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

Pls tell me long term capital rate. And short term capital gain rate also.

Sir, My client has bank a/c with The Tamilnadu State Apex Co-operative and for that brnch ifsc code is : TNSC0000035
it is right even i checked the ifsc code in google it shows correctly but where as i entered the same code in ITR in Bank details it shows Invalid IFSC Code .My Doubt is What I Want to do with such bank a/c is to ignored in ITR Form

if Farmar sales aggricalture clya (mitti) so this come is aggriculture or not

Reply urgnet

Dear Sir,
I have uploaded income tax return and want to e verify by digital certificate but in portal income tax e filing no option showning for e verify by digital certificate.Sir,Kindly help me.