Respected Experts,

I am a Practicing Tax Consultant. I would like to know, after completion of ITR Filings of my clients ( Non Tax Audit) I'm in a Plan to issue a ' Internal Audit Report' to my clients ( In addition to the P&L and BS)

The Internal Audit Report will Highlight the Observations and Analytics I came through while Assessing the Books of Accounts and preparing the Financials and after Filing of Income Tax.( Non Tax Audit Cases )

I believe it will help the Small Traders ( Non Tax Audit) and Clients to understand where they stands, what they achieved and to know more where to improve their Business.

Kindly advise am I authorized to issue an Internal Audit Report

Can Any one give me a computation of trust for ITR 7 Filing

Dear Experts,
🙏

In FY 2022-23 the profit earned throgh the share trading is mentioned below:

Intraday = 1.06 L
Short term = 13.51 L
Long term = 75.28 L

Total Realised Profit = 89.86 L
In thecsame FY 2022-23, I have bought an apartment with the details as below:

A1. The individual land share (2.68%)
cost = 1,75,000.00
A2. 1702 sq.ft Apartment
cost = 66,25,000.00

A. Total consideration A1+A2= 68 lakhs (cheque/online paid)
B. Registrn.cost including stamp duty and other service charges = 5,19 300.00 (cash)
C. GST 5% of 68L = 3,40,000.00
D. Association Deposit = 50,000.00

E. Total = A+B+C+D = 77,09,300.00
(including 68,000 Rs. Paid as TDS)

F. Interior/ furniture cost = approx 4 lakhs

Whether I could utilise the 89 lskhs profit amount of FY 22-23 against the Apartments total purchase cost and other interior furniture cost (done in FY 22-23 only) as approximately 81 lakhs, to have a net tax burden for the net amount 89 - 81 = 8 lakhs ?
Please advise.

with best regards
kvg
🙏

Sir,
Individual status it person cash loan received rs:20 lacs from assessess huf status.
Question:
Assessess rate of interest charged on loan amount.

we are govt. contractor. Recently we got a contract to repair a small CC road in the same state(intra state supply), duration of work is 7 days and the department only provided a work order to execute the work.
Now,
we store material for the duration of work at the worksite or at any domestic home in the vicinity after getting oral consent from the owner. do i need to register such home/ worksite(open road in this case) as additional place of business if the duration of work is small? if yes what document should be provided for the same.
p.s- in our stock register( in tally) we generally show the worksite/home address as godown. what is the proper procedure?
Thanks

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Dear All

Greetings of the day!!!

My query is

Company A raised a sales invoice, to Company B, with a mention to Ship to Company C.

Company A sold 100 units @ Rs. 100,000/- to Company B. A tax invoice and E way bill was provided to Company C by the transporter.

Now Company B has raised a sales invoice on Company C without the E way Bill. But the sale value of goods mentioned in invoice is Rs.125,000/-.

The actual query is I know, when is raised sales invoice with e way bill mentioning bill to ship to, company B is not required to raise e way bill.

But what about the difference amount as company B has sold goods for a higher value whereas e way bill is registered for the original sale price. Please explain. I am confused as for the difference amount Company B should raise the e way bill.

Regards

When I received Cap Gains statement for the UTI ULIP matured, it was found that the indexed cost of acquisition for units purchased ( not BONUS) before 2000 was taken as ZERO.

This has resulted in the Indexed cost of such units LESS than the actual cost and the LTCG with indexation has been inflated due to that.

Is it correcd ? For UTI ULIP units purchased till Dec 1999, what shall be indexed cost ?

can you please clarify.

Thanks in advance

I had forgotten yo claim TDS(income from other sources). ITR for AY 2020-2021 processed with demand. Outstanding demand paid with interest. As such my TDS reflected in 26AS remained unclaimed till date.

My queries :-

1) Whether new order would be passed by ITD acknowledging my payment.

2) whether I can claim the TDS for AY 2020-2021 in ITR for AY 2023-2024 under unclaimed TDS in TAX PAID Schedule?

Sir, one of my client lent Rs. 5.00 as unsecured loan to his friend. The friend neither refund the loan nor pays any interest to my client. My client has already written off the said loan in his mind. But for income-tax purpose, can my client show the loan as received vide cash ? Will there be any any complication in income -tax, if my client shows the said loan as received in cash ?