One of our client is running a gaushala and is registered under Sec 12A and 80G there receipts are approx 1.5 crores I want to ask do they have to go for tax audit if they show there profit below 8 %. Or they are governed by sec 11,12 and 13 and not liable to tax audit

Namastey sir,

M/s. Suarj Vidyut (JV) is a Joint Venture in the form of AOP.

A new Partnership named M/S. Suraj Vidyut was created with two additional partners .New PAN and GSTIN also taken. There is a clause in partnership deed that Join venture will get converted into a Partnership firm w.e.f.- 01.04.2021.

Above said Joint venture has paid taxability of Rs. 3 Crores on Advance of Rs. 25 Crores.

Partnership firm has issued a Tax Invoice.

Question: (A) Whether Partnership Firm can get transferred Un-Utilized Input Tax Credit (ITC) from Joint Venture through ITC-02.

(B) Whether partnership firm can adjust liability of outward taxability in GSTR-1 with tax paid on advance amount received in Suraj Vidyut (JV).

Pls suggest any other alternative way to cater this issue.

Waiting for your valuable reply.

Thanking you ,
Yours truly,
Amit singh
9163204190

Sir I have one question that TDS applicable on container corporation of india if yes then which section apply

Dear Professional Colleagues,

I am initiating this query for general discussion only.

I have been pondering over how and under what provisions of Income Tax Act, 1961, a barter transaction will be taxable?

I am conscious that:-

1. CGST Act specially covers in definition of supply-supply by way of barter.

2. That income Tax Acc s.2(24) covers value of benefits or perquisites received from a company by a director etc. within definition of income.

3. s.28(va) of Income Tax Act covers within definition of income under the head " Profits and gains of business and profession"- any sum, in cash or kind, under a agreement for not carrying out any activity in relation to any business or profession for not sharing any knowhow, patent etc. likely to assist in the manufacture or processing of goods or provision for services.

4. s.45(1A) makes profits or gains arising from receipt of money or other asset chargeable under the head "Capital Gains"


5. There are other similar provisions under ITA, 1961 covering different specific situations involving barter transactions.

6. I am aware that s.194 and different parts thereof require tax payment even for consideration given in kind.


However, excepting specified situations and not going by s.194 or any parts thereof, what will be the tax implication for a barter transaction?

My books are being audited, and CA shows income from other sources in form 3CD in point 16.
And I filled my tax return taking all the income from other sources in account namely Interest on personal FDs, interest on S/a. Now CPC have doubled the income from other sources by adding that income back to the total income and sent me a demand letter. What should I do.
Same thing happened to my friends.
Thanks in advance..

PLEASE SHARE EXCEL SAMPLE FORMAT OF BS AND PL OF A DOCTOR LIABLE FOR AUDIT U/S 44AB ON MY MAIL ID PALAK16AGRAWAL@GMAIL.COM
PLEASE PROVIDE SOON
THANKS

whether tax paid by subcontractor under composition scheme can be availed as deduction under this rule8(5)(c)

Hi All,

I need a clarification regarding issuing AGM Notice.

Eg:-
A Pvt Company Approved the Draft Financials on 20/07/2022 and Forwarded the same to the Auditor for Signature. Auditor signed the Financials on 23/07/2022 and issued Auditor Report along with the Signed Financials.

Can a Company Send AGM Notice dated on 20/07/2022 along with the Draft Financials signed by Director and without signed Financials by Auditor and Auditor Report.

Kindly Clarify and suggest me.

Hi All

Whether form 10F is mandatory for making foreign payments?

Is there any latest notification on the same?

Thanks in advance.

How do i record a journal entry for an invoice paid by our customer from foreign?.
Example My inoivce was $ 2780.00 and i received the payment from my debtor amounting $2773.00. I realised the shortage was due to the exchange currency. How do i record my journal entry to reconcile my account?.