Dear Expert,

Kindly guide for given below requirement :

Profession tax deduction from Incentive and Salary : We are already deducting a profession tax from the salary but we have not started to deduct from the Incentives. As per statutory norms we need to deduct the P.Tax from incentives also. In this case we have to combine the total amount of Salary and Incentive and then calculate the Profession tax over it. From salary, the tax gets deducted from system, while for Incentives we have to calculate the difference amount and deduct from the incentive and pay.This is to be implemented from April 2019 onwards, but since we have not done this compliance we will have to calculate the P.Tax for April and deduct it from May incentives of our employees. For May the new system will be followed.

Mallikarjun Shetty-Solapur (Maharashtra)
9423535956

MR.A FILED ASST-YEAR 2017-18 TAX AUDIT REPORT AS ON 27/12/2017. THE AO SENT TO NOTICE U/S 274 WITH SECTION 271 B OF IT ACT 1961
MR A ACCOUNTANT UNDER MEDICAL TREATMENT LEFT HIS SERVICE FROM JULY 2017WITHOUT FINALIZINATION ACCOUNTS. AFTER APPOINTED. ANOTHER ACCOUNTANT AND FINLIASIED IT RETURN FILED 27.12.2017.
HOW TO FACE THE IS NOTICE AND DRAFT LETTER MODELA WITH AFFIDAVIT AVOID OF PENALTY GROUND TYPE, WITH CASE LAW.
THANKS TO ALL

Hello every one, good morning,

I was paid TCS challan on 7 Jan 2020 and today I want to fill TCS return but challan is not update on NSDL and Traces web side.

In that case, could I filled return or wait for challan update?

Hi friends, Any one from Big 4 / MNC working for USA Companies... Pls help...
Salary is due but not paid in a US company. No tax is provided for. They continue to make provisions and claim it as an expense in Income statement but no provision for Tax. Salary is not paid. This is for owners so they did not demand salary to be paid as well.

They say salary is liable to tax only when paid in USA. So if you dont pay salary then it is not taxable.

In India salary is taxable as and when it is due or paid whichever is early.

I find this ridiculous, as i believe you cannot claim the salary expense if it is not paid and it escapes withholding tax as well.

But i could not pull the line item in their tax law where it says you either have to reverse the provision or provide and pay the withholding Tax. Pls help.

Hi Experts, I have a query related to Car leasing. In my company we have car lease policy, where employee can lease a car which is registered in the name of my organization. The EMI of Car lease (lease rental) is deducted by employer from my salary, hence it never comes to my bank account. Which gives benefit of not paying tax of EMI amount.
Now I terminated the Car lease by paying some x amount. I want to sell this car to third party now. As the car is in name of my employer and will directly be transfer to third party, my name won't come in RC transfer process.
I will, however, get money for selling car which will be say x+y. This x+y is less the x+EMIs I paid. However, I don't have record to show EMIs I paid as it was deducted by employer. The car was used for both official and personal purpose.
Do I need to pay tax here? if yes on what amount and how can I show in ITR ?

Thanks in advance.

Details of cash and bank receipts/ payments are required to be given. How contra entries for cash deposit in bank or cash withdrawals from bank are to be treated while giving this information? Will deposits from cash to be shown as payments in cash and receipts in bank?

i want to learnhow to download balance of unlisted company.as i am making a project on rotomac scam and want balance of that company

Dear Sir,

I have received a mail from ICAI after submition of form 107 for extra days working 10 Days. But ICAI return my form by written a mail as below:

Supplementary Deed Request send back for correction
Inbox
x

noreply@icai.org via tcsion.com
Dec 24, 2019, 12:08 PM
to me



Dear SUDHANSHU SHEKHAR KANCHAN

Your Form 107 has been sent back for correction by the regional office with remarks FRANKIN COPY NOT SUBMITTED.

Kindly visit ICAI Self Service Portal for further details.

Regards,
ICAI


But I am unable to uderstand a words (FRANKIN COPY NOT SUBMITTED).
Please help me to understand the above break word FRANKIN COPY.

With Thanks & Regards
Mr. Sudhanshu Shekhar Kanchan

Sir
I have applied for cancellation of certificate of registration of GST but till now it is not cancelled. I want to close my bank account in the name of proprietary firm. Can I close it ?. Pl advise. Is there any consequence of it.
Regards
Sanjay

Hello,

I need some advice from the real life experiences i am facing.

My dad had a proprietory firm from 30 years. I am an MBA by qualification and I was working with my dad from the past 15 years. We both were handling the firm very well. But suddenly last year in April my dad expired due to cardiac arrest and the entire office work load came on me.

I tied up with a CA who is well known to me and we made an arrangement in which all the audit work in which signature of CA is required will be done by him. The sharing is 50% in this and the staff employed will be mine. All the audits got completed in time and returns were filed timely. Some of the existing clients went away as they had more trust on my dad since he was a CA.

Now at present there is less work for me and the 2 staff employed with me, I feel the need of only one. But if I remove one of them then next year audit will get into problem as 1 staff cannot handle everything.

My problem is after sharing the audit fees with the CA and after deducting other expenses like salary, electricity, office expenses there is not much left for me in Profit incase of running the firm.

I also have a Payroll Outsourcing business in which 2 of my clients also do tax audit with me. In payroll work my profit is taken in different entity and this work is done entirely by myself and there is no sharing of this work with CA but if I sell the firm I fear the client might go from me.

Can anyone here suggest me what course of action I must take now. Whether to sell the firm or keep on running like this with not much margin in audit work. I want to think on long term basis as I am only 35 now. My only interest is in Individual returns and Payroll work as CA sign is not required.

Thanks,