Sir,
One of new i.t. assess source of service income from sand and bricks etc rs.4,00,000/- net profit rs.3,15,000/-. in F.y. 2019-2020.
I.t. return filing for the purpose of bank loan.
Question:
Person capital and cash on hand opening balance introduced minimum and maximum amount as on 01-04-2019 balance sheet in i.t.returns as per i.t.act.

DEAR SIR,

MY FRIEND RUNS A PARTNERSHIP FIRM THE PARTNERS ARE IS HIS MOTHER, AND BROTHER. SO HIS FATHER IS NOT A PARTNER OF THE FIRM HE IS SENIOR CITIZEN. FOR THE PURPOSE OF FIRM SOME MONEY IS URGENTLY NEEDED. SO HIS FATHER GIVEN RS 100000/- CHEQUE IN THE NAME OF THE FIRM.

MY DOUBT IS HIS FATHER IS NOT A IT PAYER AND HE RETIRED FROM BUSINESS SO MANY YEARS AGO. SOME LIC AMOUNTS MATURED IN THE NAME HIS FATHER THE AMOUNT TRANSFERRED TO FIRM ACCOUNT FOR SOME HELP. SO HOW TO TREAT THIS AMOUNT WHETHER TO ACCOUNT AS A UNSECURED LOAN OR IF GIFT PARTNERSHIP FIRM NOT A RELATIVE U/S 56(2).

PLEASE GUIDE ME

REGARDS

I urgently need the format of reconstution partnership deed in case of death of a partner. Adding a partner legal hier of dead partner. Could you please help me out. Plz. send to my mail id dpsingh2166@gmail.com

Dear Expert, please resolve my query:

Invoice value at the time of import from China was $5 per unit mentioned in invoice
Goods were cleared from the customs on the basis of this invoice and custom duty/gst was paid.
Later on the import invoice was revised and supplier provides discount of $2 per unit.

Query 1: Whether we can issue debit note to the China party?
Query 2: Whether the debit note will pass through any custom duty?
Query 3: Whether GST have to be charged on this debit note?

Dear Experts, please provide a solution to my query.

A firm has imported goods from China and paid Custom Duty and GST at the time of clearance.

The bill send by the supplier was $5.00 per unit(Value = $5*Rs.75/$ = Rs 375 per unit)
But at the time of clearance , customs takes the assessable value at Rs. 500 per unit and then charges custom duty and 18% gst. So we paid IGST=500*18% = Rs. 90 (IGST input)

We sold the goods to our customers at Rs. 200 per unit @18% GST (IGST output) = Rs. 36. The rate of tax at the time of import & sale is same @18%

Due to the difference of assessable value under GST & customs, we are having extra input of Rs. (500-200)*18%=IGST Rs. 54.00.

We have sold 1 Lacs unit during the FY 2019-20, outstanding extra credit of IGST = Rs. 54 Lacs.

Query 1 : Whether there is any method by which refund of extra igst paid at the year end can be claimed as refund?

Query 2: Suppose we close down the trading of this product and continue with trading of other remaining products under the same gst registration.
Whether the accumulated IGST input of Rs. 54 Lacs can be used against liability of the other products sold?

Sir, B2C party ka bill galti se B2B me add ho gaya...ab us bill ko b2b se kaise hataye

While resubmitting spice form an error massage shows that mismatch between form resubmitted and form marked for re-submission.

Kindly help me to know about the procedure of convertion of sole proprietor ship to company. And also how to bring the land in the name of proprietor to company.. Consequences of not bringing the land.. Gst applicability..

dear sir

In a year how much cash we have deposit in Saving account ?

My annual income is less then 250000/- i got the salary Cash mode

Please advise

Sir,

We purchased a car during F.Y-2017-18 for Rs. 14,00,000/- (approx). After completion of the year the depreciated value of the car is Rs.13,05,000/- (As per Company act) in books during F.Y. 2018-19. This car stolen during the first quarter of F.Y. 2018-19 and we claimed insurance. We got the claim during 3rd quarter of F.Y.2018-19 for Rs. 14,00,000/- (full value of the vehicle). We adjusted the book entry by reducing the depreciated amount from gross block against insurance claim. Apparently, during finalization of F.Y.2018-19, we reduced the excess amount of insurance claim received ( 1400000-1305000=95000/-) from our taxable income along with Dep. as per Income tax. But CPC added back this amount to our taxable income and calculated tax on it in our Intimation u/s. 143(1).

Please clarify how to rectify this.

Thanks