Sir,
My taxable income is 8 lac but I received 55 lac as nominee after death of my relative from bank, which I believe should be declared under Exempt Income as inheritance.
Under this circumstance, should I fill ITR 1 or ITR 2.

Appreciate your response.

Regard

If FY21-22 income is more than 50 lakh but it includes arrear amount also. Without arrear, income is below 50 lakh. Arrear amount is being shown in 10E for 89(1) benefits. Is it mandatory to fill AL schedule in ITR-2. All income is salary&Pension and bank interest income, no any other type of income. If AL to be filled, is it necessary to fill assets which are already recorded in AIS-TIS. ITR-1 is not taking because with arrear income is more than 50 lakh, so ITR-2 to be filled. My question is, this includes arrear amount. What to do?

Subject: Income Tax treatment on commercial property vacated whole of the year and paid interest to bank on loan taken for purchasing the property.
Dear Respected Sir
What is the income tax treatment on commercial property vacated whole of the year and paid interest of Rs.10 lacs to bank on the loan taken for purchasing the property in the Financial Year 2021-22.
Will it make any difference if we rent out the property for 15 days i.e. part of the year?
Please provide your expert opinion on the same and oblige.
Regards,
K M Goyal

Hello Experts,

My senior citizen mother has received a tax demand of Rs. 1200 u/s 143(1) for FY 2019-20.

Reason - she claimed total 10k deduction under 80D, of which 5k under Preventive Health check-up and 5k under Medical Expenditure, since she has no health insurance. However in their demand, IT dept. have not considered 5K Preventive Health check-up.

However as per 80D rules for FY 2019-20, I feel my Mother was eligible to claim as above. So can anyone advise why IT have disallowed the above 5K? Or if demand is auto-generated due to some technical error, then what should we do to resolve it?

Dear Sir,

Kindly inform whether Form-12BA is generated from TRACES or the employer has to prepare it in own software ? Is it mandatory to issue for Zero Perks also ? What happens if not issued by employer ??

Kindly inform.

Respected Sir,

If a person has income from Tution fees, interest from FD, Butique, Salary income Rs.3000/-,so which iTR form he can file.

I am working for IT enabled services (Software Online) related company in India. our transactions are 100% export and 100% online service related. During the fill up of ITR 5, I am facing problem to fill the Schedule QD which is mandatory if Tax Audit is applicable.

Please let me know what figures to be filled in this schedule ?
without fill up the schedule, ITR is not validated.

A Commercial property purchased in 2008 by Husband Wife in joint name was sold in Feb-2022.
Husband already owns 1 Residential house, Wife already owns 2 Residential houses.
All Payments for Purchasing commercial property was made by wife, All sales consideration money was received by only wife.

Dear Friends kindly guide on questions :
1. Can Husband & Wife claim exemption of 54F ?
2. If sale money is received only by wife, is the Husband taxable ?
3. If property is sold in Feb-22 till when they can invest in purchase of residential property to
claim exemption?

RSU is vested and company deducted 30% of total RSU gain amount & deducted no of shares ( shares to cover by selling few shares for tax) and reported the same in income tax But I have not sold remained RSU which are left. E.g. if I received 100 vested shares and 30 shares sold to cover for tax for 30% then remaining 70 shares I have not sold before 31 mar 2022. Now after 2 years if I sell reminaing 70 shares then it will come under long term capital gain 20% as company is listed in NYSE america. So as I have not sold my shares before 31st march but my company treated as 30% by considering SG so can I get back this money and then inform when I sell it ? how does it work if RSU not sold by employee for which 30% tax is deducted by considering SG but if employee sells after 2 years then it is loss right. How to take care of this ?

Any Employment consultancy who provide Employees to company and take charges (like one month salary) . Kindly assist this type of service comes in which category and Which Section code apply for TDS.