Hi,

Wanted to understand which Finance Act will be applicable for AY 23-24 i.e which finance act is applicable to determine tax rates and surcharge rates applicable for AY 23-24? Whether it will be Finance Act 2022 or Finance Act 2023? Please let me know. Thanks

Dear Sir,

Can transporter claim RTO fines & penalties paid.

Thanks & Regards
Lingam

I am a salaried individual and my employer deducts professional tax of 2500 every year. The same is deductible under Salary head while filing IT Return.

Now if I were to start freelancing activity, wherein if I were to setup proprietorship firm with UDHYAM, trade licence, GST etc. do I need to additionally enrol myself in professional tax?
I am asking the query since I am already paying professional tax as salaried individual. Do i need to pay two times? My PAN should already be recorded.
Moreover, I have heard that those who have registered under GST in West Bengal would need to pay professional tax, irrespective of turnover. Is that true?
What will be the implications?

Refund of ITDS is not allowed vide Updated Return. But whether tax liability can be set off from ITDS ?

This scheme has only predefined replies but there is no chance for us to explain where we had shown that particular income in ITR. Eventhough we have shown the income in ITR still there is a mismatch. How to response to it?

For the Asst.year 2022 23 my Trust is having provisional registration u/s 12A but not able to regularise by filing 10AB. Due to ignorance the provisional certificate were treated as the final. what to do for claiming exemption from the Asst. Year 2022 23. Please advice. The trust was having 12a registration since 2012.

In income tax proceedings if outstanding demand is paid in portal but interest is not paid then interest on such demand would accrue 1% per month or would it be stop accruing?

Sir,

While verifying IT liability using income tax calculator shown in IT portal, an error was noticed. When a person having a total income after standard deduction of Rs. 50,000 amounts to Rs. 5,60,000. As per the new Regime, person having Gross total income up to 7,50,000 does not have any tax liability. But the tax calculator shows a tax liability as per the new regime of Rs. 3,120. Is it Correct?

Is depreciation allowed for Commercial property/ residential property purchased and let-out by professional firms or in individual name. what is the rate of depreciation allowed?

Sir/madam
suppose if a credit co operative society incurred a loss from business of Rs. 1 lac & have interest income on deposits of Rs. 2 lacs i.e. 1 lac from investment with credit society & 1 lac from interest on deposits with nationalised bank then 1 lac business loss can be set off against the FD interest earned from deposits with nationalised bank & remaining 1 lac interest can be claimed as deduction us 80P(2)(d) ??
please reply thanks in advance