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Kunjan

14 February 2026 at 13:34

Posted On : 14 February 2026

Surcharge on pvt discretionary trust

143(1) levied strange 10 or 15% surcharge on pvt disc. trust having just 7 lakh interest income,

i thikn its taxed at MMR, thats y?

not sure,

Rahul Singh

14 February 2026 at 11:23

Posted On : 14 February 2026

In Reply To :

Updated return in budget 2026

Sir
What about tax latest fees interest penalty I have paid around one lakh total tax will be adjusted if any scrutiny notice came or total tax is lapsed

Suresh S. Tejwani

14 February 2026 at 11:09

Posted On : 14 February 2026

Surcharge on TDS on sale of property

Seller is NRI, buyer is resident, sale value of property is 95 lakhs, how will be the surcharge calculated on the same, when we do not know the total capital gain/ total taxable income of the seller.
How much will be the total TDS to be deducted?

Aashok Kumar Sharma

14 February 2026 at 04:46

Posted On : 14 February 2026

In Reply To :

GST on MGNREGS

MGNREGS contract work is treated as works contract service.

GST should be:

12% (6% CGST + 6% SGST) on total contract value.

28% on cement is applicable only if cement is supplied independently, not as part of works contract.

TDS @ 1% CGST + 1% SGST deduction by Executive Engineer is correct under GST-TDS provisions.

Aashok Kumar Sharma

14 February 2026 at 04:45

Posted On : 14 February 2026

In Reply To :

Journal Entry on Foreign currency payment

1. If Payment is for Expense
Dr Expense / Asset A/c USD 94,880.99
Cr Bank A/c (USD) USD 94,880.99
2. If Payment is Against Existing Payable
Example:

Suppose payable recorded earlier at USD 92,000

Now payment made USD 94,880.99

Difference = 2,880.99 (Forex Loss)

Entry:
Dr Accounts Payable USD 92,000
Dr Forex Loss USD 2,880.99
Cr Bank USD 94,880.99

Since reporting currency is USD:
All transactions must be translated at spot rate on transaction date.
Bank (INR) must be translated to USD equivalent.
Any exchange difference goes to P&L.

If Bank Account is Maintained in INR Ledger

Then in books:

You will maintain:

INR Bank (in USD books)

Record USD equivalent.

At period end, revalue INR bank balance at closing USD/INR rate and recognise forex gain/loss.

Final Journal Entry (Standard Case)
If fresh payment and no prior payable:
Dr Expense / Asset A/c 94,880.99 USD
Cr Bank A/c 94,880.99 USD
(Being 80,000 EUR paid, converted via INR to USD at applicable rates)

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