Source of income of a non-profit making entity like a housing cooperative society is only its members' contributions. The society invests a portion of such contributions in bank fd in a certain financial year and shows it as asset in the balance sheet of that year. The fd matures next year and is reinvested, both original capital and interest together. The matured amount is again shown as asset in that years's balance sheet.
Now, the problem is if the interest earned on the original capital is not included in the liability side of the balace sheet, the two sides (liability and asset) are not matching.
Should it be done so and will it be in conformity of accounting procedures?

I have just started as a unemployed engineer contractor at PWD (civil contractor business) maharashtra , and now i require ITR for further process such as GST no. Registration , DSC Certificate and tender filling . But i don't have any income till now , so what to do now . Please help me with a solution .

Dear Expert

We are manufacturer and sending the Job Work under the GST with DC and e way bill.

We are insisting our job worker to send the documents with the material as below.

1. Delivery Challan showing material value qty etc
2 E- way bill raised by us against his DC
3. Job Work Invoice.

But our Job worker sending the following
1. Job Work Invoice
2. Our DC

We have advised him to mention Material value in your Job Work Invoice then only it is correct but he is not ready to mention material cost in Invoice and asking for show me the Law notification.

Kindly advise in this regard

if i m individual and i was not director in any company in past but i have unlisted shares should i have to mention in ITR ? or is this only for who were director in company ?

DEAR SIR,

ONE OF MY CLIENT LEASED HIS COMMERCIAL PROPERTY OF RS. 300000/-. NOW MY QUESTION WHETHER GST APPLICABLE ON LEASE PROPERTY. BECAUSE HE IS NOT RECEIVED ANY RENT FROM HIST CUSTOMER.

PLEASE CLARIFY ME

REGARDS

Dear Experts,

One of my client; a partnership firm, Say Firm A, of a husband and wife; had constructed a hotel building. Now another hotel group (a Company Say B Ltd) came with a proposal to run the business in a partnership Say Firm C. Since the partnership cannot enter into another partnership, the partners (Firm A) in their individual capacity had joined in a partnership with B Ltd. B ltd's Proposal is to take the Hotel on Lease by Firm C and pay Lease Rent @2 Lakhs per month to Firm A and equal sharing of profit from Firm C to the partners of Firm A. But B Ltd also proposed the Hotel should be fully furnished. And they want Firm A to take registration under GST now; So that Firm A can take Input Tax Credit of further purchases like Air Conditioners, Beds, Cots, Electrical Equipment and Lights, Generator and other such Plant and Machinery. And Firm A had got themselves registered under GST. And bills were issued for further purchases, but Lease Rent had not started. My doubt is on how to take IPT? Since the goods will form part of Fixed Assets of Firm A, whether IPT can be claimed as IPT on Capital Goods? But B Ltd is of the opinion that IPT can be claimed at a stretch, i.e monthly basis as a whole. I think it can be taken as 60 Months IPT (12*5 Years). Please help me to sort this out

Hi,

I just want to know earlier i have invested of Rs.5,00,000/- at some Life insurance company. after 5 years i had received Rs.6,00,000/- as maturity of policy.

Please suggest me what is taxable amount ?

Regards,
Arun Kumar
Email:arun.rout86@gmail.com

Dear Sir,
Whether medical expenses incurred on wife treatment are allowed as deduction or not ? If yes then how much and under which section ?

Two Business are running with Same PAN No. One is Registered in GST with its Trade name , but other is not registered in GST, due to engaged in Fully Exempt and Non GST Supply. MY query is That For the purpose of GST Audit , Is aggregate turnover includes the turnover of business not registered under GST.

Whether the dividend received from a mutual fund is taxable or not ?