Sec 78 and Sec 79 speaks about Set off and Carry forward of Loss in case of
i) change in constitution (Retirement/Death of Partner) and
ii) Closely Held company
The above sections talks about Business Loss ( I checked in bare act too)
My query :- Does speculative loss also included in above Business loss meaning? Do we need to calculate share of retired partner in speculative loss and carry forward remaining partners share in loss.
Or Do we need to ignore speculative loss in total and Firm cannot carry forward as Business loss in bare act means only normal business loss.

Under which head should the maturity gains be shown- capital gain or other sources. specifically under 56(xiii), ulips are excluded for determining income from other sources so it should be treated as capital gains only, but definition of capital asset does not explicitly cover these kind of ULIPs. They only cover ULIPs not exempt under 10(10D) because of fourth and fifth proviso.

As part of business group consolidation process, the investors are decided to form a holding company and transfer their shares to the holding company. The transferred number of shares includes shares acquired by them via bonus allotment, in this case as part of share transfer to holding company is there any capital gain impact for investors

Sir,

If total income exceeds Rs 50 Lakhs,, it is mandatory to disclose the details of moveable and immovable assets in AL Schedule of ITR-2 along with liabilities incurred in relation to such assets. Hence following queries :-

1. Is this schedule refers to only those assets and liabilities which are located /existing/situated in India and is mandatory to disclose , if income exceeds threshold limit of RS 50 Lakhs ,irrespective of residential status of an individual ?

2. Is schedule AL of ITR 2 is mandatory for individual NRI, to disclose his Indian Assets and Liabilities even if his total income is below threshold limit of Rs 50 Lakhs ?

3 Is Total Income limit of Rs 50 Lakhs , is only applicability condition of this schedule AL .irrespective of residential status of an individual .

Pls guide urgent.

Sir,
Assessess P2P trader buying and selling 1 lacs transaction daily for crypto currency trading.
Question:
Assessess tax applicable on profit or selling transaction.

Hi all
if property sold out in the month of mar 2023 but tds on sale of property deducted in current year (FY 2023-24) and reflecting well in AIS under FY 2023-24
so in which year should we report capital gain to avoid any kind of notice

RESPECTED SIR
HIGH VALUE TRANSACTION ALREADY INCLUDED IN TOTAL INCOME IN ITR 3 AY 23-24 BUT NOTICES CAME. IN NOTICES MENTION THAT IF HIGH VALUE TRANSACTION PROPERLY ACCOUNTED THEN IGNORE THIS MASSAGE . SO, IS IT NEED TO FILE HVT COMPLIANCE. PLEASE ADIVCE THANKS.......

WE HAVE 3 EMPLOYEE( 2 OF THOSE ARE DIRECTORS) IN OUR PRIVATE LIMITED COMPANY, I PAYING 50K NET SALARY TO EACH
MY QUESTION IS:
1) CAN I PAY 50K SALARY TO EACH EMPLOYEE WITHOUT DEDUCT TDS BCZ FOR 7L SALARY NO TAX AFTER TAX REBATE RIGHT?
2) CAN I PAY SALARY WITHOUT PF ONLY 3 EMPLOYEE ON THAT 2 OF THOSE ARE DIRECTORS RIGHT?

SIR, I WANT TO ASK WHETHER KARTA FATHER CAN GIVE GIFT LIKE CASH, SHARES, & OTHER ASSETS TO HIS SON HUF, AND WILL IT BE EXEMPTED IN THE HANDS OF FATHER & SONS HUF BOTH OR IS IT TAXABLE.

PLZ GUIDE

what is the business code for saree charak work