Dear Experts,

1. Please give advice on how can we account for Donations received for the purchase of assets in an NPO, Section 8 Company having 80G & 12 A Registration.

How will be the purchase of the asset & depreciation on the asset accounted for in the books?

2. Can we treat these donations as we treat Govt. Grant as per AS 12?

for eg - ABC Ltd. Purchases machinery for Rs. 30 lakhs with a useful life of 5 years and ‘Nil’ salvage value. It gets Rs. 10 lakhs as a grant from the government for this machinery.

a) The Gross value of machinery will be shown as Rs. 30 lakhs on the balance sheet along with Rs. 10 lakhs as ‘Deferred Government Grant’.

b) Rs. 6 lakhs (30 lakhs / Useful life i.e. 5 years) will be charged to the profit and loss account each year as a depreciation along with an income of Rs. 2 lakhs (10 lakhs / Useful life i.e. 5 years).

Please guide me as per regulations applied on an NPO, which is a section 8 company having 12A, 80G registrations.

Your time & guidance is invaluable to me.
Regards,
Komal

In June Return -E way bill generated against Un-Registered Customer. But in actual Customer has GST Number & I want to Updated GST Number and generate E -Invoice .How to deal with it....is It need to generate EWB again along with E-Invoice?

Dear Team,

Can you please let me know the procedure for revising or cancelling the Form 10DA issued.

Thanks,
Kudire SaiKrishna

Sir,
It assessess(son) immovable property (vacant site)Gift from father value rs:1 crore +stamp duty value rs:3 lacs total rs:1,03,00,000/-in f.y.21-22.if stamp duty charges paid by son.
Question:
1.Assessess immovable property value rs:1 crore or including stamp duty correct value show in it returns.
2.assessee gift immovable property value show debited to capital account or assessee block(balance sheet) show in books and it returns.

Dear Sir/Madam,


Please suggest Suppose Mr.X salary income is. Rs.287000/- Full time Rs.207000/- and part time is Rs.70000/-So during filing ITR (1) he mention Gross Salary income 17(1) Rs.287000/- is Correct or Wrong. (2) he mention to need the name of the organization where is works full time and part time because portal have no option. (3) he has saving interest from 3 Banks but how can bifurcation bank wise in portal have no option found so mention Total interest of three banks. (4) Interest from FD also have 3 bank how Can bifucration bank wise so mention Total FD interest or note (5) he has some income from Maintained books of account in a Shop so where he can Show
Kindly suggest to me.

TDS Rate Applicable-194C Or 194J

Hiring an ad agency for Product branding, packing design development, design logo and web development and promotion in ecommerce site charges paid to ad agency.

Dear sir

I am a retired housewife. I get monthly annuity pension from LIC (i had taken Jeevan Shree policy about 25 years back) . I also get monthly pension from EPFO office. Total pension is about Rs. 90000 per annum. In which schedule i fill it up in ITR2. If i fill in Salary schedule it automatically gives standard deduction of Rs 50000/-.

Does this pension applicable for standard deduction.

Moreover i have also received About 15 lacs on maturity of another LIC policy. Which is tax free.
Do i need to show it in ITR (Which schedule).

Thanks and best regards to all experts for helping us in old age.

Sir/Madam

I have not able to download AIS & TIS online for my verification. What should i do??
I have dealing in share trading & MF and i have to prepare my tax computation.

Please suggest best possible way

While Filling ITR 2 for AY 2022-2023, in Income From Other Sources schedule, there is section to be filled for Income Taxed at Special Rates. This section includes the field "Accumulated balance of recognized provident fund taxable u/s 111".

What is this section about, who is it for and how to fill this section. It would be very helpful if the same could be demonstrated by taking an example.

Thanks in advance

When I view my Form 26as, I see some amount credited. I have not received the amount in any Bank account. How can I verify if it is a wrong entry? If done deliberately by someone how to verify in which account the amount has been credited using my PAN number?