I have asked for Score Card and criteria on preparation of Score Card for a nationalized bank and they refused to give it taking stand that those are their confidential matters. can we go for an appeal.

Dear Sir/Madam, We are Tax Consultancy Firm, have file a Partnership firm IT for the Ass Yr 2023-24 with Loss for a Manufacturing Firm.
Received a Message stating that
"In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income."
Please suggest how to resolve
Thanks

1).FIRM NEWLY INCORPORATED IN FY 22-23 HAVING TURNOVER OF 48 LAKH AND ASSESSESS WANT TO FILE RETURN OF INCOME BY SHOWING PROFIT OF RS. 48000 WITHOUT AUDIT , IS IT POSSIBLE AS CASH RECEIPT AND PAYMENT EXCEEDS 5% LIMIT

2) OR IT IS COMPULSORY COVERED BY AUDIT AS SHOWING PROFIT LESS THAN 8% AS PER 44AD??

Please let me know the GST treatment on commission earned by an Indian individual on the professional services provided for arranging a sales deal the transaction happened between two foreign entities and the actual sale and transfer of goods happened abroad. Actual buyer and seller are in abroad. Thanks

As per Securities Contracts (Regulation) Act, 1956 defines "option in securities" as a contract for the purchase or sale of a right to buy or sell, or a right to buy and sell, securities in future, and includes a teji, a mandi, a teji mandi, a galli, a put, a call or a put and call in securities.

Here is what is the meaning of "A Galli"?

Sir,
Q.no.1.A Gst registered rice goods taxable and exempted dealer sales turnover rs:185 lacs as per GST portal f.y.22-23
Q.no.2 dealer AIS information download f.y.22-23 dealer show one current bank account show in books and it returns every year.but dealer 2nd savings bank account show in AIS f.y.22-23
Question:
1.dealer net profit rs:9 lacs declared (4 precentage) which clause applicable tax audit.
2.dealer 2nd bank sb account transaction some cash credit and debit loans show in bank statement.2nd bank account transaction show in it returns compulsory.

Sir, my first question is can I do audit for last two years ? If yes, then I want to file previous two year i.e. AY 2021-22 and 2022-23. But I have to do tax audit as my turnover is exceed the limit. My 2nd question is that can I adjust my TDS with tax liability in this two corresponding years ? (Exmp: TDS rs.35000/- +Self assement tax rs. 15000/- where total Tax liability Rs.50000/- ) Sir please help on this.

Hello everyone,
following details are available as on 31.03.23

Cl wdv as per books : 100 cr
cl wdv as per IT acr : 92 cr

applicable tax rate : 25%. Assuming no other timing diff other than depreciation

i am stuck in computation of closing deferred tax asset/liablity

my understanding is since co has claimed higher depreciation and paid less tax going forward tax liability is going to be higher so direct tax liablity shall be created

closing value of DTL = 8 cr * 25% =2 cr

2cr should appear in balance sheet after adjusting opening balance

is my understanding correct ??

Form 10B not yet released

If any statutory body instructed bank to create a lien for any transaction and the same was not removed in the date of signing of audited financial what will be the discloser note . Should we considered as temporarily impairment to the extent of lien amount or to disclose as temporarily restricted to the extent of lien amount.