Tax Slab for Senior Citizen AY 2023-24

All the changes proposed would be effective from AY 2024-25, i.e. FY 2023-24.

You can continue with old tax regime as prevailing now, if you wish to invest more in exemption schemes.

There is new scheme and old scheme, both available at the option of the tax payer. You can claim all the deductions under old scheme, and invest in post office deposits and other investments now.
But I would suggest to see under which regime are you getting a lower tax, go for that and then accordingly make the decision to invest or not.
You can reach out to me at pathans.8910 @ gmail.com

Mailnyour details to admin @ easyaccountingaudittax.co.in

@ honourable Dhirajlal Lal sir ,


as per Accounting and finance concept whatever ends having closing balance that is the opening balance of next year it's very clear for me...

... for an example if I am having opening stock rupees 10 lakh my purchases is 3 lakh and my sales is 4 lakh so the closing stock will be 9 lakh this is correct assumption

some people's making Trading account closing stock is more than opening stock.. this is correct manner???


could you please guide me the opening stock closing stock as per Accounting how we should have to show in final accounts

"...for an example if I am having opening stock rupees 10 lakh my purchases is 3 lakh and my sales is 4 lakh so the closing stock will be 9 lakh this is correct assumption..."

NOT CORRECT.   HERE THE CLOSING STOCK IS TAKEN AT ACTUAL LYING ON THE SHELF.

IF YOU TAKE IT AS 9 LAKHS, THERE WOULD NOT BE ANY PROFIT.

"... some people's making Trading account closing stock is more than opening stock.. this is correct manner???"

CLOSING STOCK IN ACTUAL MAY BE MORE, SO WHATEVER IS ACTUAL THAT IT TAKEN, IT MAY BE MORE OR LESS THEN OPENING STOCK.

ONLY THING IS CLOSING STOCK OF ANY YEAR (IS CARRIED FORWARD) IS SAME AS OPENING STOCK OF NEXT FINANCIAL YEAR. (BOUGHT FORWARD)

 

@ honourable Dhirajlal sir, 

Opening stock+ purchases- sales= closing stock

 

Iam I right this formula we can use

Check in it where is Gross Profit??

 

In the trading account, the cost of goods sold is subtracted from net sales for the period to calculate gross profit.

In another words..

[Sales +Closing stock] - [Opening stock + Purchases] - [expenses, if any] === Gross profit.

DHIRAJLAL SIR IS RIGHT.