Hi all,

In my question, I would like to know about accounting treatment for an expense where VAT is paid in advance and the expense is payable on a recurring basis. i will explain the scenario,-

my office rent payable for the year is 36000+1800 VAT =37800, we have to pay rent in 3 payments of 12000. as the first payment we paid 13800(12000 1st payment + 1800 total VAT ), now I want to claim this VAT with the current quarterly payment ( January to March), but 2nd payment will become due on April and third payment will become due on August.

I am using TALLY, I have to post the full amount of rent to claim this full amount of VAT, but the full amount of 36000 will show in my January expense. i want to treat this expense as recurring basis, and I want to claim VAT in current period. how is it possible ? what are the journal entries

Dear Sir/Madam,I have applied for CA INTERMEDIATE Group II for May 2023 attempt under unit 10 scheme. I have not give attempt for May 2022 &Nov2022. I have opted unit 10 in notification it has been mentioned that single sitting. What is the meaning of single sitting. Is I need to write 3 papers or 4 papers? . Please resolve this issue sir/madam.

One employee lives in Mumbai and his HO in Delhi. He is having Home loan in Mumbai and living on rent in Mumbai. Can he get HRA and home loan benefit both.
Please advise

Dear Sir,

We are working in a IT concern as finance manager.
1.we have to paid huge amt for eb bill ( per month above 100000 to 150000). we need not to deduct any tds to government right sir ?

2.and we have to paid very small amt for diesel exp for generator yearly 60000 only . for this no need to deduct tds . tds avail only after 5000000 . is it right sir ?

1) Is Statement of Comprehensive Income also an Account like P&L Account found in the General ledger which is debited or credited by means of closing/transfer Journal Entries for preparation of Annual statement of Accounts. I realise that P & L shown shown to the world ouside is the replica of the Ledger Account of the business Entity for all practical purposes. To elaborate, I wish to say as under.

1) P &L Account is debited and expense accounts are credited; income accounts are debited and P & L Account is credited in order to close the Income and expense accounts in the normal course, by means of a closing Journal entry, as a year end exercise. These are normally called Temporary Acounts. Permanent Accounts are not closed as they are carried forward year after year for being shown in the Balance sheet. For Example, Different type of Reserves, credit balance of P & L Account, Share Premium account.etc.
What JE is passed to close OCI Account? How AOCI account is reflected in balance sheet?
Is it the closing balan ce of AOCI Account that is shown in Balance sheet or different accounts entering the AOCI Accounts?

Dear Experts,
My goods was detained in transit and penalty was raised. I paid the penalty and released order has been issue. On GST portal the status of order is shown as MOV-5 (Released Order) issued.
My query is, what to do to close the proceeding as I have paid the penalty. Is there anything due from my end to reply or upload? Please suggest.

Can a tenant submit Form 60 in order to claim HRA exemption in case their landlord does not have a PAN card and is ready to fill form 60? Landlord does not have taxable income more than exemption limit. Do offices accept Form 60 as proof for income tax declaration and Form 16?

Hi All,

We are planning to donate the sum of the amount for the plantation of trees, our organization doesn't qualify for CRS applicability as per CRS limits specified in the law.

I just wanted to know what is financially beneficial for us, donating a sum of the amount for the plantation of trees and claiming its deduction U/s 80G, or should we go for CRS expenses?

Also, can we avail of the deduction for 80G by donating to NGO for the plantation or not?

I want to know that in clause 20(b) of form 3CD of tax audit report employees contribution is needs to be declared but in column "The actual amount paid" what amount would be disclosed

1. Total contribution amount including employer contribution i.e Challan Amount.
2. Amount in respect of employees contribution

Sirs,

Any checklist available for the mergers after the approval of resolution plan in NCLT (under IBC). What all provisions to be followed as per companies act and what all forms to be filed.

Kindly give some inputs. Thank you