Hello,

My query is related to exchange rate.

how to book exchange in Africa region book keeping where exchnage rate is fluctuating rapidly.

For eg: exch rate 01.01.2023 - 6/ usd and Exch rate 31.12.23- 12/usd.
this way, if m booking forex then its showing huge forex loss in books.

Which is best website for exchange rate.

I am converting only Balance sheet items like Foreign Creditors/Debtor and USD Bank Loan.

Is this correct way?

Second) Same way Land which was also bought in USD on 31.12.22 @6, can i book exchange rate on this land also? or only way is revaluation?
we have done revaluation in May 2024, but I want to take the revaluation as on 31.12.23. is it possible?

Thanks in Advance

Good morning sir/s,
One assesee couldn't filed the correct return, he couldn't able to produce the evidence against his claims under chapter VI A, for the same year Income Tax Authorities issued notice under section 133(6) calling information,
can we file updated return of said employee against notice issued by IT Department under section 133(6), and can we file the reply along with updated return computation,

assesee is ready to pay the tax including additional tax there on,

please guide me, how to suggest him

Dear Experts,

For the purpose of calculating surcharge @ 10% on Income exceeding 50 lacs, how long term capital gain on listed shares eligible for 100000 exemption is to be considered?

Foe Example Total income from all the other sources is 48.50 lacs and Long Term Capital Gain on Equity is Rs. 2 lacs( without considering exemption of Rs. 1 lac). Here, total income becomes 50.50 lacs although Tax is to be paid on 49.50 lacs. Is surcharge applicable subject to marginal relief?

Please advise.

Thanks and regards

Sir, I have query kindly resolve this, for Example Mr. A GST Registered Taxpayer has sold Open plots to buyers which is exempt as per GST. But, My query here is, May I need to show that Exempted Sales in GSTR 1 or Not ?

1) Bonus Paid to Factory Worker Comes Under Which Head Direct or Indirect?
2) Overtime Paid to Factory Workers Comes Under Which Head Direct or Indirect?
3) Leave Encashment paid to Factory Worker comes under which head direct or indirect ?
4) Payment done to Outsource Technican for Installation of Site Equipment
5) Payment done to Municipal Corporation towards tax

EK SHOP JO GST MEIN REGISTER HAI
SAME CITY MEIN USKI 2 ADDITIONAL BUSINESS PLACE HAI
JO HAME GST PORTAL PAR ADD KARA RAKI HAI


KYA SABKI BRANCH WISE ACCOUNTING KARNA MANDOTORY HI HAI EK JAGAH SE HI SALE PURCHASE KAR SAKTE HAI


PLZ REFER SECTION

THANKS IN ADVANCE

I am having Income from Business & so i am filing ITR 3 for FY 2023-24

My Tax Liability under both Old and New Regime is Nil

But ITR form is showing New Tax Regime as default regime. For Opting out of new regime, i have to file form 10-IEA ?

In all earlier years i have filed return under Old regime.

If I file return for FY 2023-24 under New regime , Can i Switch to Old Tax Regime in future Financial Years. ?

Issue pertains to FY 19-20 where client has two GST registration one in Delhi another one in Karnataka, now goods sent to FBA warehouse in Karnataka state but this hasn't be shown on GST portal as interstate sale movement, and IMP igst input is directly claimed in Karnataka state, annual return has already been filed without showing this interstate stock movement.

Now notice has been received from Karnataka GST stating no input available in 2A for that FY and demand has been raised. Now what can be done, how can it be resolved now. Any help would be appreciated

Please help to resolve the below issue

Travel Concession or assistance [section 10(5)], House Rent Allowance [Section 10(13A)]

T_FV_6354 If 'N' is selected for field 'Whether opting for taxation u/s 115BAC? OR Whether opting out from taxation u/s 115BAC(1A) (Applicable from FY 2023-24 onwards) [Yes/No] ', then no value should be specified under this field for statements from FY 2023-24

Can any body tell me what is the tax payable in this situation I don't know how to set off on the portal tax payable cgst - 29795 sgst - 29795 igst - 0
Itc opening balance - igst 4223
Current month itc - igst - 24949 cgst - 3210 sgst - 3210 please tell me and solve it