we are doing a business of providing manpower to some government agencies.......due to late remuneration received from such government agencies.... most of the epf and esi payments were paid later than due dates..can we claim deduction for penalties paid for these late payments under section 37...

Case law : ABC company has an amount of 2 crs in the name of mutual funds in its balance sheet . the company transferred this amount by cheque to xyz trust which is unregistered as a corpus donation .
Query is : 1. whether corpus donation of the trust be exempt or taxable in its hands. and if yes which head ?
2. reasons for the same .
3. Trust shall file its return in itr form no . ?
Please reply asap .

I am a newly qualified CA.

Me and Other 2 Friends thinking over to start partnership firm all at different places/states.
Karnataka
Maharashtra
Goa

2 of us Recently Registered as Member of ICAI
1 of us is having a membership & proprietorship firm since 2016.

We will be having our own practice in our places, making Partnership just to Gain more work(Like Bank Audits, PSU Audits, Tenders etc)

Will making Partnership Firm give us Edge over Grabbing Work? Also What more we gain when we do Partnership over Proprietorship?

Dear Experts,

Can we avail ITC on Gift (Blanket) to be given to employees on diwali?

Value is below 50 K.

Please advise

Rakesh Sharma

I have recently enrolled as member of ICAI and I have COP as well. Further, when I am trying to register on Income tax e-filing site under user type as Chartered Accountant, it says that the membership number doesn't exist.I have already updated by PAN on ICAI self-service portal. On calling Income Tax personnel they told me to contact ICAI. Further, ICAI personnel is not reachable.

Please help!!

Dear Sir/Madam,

Is there any sample format for issuing statement of salary & allowances and taxes deducted if any to an employee who left in the middle of a Financial Year as Form 16 will be available only after Annexure-II is filed after end of the FY. The employee needed it to submit it to his next employer. Thanks in advance.

If Matured RD (Recurring Deposit) and amount transfer in saving account, how to pass entry in tally, and in which ledger head and under group

Sir/Madam,
Bought a Car Battery can I treat Battery as my Fixed Asset

ONE OF OUR CLIENT UNDERTAKING CIVIL CONTRACT WITH GOVERNMENT BUILDINGS. THEY HAVE NOT REPORTED THE TURNOVER IN THE GST DUE TO INCOMPLETION THE PROJECT FOR THE FY 2018-19. PAYMENT RECEIVED ONLY BASED ON THE M BOOK. STILL THE PROJECT IS UNDER PROCESS. BUT TDS DEDCUTED BY THE GOVERNMENT DEPARTMENT AT THE TIME OF MAKING THE PAYMENT. HENCE, PLEASE LET ME KNOW HOW TO FILE THE INCOME TAX, WHICH FORM TO BE FILED.

KINDLY CLARIFY.

I HAVE PAID TDS CONTRACT AND TDS PROFESSIONAL FEES BY SEPARATE CHALLAN ON 07.09.19
BUT THE CHALLAN NUMBER GENERATED FOR BOTH IS SAME -SBI REF NO AND BSR CODE ARE DIFFERENT BUT TDS RETURN ACCEPTS ON LY CHALLAN NUMBER.

TDS RETURN IS NOT ACCEPTING SAME CHALLAN NUMBER FOR BOTH THE PAYMENTS.

WHAT TO DO ?