Dear Sir,
For partnerships firm for audit u/s.44AB profit above 8% shall include interest & remuneration to partners or not.
Thanks in advance

Dear Sir,


One of my client got a High value transaction sms notice for cash deposit of 25 lacs.

He used to withdraw cash from his saving account and then deposit some part of the money again into bank. This has resulted into total cash deposited to 25 lacs.

I want help what should I reply to Income tax regarding cash deposit compliance notice. He has not offered it as income while filing his return since the cash was withdrawn and deposited in bank from his salary income he earned.

Regards,
Divyesh Jain

Whether it is mandatory make provision for income tax as on 31st March ever year ? How to workout the amount for income tax provision ? Just because of unawareness of provision of income tax I have not made any provision, whether income tax department or ROC will recover certain amount of penalty from the assessee. Please guide me and oblige.

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.