SIR WHEN IS INTEREST CHARGED on bills of exchange

A) FOR TENURE OF THE BILL
B)AFTER TENURE GETS OVER AND BILL IS NOT PAID ..INTEREST IS CHARGED AFTER DUE DTAE UNTILL PAYEMTN IS MADE
C)FROM DATE DRAWN TILL BILL PAID

Can we file ITR 4 for FY 2020-21 now ?

On behalf of my 25 year old nephew.

Work Experience Background:
Organisation ‘A’ – 1st Feb, 2017 to 28th Sep, 2018 (20 months) (First job)
Organisation ‘B’ – 1st Oct, 2018 to 15th June, 2020 (20.5 months)
Total Work Experience: 3 years and 4.5 months.

In June 2020, He was laid off from his company due to Covid’s direct impact on company’s operations and revenue. The company, on the work experience letter, refused to give this exact reason for termination. He has not been able to find a job ever since. His last EPF contribution was in July 2020. The balance in his EPF account is 4L+ (EPF+VPF).

His queries are as follows:
1. Since there is a tax liability on those who don’t work continuously for five consecutive years, what should be done with the money?
2. Is it best to withdraw it fully or let it be as he is still able to earn a high interest rate on the balance?
3. What will be his tax liability if he keeps it or withdraws it? If there is a tax liability, will it be on full 4L+ or just the interest earned (to be earned) in FY 2020-21? How does that work?
4. Will the account be dormant now (since it’s almost been a year since his last contribution) or will it be dormant after 36 months after his last contribution? (in his case, July 2023)
5. If there is a tax liability on full balance of 4L+ in this financial year and he doesn't see himself getting a job in the same industry for at least the next 3 months, what will the best way to reduce his tax liability? Can he invest 1,50,000/- in his active PPF account?

While doing with DSC we obtain signature fie but the moment we file zip file of TDS Return, a message appears on screen as below given below :

' PLEASE UPLOAD A VALID SIGNATURE FILE "

Please guide me and oblige.

Written down value of 4 machines at the beginning of the previous year 2019-20 forming part of block of assets carrying 15% rate of depreciation was Rs.6,00,000.

The following 3 machines of the same block were bought.

Machines Date of Purchase Date when put to use Cost (Rs.)
A 5.1.19 14.1.2020 50,000
B 5.4.19 15.5.19 1,00,000
C 15.5.19 31.1.2020 2,00,000

Four machines of this block (other than those which were acquired and put to use for less than 180 days) were sold for Rs.4,00,000. Calculate the depreciation for A.Y. 2020-21.

Sir my 04 clients has pending dues of Rs 01 Crore in one corporate company against the supplies made by them, the said company is under liquidation process in NCLT according to IBC 2016. The CIRP process is filed by Financial creditor and IRP was appointed by NCLT. My clients filed their claims to IRP, but the said IRP is not responding to the claims of my client.
My question is being the operational creditor, can my clients file the application to the said NCLT in ongoing CIRP.

Dear Sir,
one of client is engaged in installation of Drip Irrigation. The Farmer Receives subsidy for it. As per govt norms, the Drip Fitting is not to be removed for a period of 7 years. after that its location can be changed. The client purchases all the sprinklers, pipes and other equipment and installs the drip irrigation system. My Question is it is a composite supply as it involves supply of equipment and installation service. We are at present paying 1% tax under Composition scheme are we doing it correctly.

My father in law purchased some share of DALMIA Sugars & industries ltd in year 1992, which was inherited by my wife after his death, After the subdivision of Dalmia sugars in 2 entity ( DALMIA BHARAT & DALMIA SUGARS) we were allotted 9400 shares of DALMIA BHARAT on 09/01/2019 against 4700 shares of Dalmia Sugars.
Recently we sold 200 shares of Dalmia Bharat @ 1484.26 on 12/02/2021 now how to calculate the capital gain on it ?
Or the income is tax free s the shares were purchase in 1992 ?
Do we need to calculate Fair Market Value of the same as the recent merger of DALMIA BHART & ORISSA CEMENT will have some impact on it.

44 AD Business + Share lncome , short term loss & Intraday loss , Which Itr File ? Audit Applicable ? Y/N ? 44 ad Goat Firmaing Income Add Yes/ No ?

1.4.20 To 31.3.21
Goat Firmaing & Share Income Only
Goat Firmaing
44 AD Gross Receipt Income 250680/-
Expenses -126521/-
Net Income -124159/-

Short Term
Purchse 521145
Sales 518569
STCL -2576

Long Term
Purchse 0
Sales 0
LTCP/L 0

Intraday Income / Loss

Purchse 9389207
Sales 9374146
Speculation Loss (-15061)

Total

Total Turnover 558558
Total Purchase 9910352
Total Sales 9892715
Gross Share Loss (-17637)
Total Expenses 7908
Net Share Loss (-25545)

Question :-
Who Itr File ?
Tax Audit Applicable ? Y/N
Intraday Gross Profit ? Calculation?
Add 44 AD Business + share income ? Y/N ?

Respected Sir,

Please let me know what is the tax audit limit for the year ending March 21 ? I have heard that the tax audit limit for the year ending March 21 is Rs 5 Crores but there are certain conditions also on this issue. What are those conditions to be qualified by the assessee.