We sold goods to a party in 2018-2019.The party did not make the payment to us. How can we reverse ITC OF the party? What is the process?

In the trial balance prepaid expenses are having both debit and credit balance.
How I should treat it for the preparation of financial statements?

Whether tds u/s 194q and tcs u/s 206c(1h) to be made by consignor or consignee in consignment sakes

Hello, everyone..... Good Evening....... My Company incurred a big amount of contraction expense on rented factory premises and lease period is 3 years.
now my ques is how can I book these expense ...........
kindly suggest an appropriate accounting method........
thanks in advance

Dear Sir,

One of my client is into Business of manufacturing and is registered under GST with Rs. 42 lacs as turnover. He is not under tax audit in income tax.

Apart from business he also takes coaching classes and earns an additional income of around Rs. 2 lacs per annum.

Is it mandatory for him to pay GST on the coaching class income as he does that as a part time activity.

Please help me resolve this issue.

Regards,
Divyesh Jain

Sir, we are the miller of wheat flour for distribution to the State Govt under the PDS System. what is the GST rate and HSN/SAC Code on the composite supply of goods and services which is provided to the State Govt.

Dear Sir,

One of my client has taken loan from a UK based institute for higher education and paying interest on this loan through NEFT from an Indian bank account.

Is the interest component of this loan eligible for claiming deduction U/s. 80E even if the loan is taken from abroad. Do he has to obtain any documentary proof.

Please help me in this matter.

Regards,
Divyesh Jain

*We availed term loan of 1Cr from Axis Bank in March 2019 for expansion of our chemical plant.
*We made an application for 15 Lakh Central Investment subsidy in March 2020.
*We also completed our expansion during this period.
*In June 2020,we paid entire loan from the earnings of company.
*Recently Axis bank rejected our subsidy claim on the ground that the loan should not have been paid before 3 years.
*Our argument is that it is subsidy on Plant & machineries & it has nothing to do with loan repayment.
Can someone throw light on this?

If only business of shares trading (full Time) in all segment (FNO+Intraday+Delivery base trading i.e. Short term) taken as business income, but and if some sell of shares after one year as a different portfolio only that can I take as long term capital gain or loss ?

Second Question is If Turnover in Stock trading business only is 99,50,000/- and profit is less than 6% i.e. 3,95,000/- greater than basic exemption limit which is not chargeable tax and total transaction is digitally electronic mode (100 % ) but in past years never opted section 44AD as presumptive income ,so please know will need tax audit by CA ?

Sir,
My client had gone US and remitted some foreign remittance of 5000 USD in convertible currency in his resident saving bank a/c.in the month of June 2021. But now he has opened NRE a/c in Sept 2021.

Can he now transfer that amount of converted INR from resident saving a/c to his NRE a/c.
Pls guide