CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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rajesh gaikwad says : balance sheet
sir , my name is rajesh gaikwad , sir iwould like to know how i can get the balance sheet from IT dept or on line of any company or individual.its very imp tome please help me and write to me on my mail rajeshgaikwad777@gmail.com

Uteesh Dhar says : F&O accounting in Tally
Dear Mr. Bafna, I saw your short note on F&O accounting in one of the threads written by you way back in 2009. I am a qualified Textile Technologist and got interested in Tally accounting to write my personal accounts. From this year I have started dabbling in F&O. I would be very greatful If you can help me in writing my accounts of F&O in tally. If you can suugest a book on this. Expecting a reply.... Kind REgards Uteesh Dhar Ahmedabad

SANGHARSH PAWAR says : PROVIDENT FUND
WHAT IS THE PROCEDURE TO BE FOLLOWED FOR NON DEDUCTION OF P.F. FROM SALARY OF CONTINUING DIRECTOR ( I.E. WITHOUT RESIGNATION ) OUR ADVOCATE SUGGESTED THAT DIRECTORS HAVE TO RESIGNED TO STOP THE DEDUCTION OF P.F. AMOUNT. MY QUERY AS FOLLOWS : X PVT. LTD. HAS 4 DIRECTORS, COMPANY IS DEDUCTING P.F. FROM THEIR SALARY @12%. DIRECTORS ARE GETTING SALARY 1 LACS P.M.. NOW DIRECTORS ARE WANTED, THAT P.F. NOT TO BE DEDUCTED FROM THEIR SALARY, BECAUSE THEY ARE GETTING MUCH AMOUNT AS A SALARY. KINDLY EXPLAIN, WHETHER IT IS POSSIBLE THAT P.F. SHOULD NOT BE DEDUCTED FROM THE SALARY OF CONTINUING DIRECTOR / EMPLOYEES, IF POSSIBLE KINDLY EXPLAIN THE PROCEDURE TO BE FOLLOWED FOR THIS PURPOSE.

Kulwant Singh Khalsa says : Section 44AD
Sir, in the case of partnership firm running a reebok sport shop: - Total Turnover is Rs.2347000/- - As per agreement with reebok the firm has received minimum gaurantee(MG) for Rs. 1500000/- (apprx.) - Can i take MG as a part of turnover for computing profit @ 8% which works out to Rs. 3847000/- ?? - If i take 8% on Rs. 3847000/-(before salary & interest) which works out to Rs. 307760/- which higher than the book profit (after remuneration & interest)Rs. 259000/-(Profit) - Interest is Rs. 94000/-(Approx) & Salary works out to Rs. 322500/- - After deducting the said amount of Interest & Salary the Net Presumptive Profit is Rs.108740/- (Loss) - My query is that do the firm is required to do audit u/s 44AB?? And can the firm can file their return as per section 44AD?? And the main point is that as per books the profit is Rs. 259000/- and whereas as per section 44Ad is comes to loss?? Thank you sir.