ITR Penalty for Fuel Dealers Yes, there are ITR Penalty for Fuel Dealers. The penalty depends on the amount of tax due and the reason for the delay. If the delay is due to the fault of the fuel dealer, the penalty is 5% of the tax due or ₹20,000, whichever is higher. If the… Read More »
Affordable Housing Projects The deduction is available to first-time homebuyers who take a home loan for the purchase of an affordable housing projects. An affordable housing property is a residential property whose stamp duty value does not exceed Rs. 45 lakh. The maximum allowable deduction can cappe at Rs. 1.5 lakh per financial year. It… Read More »
Bookkeeping method The weighted average cost method is the most common bookkeeping method for tracking fuel inventory. This method is relatively simple to use and provides a fair approximation of the actual cost of the fuel sold. To use the weighted average cost method, you first need to calculate the average cost of all the… Read More »
ITR dedline for Fuel Dealers The ITR dedline for Fuel Dealers varies depending on the type of fuel, the state or territory, and the oil company. For example, the due date for the payment of VAT on petrol sales in Gujarat is the 12th of the following month, while the due date for the… Read More »
Exemptions for electric items Yes, there are some specific Exemptions for electric items and deductions for electrical items sales and services under the GST law. Exemptions 1. Sale of electrical energy by an electricity transmission or distribution utility. 2. Supply of electrical goods to a government department or a local authority for its official… Read More »
Statutory Audit for Sales & Services Sure, the due date of statutory audit for Sales & Services is 30th September of the subsequent financial year. For example, if the financial year of a Sales & Services business is from 1st April 2023 to 31st March 2024, then the due date for the statutory audit is… Read More »
Tax Audit for Construction The due date for filing the tax audit report for the Construction Works & Materials industry for the fiscal year 2020-21 is January 15, 2022. This is the same due date for all other industries. However, if the due date falls on a Saturday, Sunday, or a public holiday, the deadline… Read More »
Balance Sheet for Construction Balance Sheet for Construction work-in-progress (CIP) is a long-term asset account that tracks the costs of a construction project that is not yet complete. The CIP account includes the cost of materials, labor, and other expenses incurred on the project. Once the project can complete, the CIP account is transferred to… Read More »
Late Filing Penalties Yes, there are penalties for late filing of Sales and Services returns under the Goods and Services Tax (GST) in India. The penalties are as follows: 1. Late filing fee: A late filing fee of Rs. 100 per day is charged for each day of delay, per act, per return. The maximum… Read More »
Computer repair expenses In the context of a computer repair and maintenance business, several specific expense categories can be identified. Computer repair expenses are directly related to the operation of such a business and are essential for maintaining its efficiency and functionality. 1. Tools and Equipment Costs: Computer repair and maintenance businesses require… Read More »