Prince Baraiya

Chartered Accountant. Good with numbers. Curious about psychology, computers & science. Attention span: variable.

[Prince Baraiya @Prince_ab30]

@RubyAnsari_RA We should also have Narration guidelines for banks to have standard statements across all the accounts. Also we need standard Invoice format for all the suppliers across nation. It would really speed things up for accounting and analysis.

[Prince Baraiya @Prince_ab30]

@CAHimankSingla We don't use any cloud service. But we use Synology NAS. Everything worked on gets daily backed up on 3:00 AM night. It compresses same data hence, even though our data size in around 2TB, and Backup drive has around 4TB we have upto 7 days of data.

[Prince Baraiya @Prince_ab30]

@CAHimankSingla It is just complete opposite motive of smaller the scale lesser the compliance.

[Prince Baraiya @Prince_ab30]

@CAHimankSingla That provision doesn't sit right with me.
As per provisions, if T/O is < 3 Crores, and profit is less than 6/8%, then audit is required. Suppose cash trans are <5% and turnover grows to up to 10 Crores then even if profit is less than 8%, audit is not required.

[Prince Baraiya @Prince_ab30]

IT Utilities were released so late this year yet ITD could not add one field in their CPC Processing, the field given by them in ITR Forms released by them.
Received multiple notices where 43B(h) amount disallowed in preceding year, allowed in C.Y. is processed incorrectly.

[Prince Baraiya @Prince_ab30]

IT Utilities were released so late this year yet ITD could not add one field in their CPC Processing, the field given by them in ITR Forms released by them.
Received multiple notices where 43B(h) amount disallowed in preceding year, allowed in C.Y. is processed incorrectly.

[Prince Baraiya @Prince_ab30]

@CAAditiBhardwaj Why to go for 44AD?
Tax audit still might not be applicable upto 10 crore as depending upon other business transactions, F&O business wouldn't have cash transaction>5%, making limit for audit 10 crore.

[Rejection Candle @rit26537187]

Abolfazl Amoui, spokesman for the National Security and Foreign Policy Committee of the Iranian Parliament says Iran is ready to use weapons that it has not used before and we have a plan for all scenarios if Israel escalates

Now this is really really concerning!!!!!!!! #markets

[Prince Baraiya @Prince_ab30]

@BadrinathSimha @Triyambak_CA @abhishekrajaram However, if we are exporting or selling to SEZ, we can avail avail ITC on input used for such supply irrespective of such goods/service being exempt supply. (2/2)

[Prince Baraiya @Prince_ab30]

@BadrinathSimha @Triyambak_CA @abhishekrajaram I believe these last words are to be understand with section 16(2) of CGST Act, which states ITC on input used for exempt supply cannot be availed. (1/2)

[Prince Baraiya @Prince_ab30]

@iamrahulag @neerajarora91 @caparveensharma Read case study from exam and digest carefully. For Q4.6i in exam, it is subject to benami property transaction act because consideration includes amount paid from unknown source, However that's not the case in digest. So, naturally exact answer would be wrong answer