Sir/
Outward foreign remittance/purchase of foreign currency from NRO a/c by any NRI and sending to his "own" bank a/c abroad and
out of source which is in the nature of "exempted amount " ( not chargeable under ITax Act in India ). Hence following queries :-

- Is it required to be reported anywhere while filing ITR 2.
- Does it make any difference for compliance or reporting when source of remitted amount is an " exempted receipt " in hands of NRI in India , but amount is more than 10 Lakhs
- Does it need any specific compliance or any tax implication when authorized dealer categorize the transaction under ' Purpose Group -Capital Account- Repatriation of Non-Resident Deposits. as amount is sent by authorized dealer from NRO a/c only.

Pls guide.

Dear Sir,

An Asessee does not file his Income Tax Return for F.Y. 2020-21 i.e. A.Y. 2021-22 as he is not having any Taxable Income for that particular year after that he is regularly Filing his Income Tax Return. Now, on Compliance Portal query is arising as Non-Filing of Income Tax Return for A.Y. 2021-22 also I'm not having anything in support of his Income as shown in AIS/TIS how shall I proceed ahead to compliance portal. An Individual is a Retired Employee, his income from other sources is within Income Limit but he purchased time deposits from State Bank of India, kindly advice.

DEAR SIR,

ONE OF MY CLIENT HAS GST REGISTRATION FOR TRADING BUSINESS. HE PURCHASED AN AGRICULTURAL LAND 10 YEARS BACK NOW HE WANT'S TO DEVELOP THE LAND SELL PLOTS TO PEOPLE. HE RECEIVED SALE AMOUNT IN CASH. NOW MY QUERY IS
1. WHAT ARE THE EXPENSES MIGHT BE INCURRED TO DEDUCTING BY CAPITAL GAIN
2. IF HE DOES MADE CASH EXPENDITURE WHILE DEVELOPING THE LAND WILL BE OR WILL NOT BE ELIGIBLE FOR DEDUTIONS.
3. DOES HE NEEDS TO OBTAIN GST REGISTRATION FOR SALE PLOTS.
4. JUST HE HAS TO PAY CAPITAL GAIN ON PLOTS.
5. HOW TO DETERMINE EXPENSES FOR EACH PLOTS BECAUSE MORE THAN 50 PLOTS WILL BE DEVELOPED AND THIS CURRENT FINANCIAL YEAR MIGHT BE SOLD 10 TO 15 PLOTS.
6. REMAINING WILL BE SOLD NEXT FINANCIAL YEAR.

NOW HOW TO CALCULATE CAPITAL GAIN AFTER DETERMING EXPENSES INCURRED.

REGARDS YOURS SUGGESTIONS MUCH NEEDED

THANK YOU

Dear Experts,

If cash deposits is more than 10 Lakhs in savings account in a FY , then is it compulsory to file ITR for that year?

This has been captured in AIS and feedback is expected for the same for Non filing.

Please advice.

Regards,

Dear All,

Please suggest me the applicability of Form 27E under Income Tax Act, 1961.

My client's TDS was deducted. Before filing of Return of Income and claim of refund of TDS, my client is died. How to get refund if bank account of client is not active. this is a case of year 2018.

i am director of a private limited company i borrowed money from my father as a loan we agreed for 2% interest per month for loan amount
my question is:
1)can director father give loan to company?
2) is TDS need to deduct if company pay interest to DIRECTOR father
3) can company show interest paid to director father AS EXPANSES?

ABC Ltd Outstanding interest of Rs.5 Lacs converted into Loan of 5 Lacs or Debentures of 5 Lacs.
Does interest paid on above 5 Lacs loan or 5Lacs Debentures (which is a interest converted loan/ Interest converted into debentures), allowed a business expenditure for Income Tax Purpose?.

My client received a bill from postal department as per contract with its bill amount Rs.74731 +GST whether he may make (TDS) deduction of tax while payment?

One of my client is not in favor of Filing Belated Return as he is a Salaried Employee having Income from Salaries, Other Sources, Capital Gains and Receipts on Transfer of VDA. However, would like to let you know that Receipts on Transfer of VDA are on higher notes, request you to kindly let me know with the consequences for Non-Filing of Income Tax Return.

Kindly advice.