M
M K Gupta
I am treasurer of a residential apartment association. The data corresponds to FY 19-20.
Income:
FD interest of about 8 Lakh and bank deducted 10% TDS.
Collection from members: 32 Lakh
Expense:
Repair and maintenance + common expenses security, electricity, etc: 38 Lakh
Advance Tax: Rs 10000/
ITR not yet filed.
How to calculate Income TAX amount?
How to show TDS deducted by bank, Advance tax and actual income tax in Balance sheet and income expense report?
Facebook
Twitter
Linkedin
Dear Sir,
You need to get your accounts audited from a CA and he can prepare everything for you. You can also call me for any further discussion.
Thanks & regards,
CA Dhiraj Satnalika
dsatnalika@gmail.com
8826016982
I would suggest you to take a consultation with us to discuss things in detail.
If you need professional assistance feel free to contact us at canamanmaloo@gmail.com
Greetings for the day!!!
In my opinion, in case you are talking about an housing society then:
1. The income from way of contributions from the members less the expenses on such activities will be deductible under section 80P.
2. FD interest is taxable. There is view that if the housing society maintains FD with co - operative banks then tax is not chargeable on such income.
3. TDS and Advance tax has to be shown as asset in the Balance if the same is refundable as per final tax computation. Otherwise a provision for tax will be created and it can be transferred to such account.
However before finalizing it is advisable to consult a professional for better interpretation of facts.
For any help or advice contact on 9587334442 or rakshit1192@gmail.com
T&C applyK
Kishore Gmk
Do I have to pay GST while selling Gold or Silver?
As individual No. If its business asset then yes!
CA Rakshit Jain 14 Aug 2020For any help or advice contact on 9587334442 or rakshit1192@gmail.com
T&C applyS
Siva
I looking forward to start an ecommerce business, what is the best approach to start?
If you are talking from the perspective of taxation you must consult a professional and take his assistance to understand as to what all registration would be required.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com
Dear Sir,
Its a good idea. Few more details are required to suggest you better on this. You can call me for any further discussion.
Thanks & regards,
CA Dhiraj Satnalika
dsatnalika@gmail.com
8826016982
M
Mateendra Singh
I installed a Hitachi ATM ..per day i deposit 2 lakh cash in ATM . Customer withdrawal money .i earn 2-3 rupees per transaction.what is my turnover?
If it's just an ATM your income would be your commission but you need to have proper documentation to prove it to income tax department.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com
D
Dhrubojyoti Ray
How is CWIA or Capital Advances reported in the Cash flow statement under investing activities & how is it negative or positive? Thank you! :D
