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Recent Questions

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

answers

2571 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

2651 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

2561 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

2518 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

1568 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

1365 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

2461 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

2715 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

2463 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

2370 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

2710 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

2541 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

2134 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

2215 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

3262 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

2102 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

2102 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

2479 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

2393 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%.

Question added Apr 14, 2023 Income Tax By GURMUKH KOTWANI , CA , New Delhi

answers

2485 views

Q. Income Tax Assessment - I have a question regarding an assessment made under section 147 read with section 144 of the Income Tax Act. Can an assessment be made for the income of Rs. 26 lakh in March 2023 for the assessment year 2015-16, based on a notice and order issued under sections 148A(b) and 148A(d) in March 2022, which had information about a cash deposit of Rs. 26 lakh from AIR-001 and CIB-410?

The assessing officer, while issuing the notice and passing the order under sections 148A(b) and 148A(d), considered the amount as Rs. 52 lakh and deemed it as a case of escaped income chargeable to tax for the year under consideration, warranting the issuance of a notice under section 148.

Question added Mar 25, 2023 Income Tax By Kollipara sundaraiah

answers

2488 views

Q. Gift transactions difference amount tax applicable - It person estimated profit declared f.y.22-23 rs:7 lacs .but assessee cash gift to brother rs:15 lacs through on bank online mode pay f.y.22-23.Doubt:assessee gift -profit difference amount rs:8 lacs amount tax applicable in f.y. 22-23

Question added Feb 20, 2023 Income Tax By Kollipara sundaraiah

answers

1929 views

Q. GIFT QUERY limit one finicial year from family members - It person maximum limit amount gift from family members(father,mother,brother,sister) one finicial year in it act.

Question added Feb 18, 2023 Income Tax By PRATHIBA , Chennai

answers

1898 views

Q. Tax received in bank account for paying tax of client in bank account-is treated as a deemed income. - How to confess the income tax officer for the amount received in Tax professionals bank account on behalf of the client for paying their tax? Please reply. Thanks in advance.

Question added Feb 16, 2023 Income Tax By Kollipara sundaraiah

answers

2213 views

Q. Taxation applicable on Goldbees or Gold ETF - Assessee buying of Goldbees or any gold etf from exchange and selling after 5 days. Doubt:how the tax applicable on goldbees or gold etf in it act.

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