Bad debt in the books of assesse was written off in Financial Year 31.03.2012 of Rs. 100000/-. During f.y ended on 31.03.2015 on 25.03.2015 a contract was executed between assessee and the borrower (whose debts was regarded as bad debt in f..y. 31.03.2012) that amount will be paid in F.y.01.04.2015 to 31.03.2016 by handing post dated cheques of different dates within F.y.01.04.2015 to 31.03.2016 totaling of Rs. One lakh those were duly passed.
Assessee on 25.03.2015 itself made entry by debiting the Debtor a/c of Rs. One lakh and Credited the Bad Debts Recovered account. Now it is being told that Bad debts recovered can not be credited on 25.03.2015 itself, because it is only the date of contract and it should have been credited during during F.y.01.04.2015 to 31.03.2016 totaling of Rs. One lakh when actually it was duly received.
Assessee has carried forwarded losses of more than Rs. one lakh and those can be set off only upto 31.03.2015.
Please guide what is the correct law.

I am thinking of letting out my residential property on a long term lease for 50 lakhs (property value 1.8Cr). The lease period will be for 5 years. The amount will be returned back after the lease period.
The monthly rental for this property in the market is 40K. I am planning to invest this amount in my business.
How should I file my tax returns to reflect this lease agreement and how to calculate my tax liability for the same.

Details of the Provision: If the assessee transfers urban agriculture land,which was been used by the assessee or his parents or his children for the agriculture purpose for a period not less than 2 years,and if invests the resultant capital gain in the purchase of an agriculture land,then the capital gain invested shall be exempted u/s:54B only if he stratifies some conditions. MY QUERY:One of the conditions to be satisfied for claiming the exemption is that the assessee shall hold the land so purchased for a minimum period of 3yrs. IF ASSESSEE HAS CLAIMED EXEMPTION BY PURCHASING RURAL AGRICULTURE LAND(I.E SITUATED IN NON SPECIFIED AREA) THERE AFTER IF HE SELL THE LAND SO PURCHASED BEFOR EXPIRY OF 3YRS FROM THE DATE OF TRANFER,THEN WHAT WOULD BE THE CONSEQUENCE FOR EARLIER EXEMPTED C.G AS HE DIDN'T SATISFY THE REQUIRED CONDITION?

Can anybody explain in detail the meaning of Adventure in the nature of trade...? And please, an example is requested by my side...

Hi,
I received a demand intimation U/S 143 (1) and its due to incorrect TAN submission by me while keying the TDS details. It was of a different organization. I tried to update the correct data through rectification option and selected the first option of "Tax payer is correcting data for tax credit mismatch only." But while submission neither I am getting any error message nor its showing sucess/transaction number. It takes me back to same submission screen. Called up income tax helpdesk and emailed them as well. As suggested by them used different browsers like Mozilla, Chrome, Safari and Internet and cleared cookies, cache, history etc. Issue still not resolved. Please help.

I have filed my income tax return as per form 16 on 27th july 2017 for AY 2017-18. There is mismatch in TDS amount as it is 1030 less in 26AS than Form 16. There was refund of 3500 on my account but I didnt get any intimation about the same. Plz let me know about the options available to me.

can i file ay 16-17 but i am file ay 15-16? It is possible to file ay 16-17 without filling ay 15-16?

I have received a letter from AO mentioning ITR not filed for AY2014-15. Can I file ITR now ?. If so can you give any suggestions.
Thank you

Dear Sir,
I want to know the amount of exp. that can be taken into books which paid during puja to various pendals for which money receipt has been received.

With Regards

Uday

One of my friend not filling fy 2014-15. But now they says to fill the return and claim the tds amount as refund. It is possible to claim the tds amount as refund?