Originally a private LTD company was formed in 1996, in which MIDC land was on 99 year lease was accuquired. Building was made in 1998. On 1-10-18 we converted this to LLP. For past 10 years we have rented out building to tenants on rent. There is no other business except rent, no stock/machinery etc.

There is no goodwill in company.

Someone wants to takeover company and want to pay me goodwill.

My question what is %age of tax I pay when I recieve goodwill in my personal account for FY25-26 (not FY24-25)

Sir,
My reply below to your queries
Acknowledgement Number:xxxxxxxxxxxxx
Date of filing: 31-Jul-2024 sec 139(5)
INDIAN INCOME TAX RETURN ACKNOWLEDGEMENT
ITR3
AYear
2024-25

In case of long term capital gain. From 23 jul 2024 to get full exemption of long term capital gain, amount needs to invest us 54/54EC is sale consideration minus cost of acquisition. Here indexed cost of acquisition benefit will not get. Because second proviso to section 48 says indexed cost is available only asset transfer takes place before 23 July 2024.

Only while calculating tax liability we can choose the option to pay tax @ 12.5 without index or 20% with index

Is this correct ?

Internet Charges yearly- 133000/- + GST
TDS Section?
TDS Rate?

TODAY can i update my itr-2 return fy 2023-24 ?

BILL PURCHASE DATED 15-3-25
AMOUNT 16000

CASH PAID DATED 17-3-25 AMOUNT= 9000
CASH PAID DATED 18-3-25 AMOUNT= 7000
IS ALLOWE OR NOT IN INCOME TAX RULE

THANKS IN ADVANCE

Hello,
I have submitted refund requests for excess TDS paid through the TRACES portal. While submitting Form 26B, I completed the Aadhaar-based e-verification process successfully.
The current status of my requests is "Pending with AO TDS."

I would like to clarify:

After completing Aadhaar-based authentication, is it still necessary to send the physical Form 26B acknowledgement and supporting documents (like PAN copy and cancelled cheque) to the Assessing Officer?

Or is Aadhaar-based authentication considered sufficient, and no physical submission is required unless specifically requested by the AO?

Would appreciate any guidance from members who have experience with this process. Thank you!

In case the assessee has purchased a flat. Full consideration for flat has been paid by assessee only , however on sale deed assessee included his wife name also as purchaser no. 2 & the property is jointly held by them as per deed. Now if the assessee is selling a property then capital gain is chargeable equally in the hands of husband & wife OR full capital gain will taxable in the hands of husband only since the wife contribution is nil at the time of acquisition ?
2nd Query is
From FY 2019 20 incase the capital gain is upto 2 crore rupees then exemption us 54 can be claim for 2 properties. But this exemption only once in a lifetime. It means if I take this exemption now for 2 properties then suppose after 5 years can I take exemption us 54 for one property or no more exemption us 54 in lifetime ?

Dear Sir,

Is TCS @ 0.1% (U/S 206) is still chargeable (from 01/04/2025) on sales.

A partnership firm having turnover of 5100000 for FY 2024-2025. Net Profit after partner salary and partner interest is 9000.Total cash receipt are 25 % of total receipts and total cash payment are 6.65% of total payments. For last 5 years tax audit was done under 44AB(e) of Income Tax Act. Will tax audit be applicable for FY 2024-2025?