Dear Sir,

A Pvt Ltd company applied for Fully certain Fully Convertible Debentures of B Pvt. Ltd. on which 150lacs was due on application and allotment and 150 lacs on 1st Call.
A Pvt. Ltd paid 150 lacs on application but failed to pay call money of 150 lacs despite repeated reminders and B Pvt Ltd as a consequence of non payment of call money forfeited the 150 lacs paid on application and allotment.

Queries:
1. For B Ltd is it a capital profit hence not taxable.
2. For A Pvt. Ltd. what is the accounting treatment of debenture application money of Rs 150 lacs forfeited. Can it be claimed as loss and A Pvt. Ltd. and can take tax benefit on it.

3. What if a third company C Pvt Ltd wants to take over/merge with A Pvt. Ltd. can it take tax benefit of loss in the books of A Pvt Ltd on account of loss on forfeiture of debentures and carry forward the loss up to 8 years

Please share your views.

Thanks
PC Joshi

चरन चोंच लोचन रंग्यो, चलै मराली चाल।
क्षीर-नीर बिबरन समय, बक उघरत तेहि काल।। ​

A company is in the process of listing with BSE & NSE

It pays specified amount with SEBI,BSE & NSE.

How these transaction amount can be accounted?

How these listing fee can be accounted with the books of accounts?

Can it be accounted as below:

Listing Fees Dr
Preliminary Expenses A/c.

Also these preliminary can be amortized for next 5 years after the IPO process completion.

Please clarify

Bit of an off-topic one, but I figured someone here might have experience with this.

I’m currently wrapping up a research project and need some help polishing the language and structure. I’ve been searching around and found tons of companies offering editing services, but I want to make sure I go with a reliable manuscript editing company — preferably one with experience in handling research papers and theses.

Has anyone here used a professional manuscript editing service before? Would love to hear your recommendations or any to avoid.

Right now, I’m leaning toward one that markets itself as the best manuscript editing company — they’ve got some good reviews and specialize in science and engineering work, which is a bonus for me.

Currently Suggested: https://www.manuscriptwriters.com/

Appreciate any input!

Dear All,

My annual income for the previous FY was 7.10 lacs through Fixed deposit interest.

There is no other source of income. Bank has deducted TDS of 70,000( approx)

Am I still liable to pay any tax ?

Dear Sir / Madam,

Mrs. A executed an agreement to sell with a builder on 01/05/2014 to purchase a residential flat. On this date, the stamp duty was also paid. Afterwards, on 05/10/2019, Mrs A executed the sale deed with the builder, which was registered on stamp duty value of Rs. 100/-
Now she wants to sell this flat. For calculating the capital gain, which date, viz. date of agreement to sell (01/05/2014) or date of sale deed (05/10/2019) is to be considered?
Kindly guide.

Thanks & Regards,
Suraj

GETTING ERROR WHILE MAKING JSON FILE IN OFFLINE UTILITY PLEASE ADVISE.

THANKS IN ADVANCE

Import Returns - All sections in one Go
IMPORT EXCEL
Import Returns - One section at a time
Select Section
Select 
© 2016-17 Goods and Services Tax Network


Following documents contain invalid inputs:
Possible Reasons:
• Invalid date format provided for the inputs
• Did not provided the values for required fields
• Given 0 value for invoice number.
• Given 0 value for gross advance received(Gross Advance Received can be
saved as 0 only in tool).
• Given 0 value for taxable value(Taxable value can be saved as 0 only in
tool).
• Given negative value for invoice/note value or taxable value or tax
amounts.
• The HSN code mentioned is not present in GST HSN master.
Please Check For Mandatory Fields,Validations,DateFormats(dd-mmm-yyyy)
And invoice/note number
B2B,SEZ,DE - Row: 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16

I am paying rent to NRI(around 75000 per month or 9 lakhs per annum). The amount is transferred to their Indian account

Do I need to fill form 15CA and Form 15CB?

I read Form 15CA is not required when you do not require RBI approval for remittance. For rent payment no RBI approval is required. Can I assume form 15CA and Form 15CB is not required?

Dear Experts,
I have not been working from August 2024 and I am yet to withdraw my EPF amount. Until July 2024 EPF contribution was done both by me and my employer.

My question is regarding Advance Tax for EPFO Interest for the FY 2025-2026:
- Do I have to pay advance tax (in FY2025-2026) for EPFO interest for FY2024-2025 which is yet to be credited (since it will be credited in November 2025) ?
- Since interest is calculated and paid by EPFO for the complete year FY2024-2025 and I was working until July 2024, I presume I have to pay tax only for the period from August 2024 to March 2025 ?
Any guidelines on how to calculate the tax on interest for the period August 2024 to March 2025 will help.

Sir,
My income breakdown for FY 24-25,
Savings interest 44,000/,
STCG 2,10,000/
LTCG from equity mutual fund 91,000/
Income from commissions 3,780/0(TDS deducted u/s 194H)
Intraday equity cash(non f&o) trading loss 247/,
Intraday trading turnover 500/

So Total income exceeds 2,50,000/ and I've loss of 247/ in intraday trading.
Since I've commissions income of 3,780/, I've to file ITR 3 and I can't opt for presumptive taxation u/s 44AD.

My question:
Are books of accounts and audit compulsory and inevitable for me or there is any way out ?
Thanks a lot