1) A Unregistered Partnership Firm Formed between 5 Partners in FY 2009-10 for a Specific Project for development of Open Land into Residential Apartment.

2) Firm carries out Development Work on Land (i.e. Specific Project) From FY 2012-13.

3) Every FY ITR is filed P&L, Balance Sheet is prepared. Out of 5 only Two Partners have signed such Balance Sheet.

4) Partnership Deed has a clause of Interest to be paid to Partner's who brings additional capital other than fixed Capital (i.e.Rs.10,000/-) at 12% or lower as may be mutually decided between the partners depending on the Financial Situation of the Firm, Small Profits or Loss.

5) During the Development Work from FY 2012-13 up to FY 2016-17 No Major Profit has been achieved by the Firm.

6) In FY 2018-19 Project Stands Completed One Partner post completion of Project issues Dissolution Notice to other 4 Partners.

7) In Same FY 2018-19 Tax Planning is done through appointed CA and without capitalizing Interest on Partners Capital, Firm Pays Tax on Maximum Profit Achieved as per the Ready Reckoner Rate of Unsold Inventories. Now, Post filing of ITR and Sharing of Audited Balance Sheet and P&L A/c (3 Partners) raise dispute on capitalizing Interest on Partners Capital from Period (FY 2009-10 To FY 2018-19) at the time of Settling of Accounts between partners as Per Dissolution (u/s 48 Partnership Act).

8) Can as per LAW and Income Tax Act, the Partners can claim Interest from Firm for such Period, will arbitrator allow capitalizing such Interest on Partner's Capital if the Partner's take it to the court for arbitration?

Our client had purchased shares. His shares are in demat. He doesn't have any information relating to date of purchase & purchase price. He only knows number of shares he is holding of a particular company. Query is how to calculate capital gains on this? Kindly guide.

Sir, my client is into the business of perishable goods, further, my client was sanctioned insurance of Rs.8,00,000 by the insurance company on account goods damaged due to rain water entering the godown. Furthermore, the sanctioned amount was given on quality deterioration of goods (i.e quality of goods reduce from Rs.100 to Rs.80) and not on account of destruction of goods.
My question is whether I have to reverse the ITC availed on the Rs.8,00,000/

SIR i am the old final syllabus student and not appeared for exam since last 3 years . i just want to know the elegibility of old course . can i apper in ca final exam with old syallbus in next attet

Res, sir , can I avail deduction in IT return of 80C Principal and interest of home loan.
My EMI is Rs. 11580 which is Principal is Rs.1580 and Interest Is Rs. 10000,
So, I can take deduction of both Principal Amount and Interest amount under 80c and 24B, for 12 months.
Thanks Sir,

Hi Sir/Madam,

Can you please provide me MOA objects on Collection agency for bank personal loan and credit card. Please help me, your each response will be highly appreciated and helpful to me.

Thank you.

Dear Experts,

Taxpayer is filing quarterly GSTR1 and monthly IFF. In this case there is one tab of TABLE 6A on GST Portal. Is this required to be compulsorily filed even if it is NIL on monthly basis just like IFF?

Regards,

Hello, I have requirement of an sample LLP agreement which is used in Conversion of Proprietorship firm into Limited Liability partnership. So request the experts provide.

I HAVE FILED GSTR3B OF MARCH 2019 ON 26/11/2019 WITH LATE FEE. IN THIS RETURN WE CLAIMED ITC OF RS. 54000/- (CGST 27000+ SGST 27000). IN GSTR 2A ALL ITC REFLECTED. BUT TODAY (10/02/2021) NOTICE IN FORM GST DRC - 01A RECEIVED. IN THIS NOTICE OFFICER SAYS TO PAY RS. 54000/- WITH INTEREST. WHAT CAN WE DO? IF WE NOT FILED RETURN OF 2018-19 BEFORE 20/10/2019 WE CANNOT TAKE ITC? PLS REPLY URGENT BASIS. PLS HELP US.

1.Mr X is an NRI and a partner/owner in a b2b Destination management company(RGT) in Dubai.
2.Many partners /agents transfer funds directly to bank a/c in Dubai
3.Some partners prefer to pay locally in India .For such agents they have the option to remit funds to sister concern (of RGT) C & T Travels in India.
4. RGT has funds accumulated in C&T Travels
5. RGT owes Mr X against loan advanced by him
6.Can C&T Travels transfer the same to Mr.X bank account in India without any tax implications.Mr X is also a partner in C &T Travels
7.Is there any other alternative for repayment of loan to Mr.X form RGT without any tax implication