We purchased Assets worth 2 Lacs in 2020 December, for which cheque payments were made. But forgot to include the same while preparing the balance sheet. Hence it neither reflected in the balance sheet, nor its depreciation availed in the P&L.
How do we include this in the next financial year's BS i.e. 2021-22. at what value ?
Can we charge the last year's depreciation in 2021-22 ?
Do we need to intimate the IT Dept for this omission ?

Thank you

ITC has been wrongfully claimed in the FY 2018-19 but partially utilised in FY 21-22. How to pay the same through DRC Form. Whether to be shown as Reversal of Year 2021-22 or 2018-19 through DRC and its implications

Kindly guide if one person has two businesses in which one is proprietory and in second business he is partner with 33% profit (without any remuneration and interest on firm means totally on profit sharing with 33% only) .so guide in that case while filing income tax return of individual is there any need to show profit of 33% when we have already paid tax while filing audit report and in return of partnership firm in 30th september.if yes then under which head we need to disclose the same in itr 3?

Previous year F.Y. 20-21 purchase bill booked in F.Y.21-22 and ITC claimed in F.Y. 21-22, and that bill shown in 8A of F.Y. 20-21
can we eligible for claim ITC in F.Y. 21-22??

Is there any requirement to deduct TDS on F.D's collected from members of credit cooperative society ( not a bank). This society collect money from members in the form of F.D's and given loans to other members.
Please explain clearly tds on credit cooperative society ( is there any requirement to pay income tax on internet received by the member )

I have clubbed my son's dividend income into my income and claimed tds deducted in his (minor) PAN, but intimation of 143(1) received from cpc, it shows mismatch of tds which I claimed tds deducted on minors PAN, can u please give me solution for the same, When we club income of minor into parents income , cant we claim minor tds

1.An individual provides services to a company. If we are not taking into account any sums limits, what options are available for not withholding TDS by a company when paying out to individuals?

Whether rule 12 declaration for company registration is required for following objects:
To carry on the business of an investment Company and/or a holding Company and invest in startups, real estate, stock market, IT advisory and/or consultancy, or otherwise deal in shares, stocks, units, debentures, debenture-stock bonds, securities of any kind issued or guaranteed by any company, corporation or undertaking of whatever nature, whether incorporated or otherwise, and wheresoever constituted, or carrying on business of immovable property and rights directly or indirectly connected therewith and/or bullion, including gold, silver and other precious metals, and/or precious stones such as diamonds, rubies, and/or any other asset.

Dear Associates,
Request you to clarify a MBBS student is acquiring his/her PG studies from National Board of Examination Diploma (NBE Diploma) in any specialization, they will get Rs. 35000/- for their first year of study and Rs.37000/- for their 2nd year study as a stipend.

Is the stipend is taxable under Income Tax 1961 'or' stipend is exempted from Income Tax. Request you to give some updates on this.

Sir/Mam,

We have received notice for interest fy 2017-18 , we have paid this amount through challan now we are trying to filing DRC03 it is asking PRN Number and errors, Which we have to select for interest Voluntary payment or any other

Please kindly help me and explain the process of DRC 03 Filing

Thanking you