Interest on post office time deposit for 5 years is paid/credited annually. For the purpose of filing tax returns should the interest be considered on accrual basis or on actual credit basis ? No TDS is deducted by post office .

CAN OTHER THAN A CHARTERED ACCOUNTANT FILE ITR -5 FOR PARTNERSHIP FIRM?

Dear Sir

We are a Hospital. We have 25 Promoter Directors. We would want to issue shares to some of theses directors in lieu of their Salary. We have appointed a Valuer for the same. How to account for such transaction in the books of the company ? Kindly give the Accounting entry of the same. What Accounting Standard should be followed ? Whether it needs to be expensed according to any Accounting standard ?

Thanks and Regards
Shriram Deshpande

Sir I have ufm case prblm in my exam . Icai send the mail and I don't no how to convince to reply pls tell me sir

If an organisation is paying Interest to other organisation for the delay payment of any dues as per arbitrators order. whether GST needs to be paid on such Interest component? and GST TDS needs to deduct from the same?

Respected Members,

I have an urgent query on Loan from individual in to private limited company, request you to please reply to these queries: -

1. Loan received from Mr. X in 2019-20 and filed instead as a loan from director (Mr. Y) to company, later at the stage to repayment realized that payments have to be released directly to the Mr. X. Please advice how to pass correction here and pay directly to the Mr. X in year 2020-21.

2. loan received again in May 2020 from Mr. X in 2020-21 and made him shareholder too in Nov 2020 then how will we treat both the loan while paying in year 2020-21 along with Interest payment.

Please reply as soon as possible.

Any gst registered composite scheme dealer sales and purchase transactions intra state and inter state both eligible or not.

Dear Sir/Madam,
My friend has received a mail from income tax department. The subject line is as above. Other contents of the mail are as follows:

We appreciate that you have filed your Income Tax Return and contributed towards the progress of Nation. However, the Income Tax Department has received information on high value transactions relating to (PAN NUMBER) for Financial Year 2019-20. On the basis of data analysis, the Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20):

Total interest payable by a banking company (SPP)-105340
Interest other than 'Interest on Securities' received (TDS Form 26Q, Section 194A)-47023

Please suggest what should be the ideal compliance for this. Moreover, if the amount of Rs.1,07,190/- is tax free and therefore he did not mention that in his income tax return, will it create any problem?

Thanks and regards.

Sir,

Is it possible to return goods to company through Sale bill instead of Purchase Return. All the Companies are insisting for sale bill. If sale bill can be issued , then how to bill expired/damaged good in Sale bill. Is this possible? Please help.

Hello,
Buyer of Property has the option to pay TDS on Installment paid basis. Since the agreement of Sale was made in AY 2019-20 Capital Gains are declared in AY 2019-20. But the Buyer has not deducted 100% TDS in AY 2019-20, since balance payment was done in AY 2020-21 so part of TDS is shown in AY 2020-21. How to claim this in Current year return as corresponding Income of Capital Gains is shown in AY 2019-20.
Pls Help on Issue if any one has idea of this.

Regards,
Varsha