I would like to know how the perquisite viz; Housing Vehicle should be treated by the consultant who is the recipient, in as much as by the Client the paymaster. Ramifications of GST too preferably, as to whether the contract of the consultant falls under Circular 172 of GST.
Thanks

Dear Sir,
We are consisting of five brothers made joint agreement with the developer for developing our 200 years ANCESTRAL PROPERTY and accordingly the developer agreed to pay lump sum amount in 3 instalment and the developer already paid adhoc payment on a equal ratio i.e. 5 lac each of the co-sharer and accordingly they are invested such amount in PM Barista yojana plan in Bank, remaining 2 instalment are yet to pay and the developer also agreed after completion of the project 5 flats also be distributed among them.
Now our query is whether capital gain will raise in near future for receiving adhoc payment and flat from developer? and if yes ,what is the procedure to calculate of Capital gain if occurs or to get rid of capital gain on development of ancestral property .Please reply
Thanks
Buddha deb Das

Read more at: https://www.caclubindia.com/experts/ask_query.asp property measuring 6

Hi, ITR was filled by clicking pay later and post submission immediately paid challan.. Received demand notice to pay tax. Mistakenly selected demand is correct and attached challan of tax paid. Now it is showing to pay tax along with interest. Raised grievance, they asked to file revised return if challan is reflecting in 26AS. tried to revise the return but even in return due to system error it is showing interest payable post paying complete tax within due dates. Please suggest

Sir,

During the financial year 2021-22, I have paid Rs. 250000 as professional tax to the panchayath by cash as they were not accepting payments other than cash mode. Whether this expense was allowable under the provisions of income tax act. Whether this payment covers under provisions of Rule 6DD. Please clarify sir?

Dear Experts,

I need some help on filing rectification for AY21-22. I have recently received a notice for demand under section 156, which needs to be responded within 30 days.

Earlier, I had filed rectification in the incorrect section "Tax credit mismatch" instead of "correction of details and therefore could not update details of my tax payment and requisite challan.

This tax was actually paid within a few days of filing the original return for AY21-22 but is not showing in the return

Please advice on how I should update this tax demand and requisite challan no. in the revised rectification, which I intend to file now.

Also, is there any mail id where notice for incorrect demand can be replied to, as they do-not reply to any grievances.

Thanks a lot.

if domestic co having no turnover, due date was 30.sep 2022 right?
so this 7th nov 2022 is only for inc tax auditees right? not company law auditees, right?

I have already filed original return u/s 139(1) for AY 2020-21 before due date.
I forgot to mention some income from Other-Source (Savings bank interest) in original return.
So Now if I want to do updated return u/s 139(8a),
In this case the fees u/s 234 series will be calculated on total tax (the one paid in original return and default tax ) ? or it is calculated only on the defaulted tax amount (after deducting TDS and Advance tax payed during original ITR filing)?
Please give an example if possible

Do you also help with filing ITR-Update u/s 139(8a) for AY 2020-21 (FY 2019-20)?
Thank you

Dear Learned,

Greetings!!!!!


Suppose I have Long Term Capital loss of Rs 2 lakh in Previous Year which is available for set of in current year LTCG.
And If Current LTCG is Rs 2 lakh.

Please guide me in computing Income From Capital Gain----

Case one 2 lakh LTCG to be adjusted with exemption of Rs 1 lakh and remaining 1 lakh to be adjusted with Brought Farward Loss.


Or

LTCG 2lakh minus 2 lakh Brought forward loss (we can't take exemption benefits)


Please guide.

Dear Experts,

kindly advice can we file ITR 4 (u/s 44ADA) against original return file in form ITR 3 for AY 2022-23. Please original return we have filled nil to avoid late fees and not yet e-verified.
Kindly guide.

I had purchased a flat at 50L Pune in 2013. Did not apply for any IT benefit in ITR. Have paid total 65L to bank against principle and interest to clear the loan.
I am selling it at 59L now, at loss of 6L.
Do I need to pay any income tax on this?
Is TDS applicable and can I claim it back?