In income tax proceedings if outstanding demand is paid in portal but interest is not paid then interest on such demand would accrue 1% per month or would it be stop accruing?

Sir,

While verifying IT liability using income tax calculator shown in IT portal, an error was noticed. When a person having a total income after standard deduction of Rs. 50,000 amounts to Rs. 5,60,000. As per the new Regime, person having Gross total income up to 7,50,000 does not have any tax liability. But the tax calculator shows a tax liability as per the new regime of Rs. 3,120. Is it Correct?

Is depreciation allowed for Commercial property/ residential property purchased and let-out by professional firms or in individual name. what is the rate of depreciation allowed?

Sir/madam
suppose if a credit co operative society incurred a loss from business of Rs. 1 lac & have interest income on deposits of Rs. 2 lacs i.e. 1 lac from investment with credit society & 1 lac from interest on deposits with nationalised bank then 1 lac business loss can be set off against the FD interest earned from deposits with nationalised bank & remaining 1 lac interest can be claimed as deduction us 80P(2)(d) ??
please reply thanks in advance

WE WAS TAKEN PROVISIONAL REGISTRATION ON DATED 31-08-2021 IN BOTH CASES 12A AND 80G . BOTH PROVISIONAL CERTIFICATE ARE VALIDE FOR AY 22-23 TO AY 24-25. ON DATED 03-04-2024 MY PERIOD WAS EPIRED OF PROVISIONAL CERTIFICATE. MY QUERY IS THAT WHICH FORM IS APPLICABLE I.E FORM 10A AND FORM 10AB. IF FORM 10AB IS APPLICABLE. THEN WHICH SECTION CODE IS USED FOR 12A AND 80G FINAL REGISTRATION ALONG WITH REASON IN CASE OF PROVSIONAL REGISTRATION PERIOD EXPIRED.
01-Sub clause (ii) of clause (ac) of sub -section (1) of section 12A
02-Sub clause (iii) of clause (ac) of sub-section (1) of section 12A
03-Sub clause (iv) of clause (ac) of sub -section (1) of section 12A
04-Sub clause (v) of clause (ac) of sub-section (1) of section 12A
4A-Item (B) of sub-clause (vi) of clause (ac) of sub-section (1) of section 12A
05-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (iv) of clause (23C) of section 10)
06-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (v) of clause (23C) of section 10)
07-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (vi) of clause (23C) of section 10)
08-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (via) of clause (23C) of section 10)
09-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (iv) of clause (23C) of section 10)
10-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (v) of clause (23C) of section 10)
11-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (vi) of clause (23C) of section 10)
12-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (via) of clause (23C) of section 10)
12A-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10( for applicants covered under sub-clause (iv) of clause (23C) of section 10)
12B-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (v) of clause (23C) of section 10)
12C-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (vi) of clause (23C) of section 10)
12D-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (via) of clause (23C) of section 10)
13-Clause (ii) of first proviso to sub-section (5) of section 80G
14-Clause (iii) of first proviso to sub-section (5) of section 80G
14A-Sub-clause (B) of clause (iv) of first proviso to sub-section (5) of section 80G
GUIDE ME ON ABOVE MENTIONED ISSUE

DEAR SIR,

IT'S NOT MANDATORY TO FILE FORM 10IEA FOR SALARY INDIVIDUAL OR THEY JUST CAN CHOOSE NEW TAX REGIME TO FILE INCOME TAX RETURNS.

ONLY BUSINESS OR PROFESSIONAL INCOME TAX PAYER MUST FILE FORM 10IEA FOR OPTING NEW TAX REGIME.

WHAT WILL HAPPEN IF AN INDIVIDUAL PAID ADVANCE TAX BY SELECTING WRONG MINOR HEAD MEANS U/S 115TD?

YOUR GUIDENCE IS VALUABLE

THANKS

Hello Team,
If agreement value is of 19364480 and there are 2 buyers(66% & 34% ratio) and 1 seller.
So what should be the values in below 3 fields in each form 26qb?

If i give below values in each form 26qb ,it is giving me error "Warning : Please enter proportionate share of Stamp Duty Value." Also the 1% TDS Amount is not coming automatically for me, so i do need to manually enter and move ahead?

Total Value of Consideration (Property Value) * 12815960
Amount paid/credited currently (B) * 12815960
Total stamp duty value of the property (C) * 12815960

Total Value of Consideration (Property Value) * 6548520
Amount paid/credited currently (B) * 6548520
Total stamp duty value of the property (C) * 6548520

Which is the correct values? Can anyone please guide?

As per section 54, one can sell old property either two years before or one year after purchase of a new residential house for the tax benefit. But for construction of the same new residential house, it mentions only of sell of old property three years prior to construction of new house? Do I have one year time after construction of the new house to sell the old property like in the case of purchase of the house? If not, why such step-motherly treatment in case of construction of house? It is common sense that one must build the new house before he can dispose of the old one. As per the funding, one can take home loan and then pre-pay the loan from the proceeds of the sale of old property, thus utilizing the sale towards newly constructed house only. Is Income tax department to stringent on the wording of the missing clause (not allowing reasonable time after construction of properly for selling) in the section 54 which just seems like stupid omission by the law makers?

Proprietor firm mein wife ko salary dikha sakte hain ?

Sir,
A Doctor maintained a private hospital and pharmacy Stores
Cash balance as on dt:30-03-24 rs:40 lacs as per hospital account books and physical verification cash rs:35 lacs
Cash balance as on dt:30-03-24 rs:30 lacs as per pharmacy Stores account books and physical verification cash rs:32 lacs
Question:
Assessess excess and shortage cash amount deposit in bank account as on dt:31-03-24 compulsory.