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CAN I CLAIM INTEREST ON LOAN AVAILED FROM LOAN AGAINST SECURITIES ACCOUNT FOR THE SHORT TERM CAPITAL GAIN

ALSO PLEASE ADVISE INTEREST ON PERSONAL LOAN AVAILED TO PURCHASE OF SHARES IS ALLOWABLE AS EXPENSES FROM SHORT TERM GAIN

T VIJAYAN


05 March 2021 at 19:31

Deemed Income

I have to revise ITR-6 for the year ending March 20. I have made the said return in Java Utility but when the said return is made in excel utility schedule TI reflects deemed income. Please let me know sir as to why and how deemed income reflects in schedule TI ( Total Income Schedule ).


05 March 2021 at 17:30

REAL ESTATE BUSINESS

I WANT TO KNOW WHETHER TO START REAL ESTATE BUSINESS AS SOLO PROPRIETOR OR AS COMPANY OR AS FIRM


05 March 2021 at 17:28

Advance Tax, STCG , Business Losses

I need expert guidance. Post a scrutiny assessment a demand order has been issued by AO for FY 2017-2018 . Need guidance on appeal. 1. Assessee is salaried employee but for FY2017-2018 , also had STCG, Interest on savings accounts , Gain on sale of company shares on which STT is not paid but taxed as perquisite. 2. The Assesses also had Losses on business Income ( Non-speculative ) in derivatives trading, Losses on business income from ( speculative) Intra day trading. This is 1st year of business commencement and losses thereof. 3. 3 heads of income quoted in bullet 1 incidence of which happened as below Q1 - less than 5000, Q2 - less than 2000, Q3 - less than 50,000 and Q 4 - 33,00,000 4. Losses from Non-speculative business were Q3 - 12,50,000 and Q4 - 63,00,000 5. Losses from speculative business were Q2 & Q 4 - 8,50,000 The assessee did not pay advance tax as his primary source is from Salary. For Q1 and Q2 his net tax liability did not exceed 10,000 post TDS and tax relief . And for Q3 and Q4 - this income has been set-off against Non-speculative Business losses under provisions of Sec 71. For FY2017-2018 the last date for filing return along with a tax audit for those in scope was extended to 31st Oct 2018. Original return filed on 03/10/2018 and revised in 3 days and refiled 06/10/2018. Post the proceedings the AO has concluded the following. 1. He has taxed STCG at 15% and ignored Sec 71 provisions 2. Charged penalty for delay in paying Advance tax. 3. A penalty for delayed return filing. 4. Also while taxing STCG at 15% he has also allowed set-off against Business losses and resultant balance loss has been carried forward. Are these correct and also the following appeal by Assessee - kindly guide. 1. STCG should not be charged at 15% because gains have been set-off against business losses which happened in Q3 & Q4 and Sec 71 applies. 2. Advance tax eligibility - given that across all 4 quarters at no point tax liability post TDS and tax relief exceeded 10,000. 3. Assessed Income in ITR and post the proceedings has not changed. Is the demand notice valid? 4. Also given the complexity of filing ITR3 , the STCG, LTCG ( exempt income for FY17-18) and business losses were not accurately reported. STCG, LTCG revised upwards. Business losses carried forward non-speculative ( 8 years) and speculative ( 4 years) were under reported as the ITR number should have been higher. 5 . further AO has issued a notice for penalty proceedings under 270A. Kindly guide and do let me know if you would need any additional information please.


Dear sir,
We have sold Land and Building of a factory on building we were claiming depreciation. The Factory is closed Since 2008. WDV of the Building as on 31/03/2008 was Rs 5 Lacs. Now the Problem is the registry does not contain bifurcation of Land and Building. Can we arrange for Valuation of the Building and take it as its sale consideration and balance for Land. Or We have to Take RIICO DLC rate for land and balance for Building.


05 March 2021 at 16:01

Revenue Stamp Issue

We have to make daily cash payment as of Rs 5,000 to one our supplier. Please let me know the slab of revenue stamp and how much payment can be made in cash to a single person during the whole year.


05 March 2021 at 14:19

NRI status

I went to the Abu Dhabi office of my company ( Head office at Delhi ) in July 2019. I returned temporarily in Jan. 2021 and joined Delhi office. I spent 83 days in India in the FY 2020-21. Now, again I will be going back to Abudhabi office ( under same visa ) in June 2021 for a short period.

Will my trip to India in Jan.2021 be considered as a visit ?
The year of return in this case will be FY 2020-21 or FY 2021-22 ?
If so , my residential status for FY 2020-21 be considered as NRI ?


05 March 2021 at 14:06

PROFESSIONAL TAX REGISTRATION

company needs professional tax registration in karnataka
whether need to register for employer and employee
what is EC and RC and where to register in professional tax portal


05 March 2021 at 08:38

Tax and penalty on serach

suppose in a search, an undisclosed investments and money were found.
department charged penalty @60% of amount because no explanation was received.
also imposed tax u/s 115bbe @78% (60%+25%+4% cess).

is it correct as per law?
because total of tax+penalty is more than the income.


05 March 2021 at 05:50

TDS Refund - Joint Holders

TDS deducted for 1st holder PAN. Whereas the bank FD is owned equally by both 1st and 2nd holder. Both holders has filed ITR with 50% interest income each from FD. If entire TDS is deducted for 1st holder PAN then how 2nd holder will get refund of his TDS. Kindly advice.