foreign buyer (sundry debtors) writeoff entry ?

Sir, A person want to supply various types of items to departments including, Clothes, Printed materials, building materials and other items as required by them. While applying for new GST Registration, how should he add items dealt by him, as there is maximum 5 options given in GST portal ?

In the dynamic landscape of taxation, the efficient reconciliation of 26AS has become paramount for businesses to avoid potential pitfalls and ensure seamless compliance. Taxilla, through its innovative enReconcile solution, offers a comprehensive and automated approach to alleviate the challenges associated with TDS and TCS reconciliation.
The Imperative Need for Robust Reconciliation
Unreconciled Tax Credits and Revenue Loss
In the realm of tax compliance, claiming credits hinges on the information available in 26AS. Failure to reconcile may lead to the loss of valuable tax credits and, consequently, a potential reduction in business revenue.
Notices and Risk of Penalties
A lack of timely reconciliation poses a significant risk, as notices seeking explanations or rejecting claims may arise. This, in turn, can become a risk area for the imposition of interests and penalties.
Data Volume Challenges
Higher data volume exacerbates the challenge of timely reconciliation and responding to Assessing Officers (A.O.), further complicating compliance processes.
Spillover Effects
Discrepancies spilling over to the next tax cycle can perpetuate complications, causing a ripple effect that may lead to additional challenges in subsequent periods.
Taxilla understands the intricate nature of reconciliation and addresses these challenges through its enReconcile platform, providing the following benefits:
1. Comprehensive Integration
Taxilla not only automates the reconciliation process with enReconcile but integrates seamlessly with your entire record-to-report processes. This comprehensive approach ensures a holistic solution to your taxation needs.
1. Native Data Loading
Connect effortlessly with internal source systems and load data in native formats, enhancing the efficiency of the reconciliation process. This integration allows for smoother data flow between your systems.
1. Categorized Transactions
Taxilla's enReconcile neatly categorizes transactions, facilitating easy investigation of mismatches. This feature enhances the accuracy and speed of identifying discrepancies.
1. Configurable Automation
Benefit from auto-clearance based on configurable rules, with the flexibility for manual intervention when necessary. This ensures a tailored approach to reconciliation that aligns with your specific requirements.
1. Reporting and Alerts
Taxilla provides configurable reports, dashboards, and BPM alerts, empowering you with real-time insights into the reconciliation process. Stay informed and proactive in addressing potential issues.
In conclusion, Taxilla's enReconcile not only streamlines the 26AS reconciliation process but revolutionizes your entire record-to-report processes, ensuring compliance, minimizing risks, and optimizing efficiency in the complex realm of taxation. Choose Taxilla for a robust and automated solution that transforms your tax reconciliation experience.
Visit our website for more information https://www.taxilla.com/26asreconcilation

Dear Sirs : One of my clients is a Private Limited Company which has net profit of RS.5.50 crores before tax for year ending 31-03-2024 with turnover of 38.87 crores, whereas in previous years the profit was below Rs.Five crores. Kindly guide me, how to calculate CSR fund for period ending 31-03-2024 . Do the company has to open a new Trust for CSR funds spending or can donate outside as well. Please also guide me for Debit / Credit accounting entry for same. Kind Regards

One of our clients erroneously added an extra '0' in the taxable amount when filing the GSTR-3B for February 2024 using ClearTax software. The actual turnover (T.O) reported under GSTR-1 was 22.00 lakh, but it was incorrectly filed as 220.00 lakh in GSTR-3B (table 3.1)

Although they can adjust the excess turnover under Mar,2024 GSTR3B by (-) excess T.O which is erroneously filed under Feb, 2024 GSTR3B but the T.O for the Mar, 2024 month is 13.00 Lakh, here they are not able to adjust the difference amount and also Table 3.1 is not taking (-) figures.

What we can do in this case ?

I HAVE ONE NGO WHICH ARE NOT REGISTERED UNDER 12A AND 80G. THE ASSETS IN BOOKS. CAN I CLAIM CHARGE OR CLAIM DEPRICIATION ON ABOVE ASSETS. I FILED ITR 5 FOR FY 23-24

Respected Sir / Madam,

Is it mandatory for Purchaser to upload Debit Notes on GST portal?
if yes please reply to me with soft copy or notification.
I will be thankful for the response as this audit purpose matter.

Thank,
Hardik

If first holder dies and then second holder also dies, whose legal heir will get shares?
My view 2nd heirs as whoever dies last , becomes owner

I am salaried individual. Filing ITR2 for past several years. This is first year I have been involved in F&O trading (nifty index options trading). I have incurred a loss this year. Plan to carry forward this loss to next year. I understand I need to file ITR3. My F&O turnover is less than 2 Cr.

Can the experts advise if incurring an F&O loss and wanting to carry forward this F&O loss makes it mandatory to maintain books of accounts and get a tax audit done. There are conflicting opinions of experts on the internet. So clarification will help. Thanks.

Dear members,
I have 2 queries please provide your valuable advice.


We are in the business of renting commercial spaces. Our contact requires the licensee to submit performance security in the form of Bank guarantee equal to a 6 month license fee. As per contact, If the licensee defaults in payment of the licensee fee for a continuous period of 2 months, we have a right to terminate the contract and invoke the Bank guarantee.
1. My question is whether GST is applicable or not on the amount of miscellaneous income (Rs 800000)? Miscellaneous income= Bank guarantee (Rs.1200000) - 2 months dues (Rs 400000).
2. Is GST applicable or not on the interest charged by us on delayed payments made by the licensee?