Dear All,

A Public Ltd company having an exposure of 100+ Crs Bank loan exposure, has about 35 crs unsecured loans from Directors. As per the sanction terms, Banks has restricted repayment of Unsecured Loans during the currency of the Term Loan.

The company has opened a current account (Joint) in the names of two directors and one employee with a bank which is outside the consortium (without the knowledge of Bankers) and started depositing daily cash collections into that account and made repayment of Unsecured Loans to a tune of 5+Crs. Incidentally it was founds that the company is also not paying EMI since March 2020 and thereafter as the moratorium is extended.

Is the above act legally valid? Do banks have any recourse to the above stated facts? Can this act be construed as Diversion or Embezzlement of funds?

Kindly advise we have made one Export Inv Amendment related to 2018-19 while entering date 28-02-2019 mentioned as 28-02-2018 and it accepts and it gone for 2017-18 transaction.

How do in this case

Assessee sold a residential Flat-A on 09-10-2020. He had already purchased Flat-B on 11-12-2018. Can cost of Flat-B be deducted from the sale value of Flat-A for the purpose of exemption under Section 54 of Income Tax Act? Kindly help.

A gst registered regular scheme dealer sales of two b2b invoices Missed reported November and December -2020 in gstr3b and gstr1 in f.y 19-20.
Question:
Dealer this missed two b2b invoicess reported columns number September-2020 in gstr3b and gstr1.

Good Afternoon All,

We have sold and land for 8.75 , 1.25 less than the amount booked and received in cash.

How to book the transaction .

Shld we show loss on sale of land or how.

Dear experts,
I missed some credit notes to enter into GSTR1 of Q3 and Q4 of FY 2019-20 can i show those Credit Notes in this Financial Year?
Kindly answer of my query.

Thanks in advance.

i have filed August 2020 GSTR 3B and GSTR-1
But Invoice value taken in GSTR-3B
but Not upload in sale invoice GSTR-1
What will be the consequences.

what will be consequences if some invoices for June 2020 inadvertently missed to File in GSTR-1 .
but in September return , i want to show in GSTR-1.

Assess Rs:1 lacs rental income from own property.but Assess bank account credit rs:25,000/- remaining balance Rs:75,000/-(25,000× 3 ) assess relatives bank account credit.
Questions:
1.Above transtration allowed in i.t.act.
2 assess rental income rs:25,000/- or 1 lacs per month in i.t.act.

SIR HOW TO PASS AND SET OFF JURNAL ENTRY OF FIXED DEPOSITE AMOUNT RECEIVED ON MATUIRTY?

SEPPOSE I HAVE AN FD OF RS 100000 FOR 5 YEARS @8%
I SHOW INTEREST ACCURED EVERY YEAR AS MY INCOME
SUPPOSE ON MATURITY I RECEIVED TOTAL AMOUNT 1250000

KINDLY EXPLAIN ACCOUNTING TREATMENT WITH TDS