What is the treatment of trade receivable related to previous year confirmed not to be collected in current year i.e, bad debt as per Ind AS.? No provision is made in previous year for bad debt.
Weather it should be recognized as bad debt in current year profit and loss account or should prior period financial should be restated (reduce income of comparative year)?

i have one clinet and his trading account (IT IS 44AD IT RETRUN AND IT IS MANUALLY EXCEL TRADING ACCOUNT)

PARTICULAR AMT PARTICULAR AMT
OP BAL 2,85,200 SALES 8,45,860
MATERIAL PURCHASE 4,20,360
GROSS PROFIT 4,90,900 CLOSING STOCK 3,50,600
TOTAL 11,96,460 TOTAL 11,96,460

MY QUESTION IS HOW TO REDUCE CLOSING STOCK AND WHICH ENTRY MADE DR OR CR SIDE

OTHERWISE EVERY YEAR CLOSING STOCK INCREASE

today I tried to submit itr 3. It showed " Validation successful", no errors found" . But when I try to press ' proceed to verification' button , then the below message is coming:

#/ITR/ITR3/TradingAccount/OtherIncDtls/0: required key [NatureOfIncome] not found];#;Please contact the developer of your utility with the error key

Kindly suggest me in this regard.

My TDS was deducted every month. But in ITR interest is charged u/s 234B & 234C for non payment of advance tax. How can I resolve this?

As Per Section 24(b) we can not avail interest deduction of under construction flat till construction is completed. but can we avail benefit of Principal Amount repaid as Section 80C doesnot have restriction in this regard for under construction flat?

Under new tax regime also , the post office savings account interest is excempt u/S 10.15.1 for Rs.3500 or Rs.7000.

it is possible to enter/add in ITR1/ITR2, under new tax regime, under income from other sources, under exempt amount from income under any other category to report only.
But system is not taking for calculations this amount .
Pl kindly clarify how to claim this ?

Respected experts.
Advance rent is received in feb 23 for month of may and june 23. Gst registration taken voluntarily in may, registration granted w. e. f 1.06.2023. As per my understanding no gst has to be paid for both may and june as in may we were not registered and for june time of supply will be when advance is received.
Please guide me on this.

Which is the correct base price for calculating CGT at time of sale of inherited old gold jewellery without purchase bills from deceased parent to son?
Is it indexed price or price at date of death?

Our client import of goods from outside India for business and paid IGST to the government alongwith custom duty, and IGST entry reflected under our GSTR -2B, so query is that can We Use IGST credit against our local liability SGST and CGST arises local sale in Maharashtra?

Dear Experts,

Payment made towards mediclaim policy for family which includes Husband aged 60+ i.e senior citizen and wife 59 not senior citizen . In this case 80D limit will be 50,000 or 25,000?

Please advice

Regards,