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Recent

Recent Questions

Question added Apr 13, 2024 Income Tax By Rajendra Kumar Gupta , CA , Gorakhpur

answers

530 views

Q. 26QB Challan - 26QB Challan is not being generated

Question added Mar 06, 2024 Income Tax By Akhilesh , Ghaziabad

answers

1484 views

Q. Tax Liability on payment of Gratuity - If Pvt sector Employees after completing the period of 5 years, resign from the organisation then what would be the taxliability on payment of gratuity, if there is no approved fund.
Company is just making the provisioning on gratuity in the books of accounts and not creates any gratuity fund in any bank or institutions

Question added Mar 05, 2024 Income Tax By Yash Dhadiwal , CA , Ahmadnagar

answers

1499 views

Q. Using the work orders of another entity - Can a private limited company use previous work orders of a sole proprietorship entity after its acquisition for securing new tenders as it is a prerequisite for securing new tenders. Hence private limited company is thinking of acquiring sole proprietorship as it has previous work orders

Question added Jan 27, 2024 Income Tax By Amit Jain , CA , Ganganagar

answers

2630 views

Q. Reissue Refund of Closed Partnership Firm - How to get refund of Closed Partnership Firm in partner Account, in which assessment has been made & refund failure due to account closed.

Question added Jan 15, 2024 Income Tax By sanjay kumar singhal , CA , Balotra

answers

2718 views

Q. section 43B(h) - Provision of 43B (h) applied or not if payment to wholesale and retail traders after 45 days. Please guide to us

Question added Jan 13, 2024 Income Tax By Pradeep Kumar Sarangi ,B.Com , Cuttack

answers

2187 views

Q. TCS os sale of Fly Ash - Whether tcs is applicable on sale of Fly Ash as per Income Tax Act u/s 206C ?

Question added Jan 06, 2024 Income Tax By Kollipara sundaraiah

answers

2257 views

Q. Limit of cash on hand sec 44ad person - A person itr filed sec 44ad provision as per it act f.y.22-23 .but cash on hand rs:15 lacs as on dt:31-03-23.doubt: limit provision applicable cash on hand and penalty imposed in it act.

Question added Dec 20, 2023 Income Tax By Rahul , CA , East Delhi

answers

2282 views

Q. Long term capital gain - Hi,
I sold some shares, resulting in long term capital gains. I want to use most of the sale proceeds in buying a new home for tax exemption. This will be my first property.
Which of the following from the below list are eligible to be claimed for tax deductions, assuming I will have GST bill for below services:

1. Interior decoration on walls - is there any limit to this? because this can range from 1 lakhs to 50 lakh as well
2. Furniture like sofa, tables, cabinets
3. Paint on walls
4. Improving security - additional steel gates in balcony (over existing glass door) and main house entrance door (over existing wooden door)
5. Decoration like Swing chair for balcony
6. Solar panel on roof for electricity generation

Question added Dec 14, 2023 Income Tax By Kollipara sundaraiah

answers

2217 views

Q. Un secured loans hug amount sec 68 provision applicable - it assessee cash loans from different person rs:19000/- *40 different persons total rs:7,60,000/-
Cash loans from different persons rs:18000/- *20 members rs:3,60,000/- amounts received after rs:15 lacs cash deposit in bank sb account for son Visa purposes.
Doubt:
Assessee unsecured loans huge amounts sec 68,69 provision applicable in it act.

Question added Nov 19, 2023 Income Tax By Kollipara sundaraiah

answers

1332 views

Q. Gift transactions from relatives allowed different dates - If it assessee cash gift from relatives from different dates detailes mentioned below f.y.23-24
1. Cash gift from Husbands brother rs:180000/- dt:10-09-22 through on cash mode
2.Cash gift from mothers brother rs:170000/- dt:10-06-23 through on cash mode
3.Cash gift from brother rs:195000/- dt:25-05-23 through on cash mode
Query:
Above mentioned gift from relatives transactions allowed in it act.

Question added Nov 09, 2023 Income Tax By Yogesh Garg , CA , South Delhi

answers

1055 views

Q. Income Tax - The turnover discount is adjusted from turnover in final accounts, is subsequently recovered from debtors. Will it covered in section 41(1) of the Income Tax Act.

Question added Sep 20, 2023 Income Tax By Kollipara sundaraiah

answers

1960 views

Q. Pf and esi subscription amounts late payments claim eligible and provision compulsory - It assessess pf and esi subscription paid f.y.22-23.3 months pf esi subscription amounts pay 25 th day for months doubt: assessess late payments pf esi claim allowed and provision compulsory year ended March

Question added Aug 25, 2023 Income Tax By Kollipara sundaraiah

answers

2329 views

Q. Tax audit or itr-3 filed f.y.22-23 - Assessess sales turnover rs:1 crore below and net profit rs:2.50 lacs above.doubt: assessess tax audit apply or normal returns itr-3 filed f.y.22-23

Question added Aug 25, 2023 Income Tax By Kollipara sundaraiah

answers

2053 views

Q. Gst returns nil filed cash deposit in bank account - A Gst registered fruits business dealer gst returns nil filed f.y.22-23 and cash deposit in bank current account rs:125 crores f.y.22-23.it returns not filed till date doubt: assessess it returns filed compulsory or not

