A transporter getting trucks on hire basis (per day or per month) & doing misc. transporting work. Can he opt for presumptive taxation u/s 44AE? What if his total turnover (gross receipt from such misc. work) during the year is more than Rs 1 Crores? Any answer plz?

hi experts feeling very tensed as i have filed wrong tds return for whole f.y 15-16. rent payment made to mr. a was credited to mr. b account and vice versa while filing tds return for all 4 quarters of last f.y whereas tds was deducted and depositing accurately. now both mr. a and mr. b wants to file their ITR before due date but problem is that mr. a income is showing less and mr. b income is showing high in 26as. i am goin to file revised tds return for all quarters. will it resolve the issue? in how many days it will get reflected into their 26as statement correctly? can they file ITR with correct figures as on today? pls help me. thanks

I have paid income tax for FY 2015-2016 (Self assessment tax) from axis bank website. However, before i could save the challan, the net stopped working. When it did started to work, i couldnt save the challan and hence, i couldnt get the BSR code or the challan number.
Calling Axis Bank was worse, because they have no idea on how to obtain an already paid income tax challan. They asked me to call Income Tax whereas Income Tax helpline mentioned that hey DO NOT generate challans they challans which the banks generate. I DO NOT Have the challan number or BSR Code and I need to find the already paid challan. Please check and help.
Remember the following website ONLY gives you status of the challan AND NOT the actual challan.

https://tin.tin.nsdl.com/oltas/index.html

If a person sell car which is used for business but depreciation not claimed on by assesse in his income tax returns and car is held for more than 3 years,Can it will be long term capital gain and index cost to be calculated?

As per my thinking,it is not depreciable asset because assessee not claim depreciation on it and thats why we can't treat gain on sale of such asset as short term capital gain.Please guide in this respect as its very urgent

Dear Sir,
A salaried person has been received compliance letter regarding ay 2014-15 for non filing of return.
At compliance link which option he should select
and
Whether he can file his return online in responce to this letter

Please advise me.

R/all, one of my friend sold a residential plot in rs 25 lakh, he and his father jointly purchase a flat, costing around 65 lakh. they invested all amount they received from sale of plot and for rest they avail home loan, which is in the name of my friend. they also invested around 6-7 lakh from there pocket to purchase the new property. now whether my friend have to pay long term capital gain tax or it will be exempt as he has invested full amount in new residential flat and he is not having any other house in his name. please suggest.

whether income earned by huf on cash gift received from co- parcners is taxable to Income Tax Act in the hands of co parcners or huf ? ? ?

Facts : - Co - parcners made cash gift of Rs. 10 Lacs to his Huf. The Huf has invested said cash of Rs. 10 Lacs in Bank FD and earn interest of Rs. 12000/- on it.
Whether interest earn Rs. 12000/- is taxable under Income Tax Act in the hands of Co parcner or Huf

I plan to e-file my return for FY 2015-16 in form ITR-4. I am not using ITR-4S as the sources of income include salary, capital gains, business & profession, house property and income from other sources. The income from business is derived by trading in futures and options (FNO). The turnover of trading is Rs 90 lacs and the net profit from business declared is Rs 9.9 lacs (about 11%). As the turnover is below the limit of Rs 1 cr and profit is > 8% of turnover, I understand that I am eligible to report my business income u/s 44AD (presumption basis) and that maintenance of books of accounts (44AA) and audit of accounts (44AB) are not required. I shall provide the relevant profit information in P&L schedule under ‘NO ACCOUNT CASE’.

Please answer my following queries considering the above information.

1. Am I correct in reporting my business income under ‘No Account Case’ in ITR-4 or maintenance of books of accounts is mandatory?

2.Does the criteria of Profit not less than 8% of turnover apply on gross profit basis or net profit basis?

3. Shall I be compliant with income tax rules if I declare net profit just equal to 8% of turnover?


Many thanks!

Sincerely,

Anil Kumar

Dear Experts,

I am planning to buy a bigger second residential property from the consideration and sale proceeds of my existing smaller house.
But the condition is that I will buy the bigger house before selling my existing house by taking house loan and then latter will repay the house loan from the consideration received by selling my existing house. I will sell the first house within six months of buying second house.

Is it allowed to claim long term capital gain tax exemption by reinvesting consideration received from first house and payment of house loan of second?

is reimbursement of Travelling expenses including air fare and hotel stay taxable? And if exemption is available to what extent? The taxable salary excluding this is Rs.425 p.a. approx. Thanks