Assessee sold a residential Flat-A on 09-10-2020. He had already purchased Flat-B on 11-12-2018. Can cost of Flat-B be deducted from the sale value of Flat-A for the purpose of exemption under Section 54 of Income Tax Act? Kindly help.

Assess Rs:1 lacs rental income from own property.but Assess bank account credit rs:25,000/- remaining balance Rs:75,000/-(25,000× 3 ) assess relatives bank account credit.
Questions:
1.Above transtration allowed in i.t.act.
2 assess rental income rs:25,000/- or 1 lacs per month in i.t.act.

What is the due date of filing Income tax return for F.Y. 2019-20 (A.Y. 2020-21) ?

How much tds rate and limit rent on commerical building in I.t. act.
service tax applicable for rent on commerical building.

A person is employed in a Finance company as an agent where tax is being deducted at source u/s 194H. He does not have other sources of income except that. In A.Y. 2019-20(P.Y. 2018-19), he filed ITR-4. Now what ITR will be appropriate for him ? (He does not maintain Books of Accounts)

One of my clients is salaried, apart from that she did open a Business in the P.Y. No information regarding net profit is furnished, from her Bank Statement, it is found an amount of Rs. 5,06,000 received after closing the business. So how should I show the income? Shall I file ITR-3 and show the income as presumptive tax? or other else. Please guide me

Hi Experts,
Need some guidance on the below topic:
"A" provides service to "B" and raise an Invoice for the service provided. At the end of the year, based on the volume of business, "A" needs to pay back 5% of the total Sales amount to "B". This is something which they termed as cash back in commercial parlance.
E.g. If total sales during the year is Rs.1,00,000, then at the end of the year A has to pay Rs.5000 to B as cash back amount for the business given by B to A.
The question here is, whether the cash back amount is subject to TDS? If yes, will it attract TDS u/s 194H?
Please suggest.
Thank you!

Hello everyone
As there is a difference between short Tds deducted from salary and short Tds deposited, my query is regarding short Tds on salary deducted.

Being an employer, we deducted short amount of TDS from salary of an employee and paid him the net amount, for last quarter. But while depositing it to govt. we deposited some excess amount. So my query is now, how to adjust this short Tds deducted from employee salary, as we paid the balance amount to him and being last quarter no salary left where we can adjust this tds.

I have loss on f/o trading (non -speculative) loss of Rs 2,80,000
and
1.speculative profit Rs 2,110

.short term profit on shares Rs 25000

.salary income 450000

.capital gain on property selling
Rs 20lakh

bank interest on s/a
Rs 51000
how I set off non speculative loss and with whom?????
##I got answer that it can set off with any other income except salary income
But
For non speculative loss means (loss in f/o trading) Rs280000
audit. is compulsory?????
sir turn over is not exceeds 1crore, but loss in f/o trading, loss means less than 6per.. income, that's why my question is audit is compulsory ,what to do plz clarify

I am a salaried tax payer, obtained form 16 too.
1, I have claimed the PPF amount upon the death of my wife in the month of march 2020. 2. I was given a demand draft and the same is encashed in my account, amount being 9 lakhs 45 thousand.
3. Immediately I have initiated two fixed deposits of 1 lakh and 8 lakh, in my sons name (Son aged 20 years), at his SBI account. Son is a student and has no income. He earns interest on the FD of the said amount.

Questions;-
1. Will the amount be taxable for me? if yes what is the tax payable, if no under what section should I claim exemption.

2. Will my son eligible for tax toward the said amount of the initiated FD? if yes what shall be the tax amount?

3. Will he have to file the ITR and what number is it ITR1. under which section should tax exemption be claimed for my son for his lifetime first ITR1? I am to prepare and file ITR1 on my own at the efiling site.

Please guide me regarding each query in detail.

Thank you,
Mr. Shekhar Salunke
email; shekharsalunke1@gmail.com