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Recent Questions

Question added Aug 24, 2020 Income Tax By Naveen BabuKM , Bangalore

answers

1519 views

Q. TDS on Membership fee - TDS applicable on membership fee if not -reasons bihind

Question added Jul 20, 2020 Income Tax By CA Mahesh Kumar

answers

565 views

Q. Income tax return - Ca we file Income tax return for fy 18-19 now?

Question added Jul 09, 2020 Income Tax By Chirag Asija , New Delhi

answers

454 views

Q. Tax Audit - A partnership firm (NOT LLP) incorporated on 01.04.2018. The total sales for FY 2018-19 is Rs.10,00,000/- and the profit is Rs.2,000/-. Please provide the solution for following queries:-
1. Whether the firm is liable for tax audit due to section 44AD (4) &(5) alongwith reasons for the same?
2. What would be the tax liability of the firm?

Question added Jun 27, 2020 Income Tax By sachin agarwal , CA , Agra

answers

800 views

Q. application u/s 119 - can anyone help me how to file application u/s 119 for condonation of delay

Question added Jun 26, 2020 Income Tax By ALOK YADAV , Allahabad

answers

829 views

Q. M&A - Can discontinued busines carry forward their losses.

Question added Jun 15, 2020 Income Tax By Kollipara sundaraiah

answers

866 views

Q. Capital introduced - One of new small i.t.assess source of income repairs Works as a Goldsmith works.net profit rs.3,15,000/-and balance sheet filed compulsory in f.y.2019-2020.assess no bank transtration and not any asset purchase.
Assess first balance sheet capital and cash on hand opening balances introduced as on 01-04-2019 shown minimum and maximum in i.t.returns as per i.t.act

Question added Jun 05, 2020 Income Tax By ALOK KUMAR DAS , CA , KolkataM.C.

answers

1077 views

Q. LONG TERM CAPITAL GAIN - LTCG on sale of shares & mutual funds. need some good examples on this subject

Question added Jun 05, 2020 Income Tax By S Srinivasan , CA , Hyderabad

answers

840 views

Q. Income Tax - U/s 207 a Senior citizen without business income need not pay advance tax. But the Department CPC has charged interest under S 234B and 234C.
Has anyone experienced so and if there is any case law decided please post.

Question added May 22, 2020 Income Tax By Kollipara sundaraiah

answers

1301 views

Q. Opening balance in I.t. returns - Assess maintained a retaile kirana stores.
Sales turnover finicial year 2018-2019 rs 30 lacs net profit rs.2,90,000/-
Sales turnover finicial year 2019-2020 rs.35 lacs net profit rs 3,40,000/-.
Assess two years I.t. returns filed.sales and purchases ledger maintained.
Question:
Assess how much amount cash and hand and capital (minimum and maximum) opening balance introduced as on 01-04-2018 shown in balance sheet in I.t. returns under I.t. act

Question added Apr 12, 2020 Income Tax By Kollipara sundaraiah

answers

2155 views

Q. Construction value in books - I.t. assess construction for commerical building new strated in f.y.2019-2020.some construction expenses Rs.5 lacs paid cash mode payment(10 thousand limit above).
Some construction expenses paid Rs.12 lacs payment through bank account payee.total construction expenses Rs.17 lacs in f.y.2019-2020.
My doubt assess construction expenses amount Rs.12 lacs or 17 lacs show in account books.and cash expenses (above 10 thousand )depreciation claim eligible or not

Question added Mar 28, 2020 Income Tax By CA JPS BHATIA , CA , Kanpur

answers

2251 views

Q. deductions u/s 80c - can payment to lic made after 31 march 2020 due to extended period be claimed

Question added Mar 20, 2020 Income Tax By R KANDASUBRAMANIAN , CHENNAI

answers

2471 views

Q. 40(a)(ia) not allowed to claim 30% benefit - Sir when we file ITR 3 please refer part OI in this part serial no 8 b states amount of disallowance under section 40(a)(ia) which amounts to 30 percent of ten laks say three laks but in tax audit ref form 3CD serialNo 21. Details of amount for which no TDS has been deducted and in this we had shown the details and mentioned total amount Rs ten Laks. But cpc income tax dept saying that the amount shown in OI and tax audit report differs and added the entire amount of rupees ten laks. We have objected this proposal and intend to file rectification under section 154. Pl guide how to proceed sir.

I have filed objections and suppose if cpc rejects the objections shall rectification will be filed under section 154 and whether it is coming under preview of section 154 since it is the question of law. Views will be invited from experts regard this query.

