The Net Worth of a Private Limited Company is Rs. 100000. Its taking a loan from its director of Rs. 400000. Is Special Resolution needed for this purpose or Board Resolution would suffice. Moreover is MGT 14 needs to be filled ??

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I received VRS receipts along with gratuity amount Rs 1675200/- and Rs 198420/- respectively in FY 2024-25. My employer deducted tax on my VRS receipts [on Rs 1675200/-]. Then how much exemption from my VRS receipts should I claim in my Income Tax return for AY 2025-26???

Dear Members,
There was a demand for interest for F.Y. 2023-24, we made the payment on 31/03/2025 so the challan was reflected on traces site on 01/04/2025 therefore we could not file correction return before 31st March 2025 (last time limit for filing TDS correction return of 6 years lapsed). Now still the demand is shown as outstanding and we have done the payment but how do we close the demand?
Do we need to wait for Manual Demand to be raised? What is the time limit?

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Good morning sir/s,
ineligible ITC of prev years (claimed in previous multiple years) accumulated to credit ledger, shall it reversed in this year or to file DRC03

client is mess paying tax @ 5% without utilizing ITC but claimed in GSTR3Bs every month

Please guide me

In FY 2022-23, In AIS amount shown by Bank
1) SFT (003) Cash deposited Rs. 0 Actual amount deposited Rs.580000/-
2) SFE (003) Cash withdrawal Rs. 1100000/- Actual amount Rs.1194000/-
How to respond to the department.

Hello,

To calculate 20% shortfall, should we consider including gst or excluding gst, because ITC not eligible so that will be considered as cost. so below given methods which method is right
Method1: Including GST as Expenses
GST Bill
Taxable Value 10,00,000
Tax @ 18% 1,80,000
Total 11,80,000

Non GST Bill 5,00,000

Total Expenses 16,80,000

80% of the total Value 13,44,000
20% of the total Value 3,36,000

Shortfall Value 1,64,000

Method1: Excluding GST as Expenses
GST Bill
Taxable Value 10,00,000
Tax @ 18% 1,80,000
Total 11,80,000

Non GST Bill 5,00,000

Total Expenses 15,00,000

80% of the total Value 12,00,000
20% of the total Value 3,00,000

Shortfall Value 2,00,000

I have 2 company, Payment of TCS on sale of good of one company but wrongly I paid TCS from another company. Then how can I get the refund amount.

Please suggest on this matter.

If wrong data of Turnover and Purchase of petroleum products are given in monthly VAT return and time limit to revise return is expired then Adjustment can directly be given in annual return?
And if excess VAT is paid in monthly return then what is the procedure to claim refund or whether such excess VAT can be setoff against future VAT liabilities?