here is the case scenario

f&o transactions
sale qty 15 cr, profit is 4 lakhs & loss is 10 lakhs
absolute figure is 14 lakhs but actual loss is 6 lakhs.

turnover would be 14 lakhs and let loss would be 6 lakhs then balance figure of 8 lakhs is not matching as per profit of 4 lakhs or loss of 10 lakhs

1. tax audit or itr?
2. if ITR (presumptive) - 6% profit need to show however actual loss is 6 lakhs, means need to do tax audit ?
3. if tax audit as per point 2. turnover would be 14 lakhs as per tax audit guidelines issued by icai but actual loss is 6 lakhs how to reconcile?

My 2 pov:
(1) For the profit and loss account, show the Rs. 14 lakhs as turnover (revenue figure) and then record Rs. 10 lakhs as losses and Rs. 4 lakhs as profits, resulting in net Rs. 6 lakhs loss, but that does not match totalling of credit and debit balance
(2) Sale - 15 cr and purchase - 15.06 cr resulting into 6 lakhs loss

Any suggestions?

Sir,

One of client request networth certificate for IMF registration for irdai thy only shared bank statement.compaby go incorporated on 24..as per irdai 10 lakh shukd be there ..how we can issue..pls help their bank balance stand at 10 lakh

Hi,

Does anyone knows the steps to cancel professional tax for Karnataka state ?
I could not find anything on internet.

Any information would be helpful.
Thanks in advance.

Dear Sir
we have filed the 03 B of October 2025, we have no liability of tax during the period, out put of sgst and cgst lesser than input tax igst, sgst and cgst- input is more even though it has auto adjusted to out tax. in credit ledger and in 3b tax para showing that igst, and sgst is adjusted against out of SGST and CGST.
overall out put is less and Input tax is more. but not understand that how it is auto adjusted.
please suggest.
Thanking you
Srininvasa Joshi.

If I have paid 1,20,000 tax in GSTR-3B but my actual liability for the year is only ₹95,000, then
- Can I pay Less in next year?
- ALso in GSTR-9 can I show 95,000 in Table 9 and show the remaining 25,000 only in the ‘Paid’ column of Table 14

aurbhi reversal hai usmein sir 1031 AUR BHI REVERSAL ADD HAI

there is any clause in tax audit report to report current year loss brought forward to next year?

dear sir
Maine July Mein 1031 SGST & 1031 CGST 1031 claim kiya tha jo ki meri inv nahi thi claim by mistake hogaya tha usi month mein mere challan bana tha usme ye 1031 1031 less ho gaya ab october mein wo bill removed hogaya ab main challan jama krdoo ya itc revese krro maine itc reverse krdi hai

If we purchase metal scrap of value above 2,50,000 rupees , then TDS @2% will be deducted by Purchaser as per the rule.
But What if we Purchase Metal Scrap from SEZ supplier , whether TDS would be applicable ?(i.e. whether there is liability of purchaser to deduct tds @2%??
Another Question is....
Whether there is change in applicability of TDS on Purchase of metl=al scrap from SEZ unit in case of Inter-state supply and Intra-State supply ?

and Whether the below-mentioned conclusion is true or not ?
1. If the SEZ unit and place of supply align such that the proviso is not triggered, TDS will apply (based on value > ₹2.5 lakh).

2. If the proviso is triggered (supplier location + place of supply both differ from buyer’s registration state), then TDS may not apply.

3. If there’s any uncertainty, please consult a GST expert / CA, because this issue can have significant tax-cash implications.

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