A PARTNER HAVE HAVE CREDIT BALANCE IN HIS CAPITAL ACCOUNT RS.1500000 . HE WANTS TO WITHDRAW IN CASH FOR HIS PRIVATE PURPOSE RS.400000. IS IT PERMISSIBLE UNDER SECTION 269SS,269T AND 269ST OF INCOME TAX ACT

As we are aware, TDS@30% is applicable to all prize money won on the KBC game show u/s 194B(Old Act).

It may also be observed that every contestant appearing on the show is provided with certain complimentary gifts, such as Desi Ghee and a gold coin.

Out of general curiosity, I would like to know whether the show's producers are required to deduct TDS on the Ghee and gold coins given away for free as well, and if so, under which section...???

In my opinion (I may be wrong) Desi Ghee and gold coins may not fall within the category of "Winnings from Game show", since they are not awarded as a prize for winning the game but are provided to every contestant irrespective of the outcome.

I would appreciate clarification on the applicable TDS treatment of such complimentary gifts,

Applicability of Tax Audit u/s 44AB in case of Pvt ltd Company having Professional Receipts of ₹23 Lakh and Loss of ₹35 Lakh :
Whether the company is required to conduct a tax audit under Section 44AB of the Income-tax Act, 1961?
Does the business loss of ₹35 lakh, by itself, make the company liable for tax audit under Section 44AB?

If Section 44AB is not applicable, is the company required only to:
prepare and file its income-tax return (ITR-6); and
conduct its statutory audit under the Companies Act, 2013?

Where do Trust is classified in Individual, Company or HUF

Dear Experts
I had salary and business income in FY 2023-24, so I filed ITR4 and submitted form 10IEA for opting old regime .
In FY 2024-25, I had only salary income. So I opted new regime without submitting form 10IEA.
In FY 2025-26, I had salary and business income again. So I filed ITR4 continuing new regime as I opted it last year. But income tax department now seeking a clarification for not submitting form 10IEA again this year. They are saying that this year income will be treated as per old regime since business income is there.
I am hopefully looking for your kind advice about how to respond to this query.

whether TDS 194-T is applicable to small partnership firms also , who is not covered under Tax Audit criteria ?

Hello

Do we require Consolidated financials to be attached in ITR 6 or standalone is fine??

Regards

Sir, I have a kirana store where I sell rice, which is exempt from GST, along with other taxable items. I also purchase exempt goods such as rice and make exempt sales from those purchases. At the same time, I purchase taxable goods and sell those taxable goods separately, charging GST as applicable.

In this situation, do I still need to reverse ITC proportionately on account of exempt sales?

Until now, I have not been making any proportionate ITC reversal because I purchase exempt goods separately and sell those exempt goods as exempt, while the taxable purchases are used for taxable sales and are reported separately in GST.

Please confirm whether my understanding is correct.

My kindest regards to you sir
One of my clients has filed tax audit report and ITR for the fy 2025-26 but he has not paid RCM on Rent paid/provided. Please advise me what to do in such a case. Someone has advised me to pay the total RCM latest by 30th Sept and claim RCM in 3-b latest by 20th Oct for the month of Sept. Will such an RCM payment be treated for the financial year 2025-26

assessee is partnership firm following wdv depreciation method. (same like income tax return)
there are 3 offices having wdv 35 lakhs.
one office is sold for 90 lakhs
closing wdv cant be negative in books,

my q--> should i make wdv nil in books also in bal sheet? inspite of 2 existing offices, how can bal sheet have no fixed asset?

my view--> prof loss will have book gain of 55 lakhs .
but how to show 2 offices in bal sheet ? the whole building block becomes nil in value..so cant show exisitng 2 offices also in bal sheet right?
little confused,
regards, ca kunjan, 9222 922 92