SIR
If a Private Limited Commences its business at the end of financial year i.e say for example 29-02-19 (2019-20), whether It should file ITR for 2019-20 separately OR Is it enough to file ITR only after the end of next financial year -2020-21?
clear my doubt plz
thanks in adv

We have sent one defect (earlier imported) item to foreign supplier for repair under GR Waiver. Repair cost runs in to Euro 1. 70 Lakhs upwards- definitely giving this a new life.
Whether this is expensed to P & L Account or be capitalised?
AS 10 -ICAI Guideline, ((IAS-16--directly attributable costs--here must be additional probable future economic benefit associated with this subsequent expenditure that will flow to the entity.)
Kindly guide,
Regards,
Jayanta Bandyopadhyay

One Charitable trust has earned Capital Gain on sale on land held as Capital Asset.

Can the trust avail benefit of Section 54EC by investing in bonds prescribed.

Further, can the Capital Gain Tax be avoided if the entire gain is invested (85% criteria for trust) for charitable activities during the year.

If any other better option is there, please suggest.

Regards.

SIR
We are paying cash advance to our Managers and they are doing the expenses of Company. Here, where the cash limit of Rs.10,000/- per day will be applicable whether at the time of payment made from company to managers OR from Managers to Parties?
guide me plz
thanks in adv

Is there any change in the gst applicability limit for service professional ?

Dear Sir,

I WANT TO ASK A QUERY REGARDING TALLY- SALARY RELATED DURING LOCKDOWN
AS AN EXAMPLE ONE PERSON SALARY ENTRY OR ENTRY BEFORE LOCKDOWN

SALARY A/C -Dr. 65000
TO TDS ON SALARY 6761
TO AJAY SALARY PAYABLE 58239

MY QUERY IS DURING LOCKDOWN WE PROVIDE THEM SALARY Rs.35000 IN AJAY ACCOUNT BUT IN TDS RETURN WE DEDUCT Rs.6761/- FROM APRIL TILL JUNE 2020.
WE DEDUCT HIS SALARY ON THE BASIS OF LEAVES .
HOW TO MAKE ENTRY REGARDING THIS PLEASE SUGGEST UNDER WHICH LEDGER (UNDER LEDGER HEAD) WE WILL SHOW DEDUCTABLE AMOUNT.
SO THAT ACCOUNTS LOOK PERFECT.

Dear sir,
i have one doubt regarding sec 115BAA of income tax act 1961.
If we select this new scheme whether sec 80G (donations) deduction is available or not for f.y 2019-20 and f.y 2020-21.
In this provision chapter VIA deductions chapter-C headings list is not allowed as deduction except 80jjaa.

Please clarify my doubt as soon as possible.

Thanks in advance,
Regards,
Bheema Reddy.

Whether Subcontractor providing services to the main contractor (Who is in contract with Govt entities and charges 12% GST to Govt.) is exempt from GST???

Hello All
I filled the return for the asstt yr 19-20. I have sold the property in that year and the TDS on it was deducted for Rs.60000/. The property was purchased by joint holders and deducted 30000/- and 30000/- respectively. I had claimed the TDS amount in my return for rs.60000/ as it is showing in 26AS, but after processing the income tax dept is giving credit of TDS 30000/- only. I don't understand the reason why it is happening. I have made rectifications and revised the return 2 times but the demand stands as it is.
Pl guide how can I proceed.
Regards

Respected,
A person sold his residential house. He got Long term capital gain of Rs. 50 Lakhs. For purpose of exemption, he did not invest in residential house property but he purchased an agriculture land of Rs. 35 Lakhs. Will he get any exemption u/s 54 and if yes, then up to what extent?
Please guide.