a single transaction. Please guide me regarding the ITR form which I need to use to file my return. Also, is there any proportionate income relating to the LLP which needs to be added to my individual income for the year? Thank you in advance for your assistance.