A religious trust is registered u/s 12A of the Income Tax Act. My queries are as follows:

1. Can it receive donation from a single person in a day in cash of Rs.2 lacs or more, whether provisions of s. 269ST of the Income Tax Act, 1961

2. If a person makes a commitment to the trust that he shall donate a sum of Rs.10 lacs for construction of a shed in the premises of the temple managed by the religious trust and then against the commitment pays the donation to the trust in 10 instalments of Rs.1 lac each over the period of 10 months. Whether the same shall fall within the purview of s. 269ST of the Income Tax Act, 1961 ?

3. Will the answer to the above queries be different if the donation is received towards corpus fund of the trust?

4. Will the answer to the above queries be different if the donation is received by a trust which is a Religious cum Charitable Trust?

5. If the trust, which is a Religious cum Charitable Trust, will be liable to tax u/s 115BBC treating the donation received in Cash without disclosing identity of the donor as anonymous donation?

Dear Sir,
One simple yet logical query. How to calculate / claim standard deduction for the following :
(1) Gross Taxable Salary Rs.75000/-
(2) 80-C Deduction Rs.25000/-
(3) Prof. Tax Rs.600/-
so net taxable salary Rs.75000-25000-600 = Rs.49400/-
In this case my question is whether standard deduction for FY 2022-23 to be claimed as Rs.50000/- or Rs.49400/- (net taxable income) because if we claim Rs.50000/- then taxable income comes in negative (-)600. So please guide.
Thanks in Advance.

Dear Sir,

My client is suffering Short-Term Capital Loss since last 2 years, now my question is as follows -

In case of Short-Term Capital Gain or Long-Term Capital Gain, is it mandatory to submit Quarter-wise details while filing Income Tax Return, kindly advice.

Warm Regards,
Aditya Ghatge

WHETHER ANY ADVERSE ACTIONS OR ORDER CAN BE ISSUED BY DEPARTMENT IN FUTURE FOR NOT DEPOSITING LATE FILLING INTEREST AND PANELTY OF PRIVIOUSLY FILLED RETURNS.

One person is owned 3 shops (proprietor) and He Appointed sales person for 2 shops and give salary to 2 persons, then for ITR (Loan Purpose) How Should i prepare financial accounts ?

1. Should i prepare profit and loss, balance sheet separately for 3 shops and give 3 shops combined net profit value in itr 4

OR

2. Should i prepare single profit and loss, balance sheet for 3 shops ?

Kindly Answer

Can a society which has been registered under Income Tax Act in January apply for the 12A or 80G registration?

For construction work, the contractor who is an individual is supplying labour and billing the charges paid by him as per actual attendance of the labour. On the total amount of labour wages, he charges his profit as commission @ 10% of total wage bill for a particular period. Please advise me as to TDS will be applicable on entire billed amount u/s 194C only or TDS will be u/s 194H on contractor's margin (Commission). Thanks

Respected Experts,

Can we file ITR 3 and declare profit below 8 or 6% for Non Tax Audit Cases? ( Category : Cafe Shop)

Since Opting to 44AD will cost heavy Tax liability for the business

Kindly advise

the aggregate of the profit sharing ratio of the shareholders of the company in the limited liability partnership shall not be less than fifty per cent at any time during the period of five years from the date of conversion; (i.e you can take new partners in the LLP, but all the previous shareholders who became partners in LLP share should remain at least 51% for 5 years from conversion.)

Does this mean that the converted LLP cannot be dissolved for a period of 5 years? What if there is death of the main partner and thus there is no income in the company. The remaining partners want to sell the assets and wind up the company

Dear sir,

While Making Provision of Expenses we have to deduct TDS or Not, because we don't know Deductee Details ?

Which is proper way to maintain provision of Expenses in books of account ?

Please guide in Deep to understand.