I understand there is a drastic change in the Income Tax as per the new budget (2023), recently announced. It is not clear how this is going to impact Senior Citizens like me.
Kindly enlighten me - what is the tax slab, are there no usual deductions, like, 80C, 80TTB, 80D etc.? Is there no point in opening SCSS Post Office Deposits, Mutual Funds, offering donations etc.?
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.
"...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.
CAclubindia
