Sir,
One of my client got expired last year and his son unknowingly/not informed about this fact for a month, as usual sent gift on occasion of my clients birthday out of his salary to the bank account of the deceased after death, as well as he paid from his account the regular maintenance charges/light bills etc

I have kept the same amounts under suspense account in my clients son account as will is not probated yet so before distribution of the wealth can it be shown as gift or withdrawals in books?

Please reply

Thanks in Advance

Regards

In a partnership firm there are three partners , Theirs profit sharing ratio is as follow respectively
A-50%
B-40% and
C-10%
Net profit for FY 2020-21 is Rs. 50,00,000
Now i want to transfer Net profit to partners capital account,
can i pass journal entry as below
Net Profit Dr. Rs. 50,00,000
A Capital Account Cr. Rs. 25,00,000
B Capital Account Cr rs. 20,00,000
C Capital Account Rs. 5,00,000
Please reply entry passed are true or False.

The Company has entered into a 5-year contract for use of software. The Cost for the same is Rs. 10 crores.

But the payment will be made in equal instalments over 5 years.

Whether the company can capitalize the cost of Rs. 10 crores in 1st year and amortize the same in 5 years?

For FY 2020-21
provision for expenses booked on 31st march 21 now invoice received with GST , can we take GST Input for expenses booked on 31st march .

Sir,

My employer (PSU) is deducting an amount (60 instalment started from this FY) towards excess House Rent Allowance (HRA) paid during the FY 2013-18 under head sundry deduction and not under HRA.

Sir, my question is, now how to treat this amount while filling income tax return.  It is pertinent to mention here that I have not take any benefit of HRA as I have my own house and tax was deducted during that period.



Please reply so that I can get income tax deduction for the amount deducted during this FY as my employer is not deducting this HRA recovery from my current year HRA.


I shall be highly thankful for you advise.

In a partnership firm there are three partners and there Ratio in firm are respectively,
A-50%
B-40% and
C-10
Net profit for the F.Y 2020-21 50,00,000 , i want to net profit transfer to partners capital account
is below entry passed are correct or wrong, Please reply.
Profit and Loss A/c Dr -50,00,000
To A Capital Account Rs. 25,00,000
To B Capital Account Rs, 20,00,000
To C Capital Account Rs 5,00,000

I have scored 74 in law paper and fail in tax and got 55 marks in both financial accounting and cost accounting.... Which subject I wl get exempted

Dear Sir,

If a person is registered under GST and his Sales is under exempt category under RCM, is he liable to file GSTR-9.

What is the maximum late fee applicable, if his turnover is Rs. 3 crores in F.Y. 2018-19 and F.Y. 2019-20.

Please help me in this matter.

Regards,
Divyesh Jain

In partnership firm there are three partners and theirs profit sharing ratio are
A-50%
B-40%
C-10%
and
TDS Receivable for FY 2020-21 Rs 40,00,000
TCS Receivable For FY 2020-21 Rs. 10,00,000
Advance tax Paid For FY 2020-21 Rs, 20,00,000
Total Rs. 70,00.000
Now my question is that i can pass journal entry on dated 31.03.2021
as bellows
A capital Account Dr-35,00,000
B Capital Account Dr-28,00,000
C Capital Account Dr.-7,00,000
TO TDS Receivable Rs. 40,00,000
To TCS Receivable Rs,.-10,00,000
To Advance Tax -20,00,00
are journal entry passed are true or false.
Please reply

We are doing export under advance license without payment of IGST. Our product produce 10-15 item in which 40% items are import under advance license without payment of IGST.
Can we gate file GSTR01A IGST refund export under advance license without payment of IGST.

Please suggest