We have two designated partners in our LLP. we want to pay regular monthly remuneration to the partners (this is not profit sharing). How do I record this on journal entry? we are using Zoho books.

I tried to categorize the transaction on banking tab as money out->owner's drawing->drawing (journal entry is owners drawing dr and bank account cr) but it reduces the share capital (equity) in balance sheet. since the remuneration paid is more than the initial capital, currently share capital is showing in negative which I think is not correct.

Can someone please help me resolve the issue? the objective is to pay monthly remuneration to the working partner and deduct it under profit and loss as per section 40 (B).

Thank you

what clause should be put in JDA / GPA so that capital gain is not realised on the date of signing JDA/GPA.

as per the new rule is only the payment of capital gain pushed to year of obtaining OC or even the transfer date is pushed. This causing a problem in treating asset as long term vs short term.

Hi,
While preparing GSTR 9 it has been noted that ITC has been availed on blocked credits, now since the specified period has passed, the same has to be reversed via DRC 03. After reversing the same where should we report the ITC so reversed, Should it be reported in Table 7 Details of ITC reversed and ineligible ITC for the financial year or in Table 12 Reversal of ITC availed during the FY. or Should the same be reported in GSTR 9C Table 12 as unreconciled ITC Since the credit has been not taken in Books of Accounts?

Say my father invested 'x' amount of rupees in REC 54 EC bond in 2020. He was the first holder and I was the second holder. There were no other joint holders. My father used to get 'y' amount of interest per year from the said bond and this amount used to get credited in his own bank account (my mother was joint holder in this bank account). My father died in December 2023. Now, if I perform transmission of the said bond in my own name and own bank account number, it is clear that from now onwards, the aforementioned 'y' amount of interest from the bond will start getting credited in my own bank account and I have to pay income tax on that. My question is: On maturity, when the invested principal amount will get credited to my own bank account, will I have to pay income tax on this principal amount?

Is it mandatory to do MOU between hospital and TPA(Insurance companies) on stamp paper?

Principal Manufacturer is in Maharashtra & Job Worker is in Gujarat. Principal Manufacturer sells goods directly from the business premises of the Job worker in Gujarat, without bringing back to its own premises. The principal manufacturer is registered under GST provisions only in Maharashtra. Whether he needs to obtain registration in Gujarat as well? The job worker is registered in Gujarat.

Dear Experts,

I submitted my Form 109 on 25-01-2024 and it shows the status "Awaiting Competent Authority Approval" but it's still not approved my due date for submitting Form 103 only has 3 days left as I showed in Form 109 transfer date 16-01-2024. so kindly give me your advice on what should I do. whether file form 103 while my form 109 is still not approved? I already called the help desk but they all told me to wait further I did raise a ticket but in the response, they said to wait for approval, please I need your advice.

IF PROPERTY PURCHASED FROM NRI AS ON 01/01/2024 AND TDS IS DEPOSITED AS ON 06/02/2024 IS THERE ANY INTEREST APPLICABLE IN SUCH CASE?
AND IF TDS RETURN OF FORM 27Q CAN BE FILED BEFORE THE END OF QUARTER 4 OF F.Y.2023-24?

One of my client had invested in Category 3 of AIF last year, and have redeemed the amount in current year. During that period the fund house had shown income generated from liquid funds net of TDS & also on redemption the fund has deducted TDS and have remitted the proceeds to bank account. I want to know how Net return on capital contribution will be taxed in the hands of Investor.
Will it be taxed at 15% as short term or some other ways?

Dear Experts,
1 A company,which is located in a state (ex TN), is availed the leasing of office building service from the service provider.
2 The service provider is located in Maharastra state.
3 Also the place of supply is within the Maharastra only.
4 The service provider is raised the E-invoice
5 The query:
In the E-invoice, the company's(Service receipent) GSTIN mentioned with TN Statecode.
In the said invoice, the GST Components shown as CGST and SGST
Is it possible to raise the e-invoce with 2 different state code with CGST +SGST