Dear Sir/Madam,
Tax audit of a professional has been conducted u/s 44AB(d) - Profits and gains lower than deemed profit u/s 44ADA. Form 3CB-3CD has also been filed. While validating his ITR-3 for the A.Y. 2022-23 for submission, error comes up and asks to select the method of valuation of closing stock for raw material & finished goods in Schedule OI. I do Seek solution from the expert minds as this is not required for professionals.
With best regards,
KRG

1. Is it mandatory to fill Balance sheet and Profit & Loss a/c for Trusts with 12A registration?
2. Any guide for filing is prescribed? I could not find the manual in the IT portal.
3. "Own funds" in Liabilities side of the Balance sheet of ITR7 includes all funds including Excess of Income over expenditure?

Can i change new tax regime to old tax regime of salaried person for AY 2021-22 through ITR U (Updated Return).
Note : Assume other condition to file ITR U has been full filled like his total income increased, he paid additional tax on additional income, he is not claiming refund etc.)

Dear experts,

The query is about the leave encashment to govt. employees.
They get encashment of earned leaves and half-pay leaves, depending upon the shortage of earned leaves below 300.

The income tax exemption section 10(10aa) sets exemption for ‘earned leaves’ only. There’s no mention of ‘half pay leaves’.

Is there any clarification about it or the HPL encashment is fully taxable?

Please guide.

Thanks

I had recently sold a listed stock resulting in a long term capital gains. I already own one house and had entered into buying an apartment in 2014. I had made several instalments till 2019. However, the sale deed for the property was finally registered on 31st march 2022. Will I be able to claim deduction under section 54F of the act for the capital gains as the registration of sale deed happened within 1 year prior to the capital gains.

A tech logistic Advisory does following financial transactions
1. Gets prepaid money from its customers(B2B & B2C), a part of that money will be sales and other part will be passed on to Delivery Service Company because they actually get to that customer place and get goods and then go to destination to deliver goods
Journal Entry will be
1.1 Bank A/c Dr. 1,000
To Adv. From Customers. 1,000
(Being Prepaid money received)
1.2. Adv. From Customers. Dr. 100
To Sales. 100
(Being Sales for Delivery Advisory Service)
1.3. Adv. From Customers. Dr. 900
To Vendor Delivery Co. 900
(Being Delivery Charges Payable to Vendor Delivery Co.)
1.4. Vendor Delivery Co. Dr. 900
To Bank. 900
(Being Delivery Charges Paid)

The above entries are fine and easy.

But I want to know how to account for Cash on Delivery transactions. Sometimes, customers will have C.O.D. so I am liable to pay him the COD amount which I get from the Vendor Deliver Co.

dear sir,
govt has changed some tax rate from exempted to 5% for goods below 25kg.i have stock of goods of 25kg on 18072022 now i selling this stock of goods after converting to 26kg.should i pay gst?
with thanks

We have a private limited company. It delivers online courses to students in India and abroad.

Some of our teachers are college and university students who work part time with us. They usually work for some months and then switch jobs.

They work online and almost never come to the office. Their monthly payments range between ₹8000 to ₹15000 depending on weekly commitments of work-hours.

How much TDS should we be deducting?

Can these part time teachers be regarded as Technical Service providers and then deduct TDS at 2% or Contractors and then deduct TDS at 1%?

Or should they be treated as professional service providers and TDS to be deducted at 10%?

As most of them do not have income tax files, and the amount is really small, we wish to deduct as little TDS as possible to reduce complexity. Please advice.

Tax Audits for Individuals with Turnover between 1 Cr to 2 Cr are to be counted for the purpose of 60 Audit Limit. Audits below 1Cr will not be counted as 44AD Audits are excluded from limit. However i have doubt with regard to Turnover between 1 Cr to 2 Cr.

Hi, Foreign exchange rate variation risk is applicable for Buyers credit and LC transaction? For cover exchange rate risk under buyers credit whether we have to go for additional risk cover mechanisms?