Question added Mar 20, 2020 Income Tax By R KANDASUBRAMANIAN , CHENNAI

answers

1993 views

Q. business loss disallowed for set off against interest from bank - Please refer ITR 6 for A.Y. 2019-20 net profit included income from interest In BP part we have shown interest income as income considered under other heads and accounted the same as income from other sources resulting BP has shown business loss and bank interest is shown under income from other sources. Cpc disallowed this business loss stating PL account not showing loss. How to file rectification under section 154 and how to explain this details while filing

Question added Mar 19, 2020 Income Tax By Kollipara sundaraiah

answers

1471 views

Q. How to increased cash in hand in property concern - Iam finalization accounting data in property business.cash on hand very is low.how to many ways of cash in hand increase producure in property firm.

Question added Mar 02, 2020 Income Tax By Angel , Delhi

answers

1371 views

Q. Surrender of tenancy rights - Whether any deduction u/s 54 or otherwise available in taxation of capital gain arising from the surrender of tenancy rights?

Question added Feb 26, 2020 Income Tax By nitin mehta , CA , Sirsa

answers

1462 views

Q. 119(2)(b) - Assessee has received interest rs. 17500000.00 on enhanced compensation of urban agri land in f.y. 2012-13 and tds on amount was 1750000.00. Assessee did not file the itr for that year due to lack of awareness. Now in e-filing portal their is notice for non filing of return for the same year. My question is that which route is best for assessee to file itr and to get refund of that amount. a. By condonation of delay in filing from chief commisioner in section 119 b. Request to Local ITO for filing of ITR u/s148 In which option ,chances of processing of return is higher ?

Question added Jan 18, 2020 Income Tax By Ashish Verma , South Delhi

answers

1488 views

Q. Nuances of New Benami Law - Q1- If an assesses is in appeal before cit(a) against the order under section 143 (3), Pcit may open that case u/s 263?

Q2 - Can an Ito make the addition in AY 2016_17 relevant to opening capital as on 1. 4.2016 which is relevant to AY 2017_18? Pls suggest me some citations in favor of assesses

Question added Jan 11, 2020 Income Tax By vishalpukale , CA , Solapur

answers

997 views

Q. Joint Development agreement - Dear Sir,
In case of Joint Development agreement as per general practice the landowner gives land to
builder, then builder will gives some flats to landowner as per agreement.
1)Whether the accounting entires need to pass in the books of builder for flats given to
landowner ?
2) Whether the Flats given to landowner will be considered as turnover as per income tax Act ?

Question added Jan 10, 2020 Income Tax By Kollipara sundaraiah

answers

835 views

Q. Limit for cash on hand - A I.t.individual assess and I.t. trader limit for cash on hand balance at the end of finicial year( March).

Question added Jan 09, 2020 Income Tax By Kollipara sundaraiah

answers

583 views

Q. Sec 269st applicable - One I t.person cash gift received from another person(father)Rs.150000/-*3 times total Rs.450000/- received from one finicial year.my question sec 269st applicable please reply

Question added Dec 29, 2019 Income Tax By Rakesh , CS , Amritsar

answers

1050 views

Q. Section 55 of Income Tax Act - I own a house in Individual capacity. Expenditure on its improvement was incurred by HUF of which I am karta. Will indexed cost of this be included in cost for Long term capital gain calculation.

Question added Dec 23, 2019 Income Tax By A.K.Varshney & Co. , Delhi

answers

1018 views

Q. TDS Query - One of our client want to sold her property in India but do not have pan card.My query is if we apply for pan card then on which address we will apply on Indian address or Outside India address..?

Question added Nov 11, 2019 Income Tax By CA.Manoj , CA , Bhavnagar

answers

964 views

Q. Two PAN Numbers - A person having two pan cards filed return in one pan number and IT department issue notice for non filling of return for another pan.

Question added Oct 21, 2019 Income Tax By SUBRATA SARKAR & CO , CA , KolkataM.C.

answers

1651 views

Q. Income tax applicability for NRI - Indian NRI is in employment for last 5 years in USA. Meanwhile he bought a Flat at Kolkata 2/3 years back. Now he wants to sell the Flat which will fetch more than 50 lakh. Kindly appraise me what will be TDS Rate and Capital gains tax. Whether there is any exemption available for TDS and capital gains tax.

Experts Panelist

Rambabu Senkarasetti

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Vikash Kumar Jha

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Rishabh Upadhyay

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Ashish Karundia

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Mrattunjay

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PRIYANKA

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Answers Posted : 136

CA. SURESH Kr. AGARWAL

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Answers Posted : 131

Vaneet Gupta

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Answers Posted : 120

Ketan Samdani

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Answers Posted : 117

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