XYZ Ltd. has taken a loan of USD 10,000 on April 1, 2016, for a specific
project at an interest rate of 5% p.a., payable annually. On April 1, 2016,
the exchange rate between the currencies was Rs. 50 per USD. The
exchange rate, as at March 31, 2017, is Rs. 48 per USD. The corresponding
amount could have been borrowed by XYZ Ltd. in local currency at an
interest rate of 11 per cent per annum as on April 1, 2017. What will be the treatment of foreign exchange gain & what amount should be recorded as interest in the books of accounts as interest.

Since 7 years i am working in an org in which owner is not aware about any technicality and the problem is he is involved in each and every aspect of our work. Every work is required to be done as per his perspective.
He has blind faith on old people inspite of heavy penalty is being paid each & every year.
I didn't get much exposure in this org don't know what to do...
Even criteria of increment is my salary is increased equivalent to a field boy who distributes diwali gifts to customers.

Dear Experts,
In FY 2016-17 my turnover is 34 Lacs Net profit 177489 @ 5.22%

Pls clarify :- since the income is not chargable to tax I.e. below 2.5 Lacs whether in case tax audit is required or not,

Regds
Ankit jain

Hello,

I have submitted wrong GST 3B. Though i have not verified with EVC or Digital signature.

As a result of wrong submission. There is tax liability of 4 lakh (against sale of 2 lakhs).

Site is not allowing me to change the GST3B.

Please advise what can be done. now?

if the employee working on contract basis. what is the TDs rate under which section.

sir agar gstr 1 file karane mein 5 days late ho jaata hoon to kya late Filling fees lagegi pls tell me

Dear Experts

A very good evening to all of you. I am presently in need to understand the applicability of Sec 269 SS & 269T of IT Act for transaction covered by Book Adjustments.

Example:
Firm XYZ has outstanding "Receivables" and "Creditors" in their books of accounts which they settle in there books of accounts by way of book adjustment (transfer entry). In support of such transaction the firm XYZ is having account confirmation of the said Receivable & Creditors confirming book adjustment with each other.

Looking to the fact of the case kindly guide me regarding applicability of Sec. 269 SS & 269T
(i) Does it will be applicable ?
(ii) IF yes, then what would be the way of its reporting in form 3CD ? Does it will be reported as acceptance or Repayment otherwise by Account Payee Cheque/ECS ?


As per my understanding the nature of transaction covered under the said section covers LOANS & DEPOSITS & SPECIFIED SUM (As per new amendment).

(i) Does the said transaction is said to be Loans or Deposits ?

(ii) Does the situation chage if the adjustment if of "ADVANCE TAKEN/GIVEN FOR SALE/PURCHASE OF GOODS"

Kindly suggest quoting relevant decided case laws if any

Thanks in advance

Best Regards

Dear Sir
My Employer deducted entire Tax as TDS from my Salary and I filed the return before due date i.e before 31/07/2017.
Now I got an Intimation u/s 143(1) to pay interest u/s 234B&C.
All the taxes are Deducted before 31/03/2017.
How can I rectify this?..

pan no and legal name not matching while registering in gst what should I do

Hi... I am into business of giving Buses and Cars on rent to people. I own also and I take from outside also for this purpose. want to know SAC code and rate for both input credit and non credit. I am charging under 996601 @ 5% and now has asked to charge 12% if I want credit of it. Experts are requested to send their views. Thanks