Sir,

A Individual taxpayer have filled his IT Return for A.Y. 2020-21, and shows lower gross receipt in head income form house property in compare to 26 AS. Now, He tell me to revise my income tax return. There is any solution to revise IT Return or not please guide.

ABC Private Limited a foundry unit has sold castings worth Rs. 20.50 crores to XYZ Private Ltd during FY 20.21. Directors of both the companies are same. XYZ Private Ltd. has paid Rs. 3.00 crores to the directors and their sons as salary and interest on deposit. Total payment to related parties covered u/s 40A (2) (b) exceed 20 crores. ABC Private Limited also generates solar power and claimes deduction u/s 80IA. The querry is whether Domestic Transfer Pricing provisons are applicable to XYZ Private Ltd for AY 21.22 in view of amendments made in 2017.

Assessee not a sr citizen has following income for A Y 21-22
Salary after standard dedn and PT Rs.29,240/-
STCG taxable @ 15% Rs.5,79,590/-
Income from Other Sources Rs.32,860/-
Gross Total Income Rs.6,41,690/-
Deductions under chapter VIA Rs.99,700/-
Taxable income including STCG Rs.5,41,990/-

In above case tax liability will be how much ?

Sirs, Is there any way for calculation of LTCG on shares sold in F.Y. 2020-2021 if an income tax payer does not have a record of the purchase prices and dates of shares purchased by him about 12 years ago say in 2007-08 due to closure of his Demat/Trading account with the original retail broking house and transfer to a new retail broker? The new broker has only the prices as on date of transfer and the old broker (i.e. through whom the shares were originally/first purchased) is no replying

Sir,
I have received Cash from Different Individuals & Relatives in my Daughter Marraige. Which my Daughter has given to me and asked to put fixed deposits and with the interest received to take care for my medical expenses. Whether it will be taxable. or should i get a gift deed from my daughter for the cash received.

Kindly advise.
Nagarajan N

Dear Sir,

ITR has been processed with demand but the related intimation has not been received as yet. What to do in such a case so that INTIMATION 143 (1) should be issued to us ASAP.

PLEASE GUIDE ME AND OBLIGE.

I want to file ITR of my deceased father. I went to register as representative assesse on the new portal . It asked for number of legal heirs , which is 3 in our case. It also asks to attach pdf of notarised affidavit before each legal heir details. I have the following queries:

1. which notarised affidavit is to be attached, also is it mandatory to attach ?
2.In the bank account details of legal heirs , is it necessary to add all the bank accounts of all the legal heirs?

Dear Sir,

One of my client is holding shares in American stock market and has received dividend from Shares. He got dividend in dollars after certain amount of tax deducted in America. He then transferred the amount in his Indian bank account which accounts for Rs. 4 lacs if converted in rupees.

Will this dividend be taxable in India. He falls under highest tax bracket in India as he receives salary in India.

Please help me in this matter.

Regards,
Divyesh Jain

Sirs, Short Term Capital Gains from DEBT MUTUAL FUNDS/LIQUID FUNDS are taxed at the normal applicable rates. In which part of the Schedule and under which head are these gains/losses to be shown? There does not appear to be a specific place for this

Hello all.
Is late fee 234F levieble on filing belated return, even if aggregate income is below 5 Lacs.

Thanks
ASAP