I have income only from short term capital gain of Rs 200000. I had brought forwarded short term capital loss  of Rs 500000 from previous years. Can I carry forward the previous year loss of Rs 500000 as my current year income is below 250000 and is not taxable?

I HAVE DECLARED MY INCOME UNDER PRESUMPTIVE SCHEME UNDER SEC 44AD FOR THE AY 2021-22 BY OPTING ITR 3. WHETHER CAN I OPT TO DECLARE THE INCOME OTHER THAN PRESUMPTIVE BASIS FOR THE AY 2022-23? IS THERE ANY LOCK IN PERIOD FOR THE 5 SUBSEQUENT ASSESSMENT YEARS IF I DECLARED INCOME UNDER PRESUMPTIVE BASIS FOR THE AY 2021-22 IN ITR FORM 3. WHETER I NEED TO MAINTAIN BOOKS AND GET IT DONE AUDITED IF I WANT TO DECLARE INCOME OTHER THAN PRESUMPTIVE BASIS FOR THE AY 2022-23?

CAN ANYONE PLEASE CLARIFY ON THIS?

Hi Members,

I am writing this query to seek help regarding the taxability of the Provident fund amount withdrawn by me during FY 2020-21.

I had withdrawn the full accumulated balance in my provident fund account during May '20 and now may I seek your guidance as to how should I include this amount in my tax return.

For your reference, I have not yet completed 5 years of continuous service and have been taking the benefit of Provident fund deduction in the previous tax returns under Sec-80C.

Further, It will be of great help if you could help me with details regarding taxability of the employer's share and employee's share separately along with the treatment required for interest and base component separately as well. Since, I am confused regarding the same having read a couple of articles online.

Thanks in Advance,

PLease let me know in case you require any further details.

Vikas

Hi All,

I receive a salary from private company monthly around one lakh. i am i the job for past ten years. the salary income received is already subject to tax. now my savings after these many years is around 35lakhs for which bank is paying me savings bank interest which comes to around INR 85,000. whether i need to declare the same in the ITR and pay the tax which is already taxed by my company.Kindly suggest

tcs deducted u/s 206cl can claim refund for salaried person

Anodizing a aluminum spacebar is covered in which sectionits 194C or 194J.

I want to know whether sub contractors can get receipts in cash and can they show those receipts in 44AD

During filling of income tax return of small proprietor (no books of a/c ) , a validation error comes out repeatedly.
Validation error description :- 1) In schedule BP, sum of values entered from 36(iv) to 36 vii) should be equal to sum of " Net profit " declared at SL No 64(id) and 64(iid) in Sch P&L .

Now the actual fact is , as per No 1 validation error , actually both the figures should be different as per their respective values therefore i am really surprised why system asks for that " In schedule BP, sum of values entered from 36(iv) to 36 vii) should be equal to sum of " Net profit " declared at SL No 64(id) and 64(iid) in Sch P&L " I am trying to rectify the error many times but doesn't work. Pls suggest how to move forward.

our company purchased flexi sign baords for disply of name outside the office premisses.we request you please provide us under which category of asset it comes and rate of depreciation as per companies act as well as income tax act.

Respected Experts,
We have a client engaged in constriction of Residential building. GST is paid as and when agreement is done with buyer. In case of GST, Turnover is on agreement basis.
But how to show turnover in Income tax ? It should be same as per GST on agreement basis or on the basis of WIP ? is it allowed if turnover as per both acts differ ?
Kindly guide.