Where a Non Resident buys Immovable Property (situated Outside India) from a Resident of India, Whether provision of TDS u/s194IA will be applicable? The plain reading of this section does not specify the location of property and thus seems to be applicable. But practically, how the provision of Income Tax can be enforced in such cases?

Partnership Firm Sold P&M and Factory shed (on Which No Depreciation has been Claimed Under IT Act)
Assesse Shows Income in P&L under Indirect Income Head
My Query is :-
1) Whether it Will be Covered under Section 50 (STCG) or LTCG Will Arise ?
2) While Doing Tax Audit Net profit in Point No .40C will Taken Inclusive of Gain Profit on sale of fixed assets or To be Excluded?

Dear Sir

My Assessee purchases one property , the sellers are .

Seller 1 Resident (mother)
Seller 2 NRI - son
Selller 2 NRI - daughter

Both the son & daughter have given power of attorney to their mother for sale of property.
My client purchases the property and pays the entire amount to the mother who is holding the power of attorney

In this case do we have to file form 15ca if we pay full purchase consideration to NRIs power of attorney

Kindly advice
Thanks

Dear experts

Kindly Let me know what is the Meaning of Turnover for the purpose of Tax Audit u/s 44AB

Whether Debit Note considered for GST Returns be included in the above Turnover?

Thanks in Advance

Hi,
I have created an HUF account with my wife and kid. Now I want to know how can I generate income. From what I have read, gifts from relatives upto 50k is only allowed. But this is very small amount per year.
If the karta or any member add money to HUF account, then the gains will be taxed to the karta as per clubbing provisions. Then how do I build wealth in HUF account?

-Patil

One of our client paid rent of RS.25000 per month ( Total rent paid in a year : 300000) by cash mode to single party during year. Here this rent expenditure is disallowed under section 40(a)(3) as he paid rent of 25000 to single party which exceeds the limit of 10000. In addition this rent expenditure also disallowed @ 30% in section 40(a)(1a) as TDS not deducted on rent payment.
So what is the total amount of disallowance.
A) 300000
B) 390000
C) 90000
D) 0
Please give your answer to above question.
Thank you.

M/s. ABC is a Partnership Firm. Mr. A is retired as on 22nd march,2023 from this firm. their capital Balance is amount of Rs. 800000. can retiring partner is settled through cash? If yes, is there any issue relating to cash payment of Rs. 800000 to Mr.A ?

Mr X turnover 1.50 Lac (all cash) and NP 4.00 Lac in FY-22-23 doing business

Never opted 44AD earlier

and do not want to opt 44AD current year .

Which clause will be applicable as per clause 8 in Tax audit report

1.Clause 44AB(a)- Total sales exceeding specified limits

2.Clause 44AB(a)proviso-

Thanks In Advance

Hello,ITR for ay 22-23 filed 30.7.22 but not verified. after that revised filed and verified on 27.9.2022 and cpc processed and intimation also issued and after that cpc rectified the intimation u/s 154 and levied 234F late fees and the same paid . Now cpc sent email for verification of original ITR. If ITR verified today it will be deemed itr nenver filed. What will be the consequences if ITR verified by condonation of delay. Can cpc demand late fees twice for one assessment year. Experts opinions are most welcome

Transaction of Rs. 10 against CRN xxxxxxxxxxdated 26/08/2023 is awaiting bank confirmation. You cannot initiate another transaction against this CRN for the time being.

Thank you

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