Sir,

I have made short payment in gstr 3b in 18-19.Now i want to make correction what to do turnover less than 2crore.

Our Jeweler client Accepts old gold from customer and sell a new one to them. In some cases He has to pay cash to them for purchasing old gold. My query is, Can the jeweler pay cash up to 2 lacs to the customer. is it violating the sec 269ST?

Hello,

I am a salaried person in Pune. Receiving salary around 5 lac.

I also have agriculture land at a small village in Solapur, I am farming on weekends.

My question is can I avail PM Kisan scheme ? If yes how treatment will apply to same ?

i made the payments on new portal without login by entering the TAN no and with OTP generated. My query is if i want to make payment post login then what to do as while going through epay tax and then new payment click no option is seen there for TDS payment.

Planning to transfer post tax personal savings as loan(zero interest and no time limit) every 3 months to HUF account for the purpose of paying instalments of an under construction property in which HUF will be co-owner.
So it is like giving loan every 3 months.
The HUF will pay back the loan once it starts earning which will be spread across multiple financial years.
1. Is it ok to give such loan without any documentation?
2. Under which head this amount should be mentioned while filing ITR for HUF?
3. Are bank statements enough to record credit/debit(pay back) transactions for loan?
Thanks & regards

Hi,

Can you please help me with my residential status and tax liability for FY 23-24?

I left India on 26th Sept'22 on Tourist Visa for self-employment purposes and got visa converted Inside country (UAE) to Virtual Work Visa. Approved on 5th Oct'22.

Will there be any Issues because I came on Tourist Visa and then converted my Visa to Virtual work visa? I had to come on Tourist visa because there were visa processing Issues from India.
Total 190 days in UAE, 15 days on tourist VISA and remaining 175 days on Virtual Work Visa.
I was in India for 172 days.

Will I be NRI? 0% tax IN UAE and Indian Income is >=15L or will I be RNOR Deemed Resident? If RNOR, will my foreign Income be taxed because my profession is same but no longer continued from India.

Thank you.

Mr.X had 2 residential properties with holding period of more than 5years as in 2019.
1st property he sold and claim exemption u/s54 in the year 2019 by purchasing a new residential house.
Now he want to sell his second house in 2023 and claim exemption u/s 54.
this time inorder to claim capital gain exemption he wants to invest his capital gain amount in construction of house on a land owned by himself and his 2 brothers (the land is owned by them in equal ratio)

Q1: Can he claim exemption u/s 54 ?
Q2: If all the 3 brothers invest money and construct a 6bhk villa, will Mr.x be able to claim capital gain tax exemption as per his share of investment in building the 6bhk villa.
Q3: What proof/documents need to be kept save for Income tax purpose wrt to his share of investment in the 6bhk villa.
Q3: In future if the property is sold after holding the period required for longterm capital gain, can he claim capital gain exemption again upon reinvesting the gain in a residential house.
Q3: What other taxation aspects or angles need to be taken care while doing the above transaction in your suggestion.

Thank you.

Dear Sir,

One of my client has sold his residential house property as X in February, 2023 and has long term capital gain on sale.

1)Can he claim capital gain amount exemption if he purchases a new commercial property as Y

He had purchased another residential house property as P on loan around 1.5 years back before selling the above mentioned residential property X in February 2023.

2) Can the capital gain amount of X be adjusted against the loan repayment of the property P.

Please help me resolve these 2 queries.

Thanks,
Divyesh Jain

Can professionals declare lower profit (below 50%) under section 44ADA without getting audit u/s. 44AB turnover up to 10 crores? Like other than professional u/s. 44AD where gross receipts of more than 95% are digitally received.

let's take an example:

A professional has a gross business receipt of Rs. 2.50 cr wherein cash receipts are less than 5% and profit declared 60 Lakhs under section 44ADA, so is it allowable?

kindly guide me

Dear all,

This is extract of section 192 of Income Tax Act:
(1) Any person responsible for paying any income chargeable under the head “Salaries” shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under this head for that financial year.
In the above text, what does this sentence mean - “rates in force for the financial year in which the payment is made”?
E.g., the salary for Mar 2023 is paid in the next month (Apr 2023), then at what rate TDS should be deducted? Of which FY, rates and estimated income will be considered to calculate the average rate of tax?