Hi Everyone,
How much expenses in % terms of gross receipts can be claimed on income earned in the form of brokerage by an insurance(non-life) / mutual fund advisor(free lancer) for FY 21-22 ? If possible, please refer relevant section of the Act as supporting.

Thanks
Rajesh Jain

Sir we are a distributor and our turnover exceed 11 cr. previous year. we have two supplier whose turnover also above 10 cr. & our every year transaction is almost 2 cr. So, my question is do we need to deduct tds u/s 94q from 1st April on every bill or we need to wait to cross the exemption limit i.e. 50 lacs.

Sir,
It assessee sales of apartment value rs:35 lacs in f.y.20-21.
Brokerage paid rs:5 lacs
Mortgage loan interest paid to bank rs:8 lacs
Question:
Brokerage pay amount and mortgage loan interest paid amount deducted sales of apartment value claim allowed in it act.

Sir one of my client's mother(62 years) got share of agriculture land from her father's ancestral property in 1987 Now last year she sold that share in small plots which can't be treated as agriculture and the value approximately 1cr. Nature of land has not been changed.
Please advise how can save tax and what will be its purchase value CG purpose
regards
Vikas

Sir/Madam

TDS deducted u/s-194 Q on MGVCL Bill payment in this month. What is the due date of tds payment to the Govt. Account.??

It will be deposit within 7 days from the date of deduction or on or before 7th Feb.2022??
Please confirm immediately.

Also request to share table for deposition of TDS,TCS for the fy-2021-22.

We have received tender for construction of unipoles and thereafter advertisement rights will be awarded to us in consideration of licence fees.
My query is what would be the treatment of construction cost and if capitalised what would be the manner of charging depreciation.
Please guide...

Dear Sir,

One of my client files his income tax return filed under Section 44AD. I want to know what is the provision of mentioning cash balance under this section. Is there any minimum or maximum amount limit for showing in the return.

Please help me in this matter.

Regards,
Divyesh Jain

Hello Members
Good Morning

I want to know whether for registration of Trust u/s 12A of the Income Tax Ac, 1961 requires Financials of 3 years ?
If I have Financials for 2020-21 and want registration for Trust so can I submit Financials of one year (2020-21) for the purpose of registration ?

Thanks IN advance !

Kindly let me know whether the Jurisdictional AO has the power to change the category from Artificial Person to Association of Person whereby the PAN of the assessee remains the same

Respected Sir,

During the whole financial year 2020-21 one of my clients has received a sum of Rs 15,72,000 in many Installments on account of GIFT from her real brother settled in US. As I have to show the said income in ITR-2 under the head of exempt income, whether any DEED is required for such a GIFT INCOME as supporting documentary evidence.