Is it mandatory to provide 12% interest on the capital of partners of a firm.??? in case the firm is newly opened and partners(2) have introduced 1 lakh each and both withdraw 1,50,000 during the year .In such case what will be the treatment of interest of capital??

Deduction under 24(b) for interest on repair of property is upto ₹30000. But if the interest is not paid for 2-3 years will it add upto the amount of deduction in current assessment year

If the landlord incur some expenses for providing basic amenities ( Gardner facility , lightning and lift maintance ) to tenant . does it will have some affect on house property income ?

Respected Experts,
An employee got the following amount after resigned :-
1) Salary : 20250/-
2) Gratuity : 101250/- (for 6 years)
3) Leave encashment : 18680 (Balance EL)
4) PF share of Employer during the f.y. : 18900/-

Should amount of Sr. no. 2, 3 & 4 added in salary component while filling ITR for a.y. 2018-19? How & where I show the above received amount? If these figures are exempt either I show in ITR or not.

Please Experts, its my humble request, I am very confused, Pleaseeeeeeeeeeeee help me.

Rakesh Sharma

I HAVE TUTION INCOME OF 1.5 LAKH AND CAPITAL GAIN INCOME FROM SHARES
AND INTEREST INCOME
WHICH ITR FORM IS APPLICABLE

Harikrishna: Friends doubt Regarding equalisation levy The assesse need to file any form? Like ITR? Or genearating challana id fine?

whether agricultural land situated in Nepal came in the purview of definition of capital asset under section 2(14).

in case of joint loan can a single assessee can claim full amount of interest in his ITR. ownership is 50-50%. person who want to claim is paying whole of the interest amount.

In Sec.44AD, we tax 8% profit on turnover and if we have to show less than, then accounts should be audited u/s 44AB provided t/o is less than 1crs. in ITR-4S. But if t/o is less than 1crs. and we are showing profit after deducting expenses from income in ITR 4 , and such profit less than 8% of turnover, then accounts need to be audited?

What are stand by assets which are allowed dep even thought not put two use as per CIT V/S SOUTHERN PETROCHEMICALS IND LTD (MADRAS)