Sir/Madam
Please provide guidance. In Form 16 of a salaried employee
Deduction Employees Contribution to Provident Fund 70000
and
Voluntary Contribution to Provident Fund 70000 is showing.

How much deduction under Section 80 C can this individual claim in his ITR-1.

Thanks for the Help in advance

DEAR SIR/MADAM
CLIENT HAS GST DATA TURNOVER IS RS 29,51,433 AND 26AS TURNOVER IS RS
34,11,861. LAST YEAR WE HAVE FILED RETURN 4S WITH 4S WITH GST TURNOVER DATA BUT THIS TIME 26AS TURNOVER IS MORE THAN GST TURNOVER PLS HELP ME ON THIS.
REGARDS

I am going to purchase a property - bare open roof of an already built 2 storied building underneath. My legal consultant told me that during registering this property, I have to pay stamped duty not only on the roof being purchased, but also on the estimated one storied flat to be built on the roof in the later years. For the roof Rs 15 lakhs is the purchase price to be paid to the seller, but I need to register it on Rs 25 lakhs, which is the purchase price of the roof as well as the estimated market value of the flat to be built later (as confirmed by Registration Authority). While consulting with a Tax Consultant, I was told that I have to add to my income the difference of the actual purchase cost and the market value ( i.e. on Rs 10 lakhs).
I am a bit confused as regards why I need to pay tax on Rs 10 lakhs, since I have not made any real income anywhere. My query is under which section / sub-section such tax is chargeable, if it is admissible as per Income Tax Act.
Request expert's valuable advice on the implication of income tax for the aforesaid property transaction.

"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" error shown while filling ITR-3 in no Account Case

Sir,
1.A small business person gp and NP declared two years.

Gp and NP 35 and 25 precent previous year
Gp and NP 31 and 22 precent current year
2.agriculture income and expenses pay amount and receipts.
Question:
1.gp and np decreased accepted.
2.agrilculture and expenses pay amount and receipts vouchers compulsory.

sir,
during 20-21 financial year I received 649 by way of interest from voluntary PF A/C.
While I try to add this amt in ITR I, Is show "Interest from Saving Account" in other income head .
my doubt is Rs 649 is not from interest from saving account .
whether I need to add this amount.
Please advise
with regards
Binu

Hello,

I paid my SAS in September 2021 and made my tax due= 0.
I am filing my returns this month in December.

The income tax portal is still charging me interest under 234A until December (for months October, November & December) although my tax due is 0.

What is the law in this regard? Is the income tax portal correct?

It doesn;t make sense paying interest on the amount that I have already paid.

Please advise

I invested in equity (intraday, short term and long term capital gains). I have an annual intraday profit of 70,000 rs and annual speculation turnover of rs 80000. I also have long term loss of 6,00,000 which I have been carrying forward for last two years. I have brought forwarded short term capital loss of 9,00,000. Under what head should I show my short term trades, capital gains or business?

Dear Sir,

Our Private Limited Company was received the Income Tax Notice under section 142(1) on 20.08.2018 from Income Tax Department for 2016-17.
The Income Tax Scrutiny for AY 2016-17 was completed in December-2018 and the final Income Tax order under section 143(3) is issued on 28.12.2018 from DCIT Office,
Mumbai and in order there is Income Tax Refund of Rs.14,78,550/-along with Interest under section 244A of Rs.158715/-.
Until November-2021 the Income Tax Refund was not received and in December-2021 the refund was credited in company's Bank account.
But the Income Tax refund of Rs.14,78,550/-, which was received in Bank account is only as per Income Tax Order issued on 28.12.2018. (i.e-Rs.14,78,550,/-).

Interest rate is 0.5% per month which will be applicable on Income Tax Refund of Rs.13,19,835/- from Dec-2018 to Dec-2021 or not?
The taxpayer is eligible for interest on refunds or not.
Can we file a grievance in Income Tax Department?

Kindly advise in the above matter.

Thanks & regards
Kadam

Dear Expert,

I have intraday loss in the last financial year, which was incurred due to trading in futures..
Can I use ITR-2 to show the same as there is no specific mention for speculative loss/profit..

Kindly clarify