Question added Aug 22, 2023 Income Tax By Kollipara sundaraiah

answers

2064 views

Q. Cash limit question - Any limit on keeping cash assessess cash balance as on dt:31-03-23 rs;50 lacs.

Question added Aug 11, 2023 Income Tax By Akhilesh , Ghaziabad

answers

2023 views

Q. TDS - Just wanted to know that if a company paid the Bonus in mid of the year then TDS on Bonus would be deducted from the employees in one shot in bonus part or it can be recalculated along with monthly salary by considering the bonus amount

Question added Aug 01, 2023 Income Tax By Nathuram Kadam , Mumbai

answers

2142 views

Q. Income from AIF Mutual Fund-Under Section-115UA & 115UB. - Dear Sir,
We have received the statement of Share of Income from AIF Mutual Fund for FY 2022-23. The Share of income received from Business Trust & Investment fund. The Nature of Income is : 1)Share in dividend income 2) Short-term capital gains / (loss)-STT Paid 3)Long-term capital gains / (loss)-STT Paid. 4)Gains arising from buyback of shares exempt u/s 10(34A) 5)Interest Income. One of AIF Mutual Fund has also deducted TDS on share of income, in the rest there is no TDS. My question is whether that part of share of income which is reported from AIF Mutual Fund should be shown in the books of accounts of the company or not, or only reporting in Schedule PTI in ITR in Income Tax Return. Schedule PTI : Pass Through Income details from business trust or investment fund as per section 115UA, 115UB. Kindly give your valuable advice on the above subject.
Thanks & Regards
N Kadam

Question added Jul 24, 2023 Income Tax By Ankit Somani , CA , Pune

answers

1749 views

Q. Income Tax - I am salaried employee which is major income. Apart from it, there are below 2 incomes:- a) Income from Freelancing ( Online Q&A from Chegg, Bartleby, Transtutor & like these online portals) b) Income from Examinership & Observership from ICAI,ICSI, ICMAI I was of the view that Freelancing Income (a) involves Technical knowledge. Whether 44AD- Code 16019-Other professional services n.e.c. or Whether 44ADA- Code 16005-Engineering & Technical consultancy Please advise.

Question added Jun 29, 2023 Income Tax By R Ramachandran , CA , Chennai

answers

1778 views

Q. Income Tax - An employee assessee is going to buy a car and his employer company offers a car lease policy. The employer will pay the lease amount on monthly basis to the lessor and deduct from the salary. Can the employee assessee claim car lease benefit as a tax benefit under the new tax regime, in the FY 2023-24?

Question added Jun 26, 2023 Income Tax By Arun , CA

answers

2168 views

Q. TDS on provision of audit fees - In case TDS is deducted for provision for audit fees for the accounting year 2022-23 then the auditor will raise the bill for the same service in 2023-24. As per rules of claiming of TDS the TDS has to be claimed in the year in which the corresponding revenue is recognised in the books of account. In this case the auditor will recognise revenue in 23-24 then how it can claim TDS for the services not rendered relevant to the accounting year 22-23.?

Question added Jun 14, 2023 Income Tax By Kollipara sundaraiah

answers

1762 views

Q. Rs:2000/- notes deposit sec 68 and sec 115 bbe both provisions applicable - It assessess rs:2000/- notes cash deposit in bank sb account rs:5 lacs assessess sec 44ad provision it returns filed rs:5 lacs cash deposit amount added income compulsory.doubt: assessess sec 68 and sec 115 bbe both provisions applicable in it act

Question added Jun 10, 2023 Income Tax By KAMAL BHATIA , CA , YAMUNA NAGAR

answers

1646 views

Q. Short deduction of TDS - Property was purchased from NRI and TDS deducted accordingly u/s 195. Date of payment was 1.8.2022 and we filed TDS return of Q-2 financial year 2022-23.
Now, we received notice from TDS-CPC for short dedcutino of TDS amounting Rs. 1,00,000 and interest on short deduction Rs. 11,000 for delay of 11 months @1%.
After we received notice, we then collected TDS amount from seller on 05.06.2023 and deposit the challan on 05.06.2023

Now my question is as under:
As date of deduction of this TDS of Rs. 1,00,000/- is 05.06.2023, so when we entered data in correction statement of Q-2 financial year 2022-23, it gives message that date of deduction is out of quarter.
What is the solution?

Question added May 01, 2023 Income Tax By Abhishek Srivastav , CA , Lucknow

answers

1952 views

Q. Date of Filing of Form 10B - Date of Filing of Form 10B by CA is 07-10-2022
Date of Acceptance by Client is 12-10-2022
What will be the Date of Filing of Form 10B.
Also is it mandatory to keep gap of 1 month between ITR Filing and Audit Report Filing.

Question added Apr 17, 2023 Income Tax By CA KAMAL JAIN , CA , Bathinda

answers

1980 views

Q. Income Tax - one of my client booked a plot in Improvement Trust and paid the entire sales consideration in prescribed installments. After payment of all installments a plot was allotted to him vide allotment letter but Trust failed to give possession to my client even after 5 years of allotment. My client filed suit against trust and court ordered refund of full amount with interest. full Amount along with Interest @ 12% for 7 years is refunded in Financial Year 2022-23. whether it will be taxed under Income from other sources and Can any relief be taken against interest income? whether it can be taxed as compensation and deduction be claimed against it of 50%.

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