Assessee is an individual who has business income, house property income and also has lent hand loans and declared interest income on accrual basis and filed IT returns. Due to covid, a number of borrowers were unable to repay interest or principal.

Profit and loss account was not given. Few incidental expenses were claimed and net income was offered for tax in the past years.

Since assessee has paid tax on income not earned, he wants to set off such losses against other income like business / rental income. Is there a provision in Income Tax to claim the bad debts in interest receipts, so that assessee can claim the unrealised interest income?

If any individual constructed their personal property and buy the Marbles and Stone direct to seller without any contract and his value is exceed Rs 50 Lakhs, Is they are liable to deduct the TDS on Seller. Kindly Clarify with section(if Yes).

There are some points to be followed by Individual.

* Construction contract with different Vendor.
* Individual Directly Buy the Marbles and Stones from seller for their Constructed Property.
* Amount Exceed over 50 Lakhs
* Individual are not in the criteria of audit U/s 44AB or AD
* They have Giving their GSTIN to Seller but Property not used in any Business which are constructed and he is not taking any input and not treating as a B2B. But Seller Issuing B2B Invoice to buyer.

My doubt is
A company (Buyer) purchased goods 45,00,000 + GST 5,40,000 = 50,40,000 goods from B company (seller). Turnover of Buyer in preceding PY more than 10 crores.
is TDS u/s 194Q applicable to above transaction?
Answer 1: Not applicable as goods value is not exceeding 50 Lakhs
Answer 2 : TDS applicable as Invoice Value exceeds 50 Lakhs
which answer is correct? Plz guide

You don’t incur LTCG tax on capital gains from ELSS up to Rs 1 lakh , is the 1 lakh limit only after adjustment of brought forward loss.

for example, BF loss is 4 lakh and capital gains for current year is 2 lakh. can i first adjust CY gain of 2 lakh with the exemption limit of 1 lakh and the balance remaining 1 lakh against loss BF of 4 lakh leaving 3 lakh to be carried forward; or will the CY gain of 2 lakh be first adjusted against BF losses of 4 lakh leaving no adjusted CY gains and exemption limit of 1 lakh unutilised. ( meaning it may be better to book gains 1 lakh greater than BF loss, to better fully utilise exemptions )

A person is currently working in a company , however now he wishes to retire and work as a consultant in the same company as he has done LLB , however no practising certificate is available for same.
CAN HE NOW BE ELEIGIBLE TO FILE RETURN UNDER SECTION 44ADA PROVIDING PROFESSIONAL SERVICES (LEGAL)???

Sir
My name is Arjun Kumar Dey and working in Union Bank of India.
I had a property adjacent to NH which was acquired on 2020 by NH for highway construction and they give us 990000 for compensation. But they deduct TDS of Rs 99000.00 even I applied in ITR return and IT dept did not refund this.
Kindly guide this.
Regard
Arjun kumar dey
Mob 9564148023
E mail arjun kumar.dey1978@gmail.com

Single Insurance Premium of Rs. 3 lacs has been paid for LIC Jeevan Shanti policy. On maturity i.e. after 15 years, insurer shall get Rs.2000 per month for life time. The sum assured is not mentioned in the policy. Its mentioned that Rs.2000 per month shall be given from 16th year onwards. Deduction upto 10% of sum assured of LIC policy is allowed for premium under LIC policy u/s 80 C. But, in this case, what shall be the deduction amount u/s 80 C when sum assured is not mentioned & single premium of Rs.3 lacs is paid & after 15 years, from 16th year onwards Rs.2000 per month will be received for life.

If there is a penalty u/s 271AAC(1) then can we request AO to kept in abeyance the penalty till disposal of appeal ?

Event though we had considered high value transactions while filing the return, still we are getting msg regarding its reporting as per new everification scheme 2021. Is it correct to ignore it if we already shown it?

Suppose I purchased a land for Rs. 10,00,000. Stamp duty and registration charges by me for Rs. 1,00,000. Brokerage paid by me for Rs. 10,000. After 2 year I sold this land for Rs. 15,00,000.
What is cost of acquisition of land for calculating capital gain. Weather it is 10,00,000 or 11,10,000 (10,00,000+1,00,000+10,000) or 11,00,000 (10,00,000 +1,00,000) or 10,10,000 (10,00,000+10000) ?