Assessee has a commercial property against which rent is being received and same is shown as Income from HP but to reduce Taxes he wants to treat it as Business Income. His only source of Income is receiving lease rentals.
He is also having GST Registration for Rental Income and also collecting Maintenance charges.
How to effect the change from HP to PGBP and what shall be the value of Building in such scenario?
Thanks in Advance

Dear Sir/Madam, One of my client paid commission to foreign national company in INR Rs. 24,000/- In 3cd Tax Audit reporting of payment without TDS to Non Resident, whereas Company is Sri lankan amd establishment in India. Is it necessary to report in payment to Non Resident col.? as I understand Non Resident means Indian Origin not Resident in India, is it correct.

Sir
I have purchase agri land of Rs 13 lakhs/- . Govt Market Value of such land is Rs 83 Lakhs. So i have to paid stamp duty on Rs 83 lakhs.
I have to ask you :

1 )In such case difference between Rs 70 lakhs ( Govt Market Value 83 lakh - purchased cost Rs 13 lakh ) will be considered other income in the my hand ?

2) I have purchased such agri land to build building for sale. So that i have submitted my file to govt department to convert such land into non agri land. But till it is agri land. Sir if I show such agri land as trading purpose & show as stock in hand in trading A/c then in such case difference between Rs 70 lakhs ( Govt Market Value 83 lakh - purchased cost Rs 13 lakh ) will be considered other income in the my hand ?
Sir please reply

Sir
I have one pokland machine. My main business is to give such machine on hire or rent. but in F Y 20-21 nothing any receipts was received from rent of such machine. During the F Y 20-21 such machine was not used. So T O is zero.
So I have to ask you , can i claimed depreciation on such machine in F Y 20-21. & What is rate of depreciation ?

Hi all

My company has incurred a loss of 35000( 1st year of company) in the last year and of Rs. 5000 in the current year. Its bse of incorporation expenses of Rs. 150000.
Do I need to provide for deferred tax? How to calculate the same?

Thanks in advance.

I had purchased 100 shares of a company on 10th January 2020 for Rs 50. I purchased 200 shares again of the same company  on 1st Feb 2020 for Rs120. I sold 100 shares on 2nd Feb 2020 for Rs 140. What will be the cost of 100 shares sold on 2nd Feb 2020, will it be 120 Rs or 50 Rs?

Dear Sir,
Question No. 1 - I have read about the Form 10IE on Cleartax.in that if the taxpayers forget to fill the Form 10IE before or at the time of filing of ITR, the taxpayer will be disallowed to use the benefit of the concessional tax rates of the new tax regime. The income tax department will calculate tax based on the old/existing tax regime.
Sir my question is that what does disallowed means here Is it mean that the assesse will be disallowed for all the subsequent years to fill the Form 10IE for opting the new taxation regime or does it means that only for the A.Y. 2021-22 he will be disallowed to opt for new taxation regime and tax will be calculated as per the old taxation regime?

Question No. 2 - If a assesse having business income in A.Y. 2021-22 does not opt for new taxation regime and fills the Form 10IE expressing that he withdraws from new taxation regime. Will he still have the option to file Form 10IE twice in a lifetime – once to choose the new tax regime and the second time for switching back to the old regime ? (because individuals with business income will not be eligible to choose between the two regimes every year. Once they select a new tax regime, they have only once in a lifetime option for switching back to the old regime. Once they switch back to the old regime, they won’t be able to choose a new regime anytime in future.)

Regards,
Shruti Agarwal

Dear experts ,

I received a demand notice for the ITR AY2021-22 and I paid the demand amount through challan. But when I tried to respond in the portal received error message("any open challan with such details is not available in the database").
Challan reflected in the form26as and OLTAS portal as well.

Since the due date is approaching, I responded to the demand with option disagree and entered challan details in remarks section. But so far demand not cleared from the portal.

1) Once the demand responded, who reviews it and how long it takes to clear from portal ?.
2) If I file revised return now, does it clear demand from the portal ?.

Sir,
Example assessee purchase of new flat booking and 80 percent amount payment in f.y.2018-19 .if a person flat registeration and balance amount pay in f.y.21-22.
Question:
Assessee purchase of property circle rate years 2018-19 or 21-22 will be considered in it act.

Can a Father in law gift to daughter in law and if yes then how much amount is non taxable in the hands of daughter in law