my friend have got notice u/s 131 (1A). IT office is asking for my 3 years return and assets details. Also asking for list of Bit coin accounts and bitcoin investment and profit. he is Ph.d student and has taken money from his brother via online bnking. His brother is an a salaried person and his TDS is deducted normally by employer. His investment is around 6 -7 lakhs and so far there is 6 lakh gain trading in bitcoin. i have heard IT officer harass a lot.. Please advise, this is serious. How should he reply to IT notice

Read more at: https://www.caclubindia.com/experts/how-to-reply-to-income-tax-notice-for-trading-in-bitcoin-2632904.asp

What will be the treatment of advance money forfeited on sale of rural agriculture land where such land is not a capital asset and no capital gain tax is payable on its sale. Further, the amount forfeited is also more than indexed cost of acquisition of such land. ​

This is relating to Income Tax . One of my client has filed his return (A.Y.- 2017-18) in the month of July, 2017 and mistakenly claimed refund Rs. 2,000/-. The file has been processed & refund also been credited to the bank A/c. But Now it has been found that his actual refund claim should be Rs. 5000/- . My question is that can he file revised return ? Please not that he has already received refund Rs. 2000/- which he has claimed at the time of original return .

i have a client supplier of crush stone, m sand, khadi , reti etc only (not cement, steel, higher rate material supplier). on this material 5% gst is applicable. not my question is whether he opt for composition scheme to pay gst and return file. or regular scheme. he not gets bills from where he purchased material . so what is better scheme and what will be gst rate to pay his gst liabilities?

Suppose the individual assessee pays the children education fees in foreign country. Whether deduction u/s 80C can be claimed for such children education fees paid. Kindly advise us

i have logged onto SBI online and one try to download statement of FDR redeemed. I searched Account SUmmary section and Account statement section but this FDR was not there in the list.
I informed my senior to please try once and he gave me the print out.
In the print My Accounts>Accounts Summary link is written.
I again tried but unable to find out.
Don't know how did he do it?

Why is it that Bad debts recovered,interest on investments and Loss on sale of investments are recorded in the pre incorporation period?

Incentive is being paid in advance to the employee and then expenses are being booked accordingly.
One journal entry is being passed:

1.Incentive to employee a/c dr
To TDS on Salary a/c

2.TDs on Salary a/c dr
To Bank a/c

Is the above entry proper as per the accounting standards and income tax?

i have to issue T.O.D. credit note for outward supplies made by me to my client and it approx. 500 invoices issued upto dec. 2017.

My query is
1. how to issue T.O.D. Credit note - with GST or W/o GST.
2. A single credit note is to be issued for 500 sale invoices ?
3. in GST Return, it asks for Original Invoice No. against which credit note is issued. how it is possible in TOD Credit Note.

Please advice.

Regards,

Seema

Hi Experts,

Please suggest me regarding GST on reimbursement of transport charges. As the Supplier is supplying the goods & raised one invoice and reimbursement of transportation charges by another invoice for the same consignment, but supplier does not levied GST on separate transport Invoice.

Pls suggest for applicability of GST on reimbursement of Transportation charges.

Thanks & Regards,
Arvind Machhi