Hey!
We at https://onlineindiataxfilings.net are now looking to create a platform where taxpayers can connect with CAs and Chartered Accountants. Just like fiverr.com but with additional facilities and just determined to solve taxes in India.

Our query is that, is this idea legal? Means, are CAs allowed to do this kind of thing like listing themselves on a website... Also, if it is possible, will you be looking forward to join us on our journey?

DURING THE FINANCIAL YEAR 2021-22 AN ASSESSEE WHO PURCHASED CRYPTO CURRENCY FOR RS.100000 AND SOLD WITH IN A MONTH FOR RS 108550 . hE IS HAVING TAXABLE INCOME . tAXABILITY OF CRYPTO CURRENCY FOR ASST YEAR 2022-23? AT WHAT RATE AND UNDER WHICH HEAD?

Me and cousin have 50% partnership in LLP with 50000 capital each.
We ran the business for 3 years. LLP now has around 1Cr assets in balance sheet.
We are planning to sell the company. The 2 new partners will be putting 1Cr into company. We are planning to take that money and exit.
Can someone advice on how to go about doing this. What will be the tax implication for exiting partners?

Respected Sir,

Can we claim interest on housing loan on account of income from house and property even after the due date as the 31st July has gone? Whether still there is a chance to avail the benefit of the negative income?

PLEASE GUIDE ME AND OBLIGE.

1. Does sale of rural agricultural property amounting to approx (1.5 milion INR) taxable under any provisions of Indian Taxation Laws?
a.) If YES, @ what %?
b.) If NO, is it required to be shown in ITR filings?
2.Does the sale proceed needs to be shown in ITR, where and which form to use?
3. If the sale amount is transfered to bank account through any of the online deposit mode. Will it attract notice from Income Tax Dept. for depositing amount of 1.5 million in a financial year?
a.) Or the notice is just served for cash transaction of and above 1 milion.

P.S. The account holder is still pursuing studies & not earning.
Does the account holder need to file ITR for sale proceeds?

for the past three years i was getting the tax audit done -- 44AB and filing the ITR from my CA
though not mandatory/applicabe as per law -- this year also i have income from share market transactions
(cash and F & O) and other income like interest/dividends/professional (lawyer ) etc
can i discontinue the tax audit and file my ITR in the normal manner. thanks
of course the late filing will be attracted. PLS guide

I work for a MNC in India which has it's stock listed on NASDAQ in USA. I get RSUs of the US stock as a part of my compensation (listed under perquisites in form 16).

Scenario:

Note that my mother, father and the HUF have almost no income.

I gift "x" amount of those vested stocks to mother, "y" amount to my father and "z" amount to my father's HUF.

Assumptions/Understanding:

(1) These gift transactions would not trigger any tax payment at both ends (giver and receiver) as they are exempted relatives.

(2) Given this transaction happens electronically (from my trading account to the receiver's trading account), a record is always available of this transaction so a Gift Deed is not required.

(3) Since the gift is not given to the spouse here so clubbing provision don't apply here.

(4) NASDAQ listed equity is counted as unlisted shares and STCG at tax slab is applied for sale under 24 months, LTCG at 20% with indexation after 24 months applies.

(5) The cost and date of acquisition of the gifted stock in the receiver's hand would be the same as me (the giver).

(6) If my mother sells "x" amount of stocks within 24 months of the date of acquisition (not gifting), STCG would apply on the profit derived from "x" amount of stocks (sale price - cost of acquisition) as a part of her normal income as per her tax slab. And given her income is almost negligible that profit (upto a max of 10 lakhs) gets taxed at a rate much lower than 34.32% (had I sold them, I would have paid at 34.32% or had I waited for LTCG to kick in, 20% with indexation benefit). Is this understanding correct?

Sir/Madam

Two days before i was tried to submit 10E for getting relief of arrear salary received during 2021-22. Mobile no is not linked with my adhar card so OTP is not generated. So 10 E form not successfully submitted online. I summited ITR V on the same day.

What to do for form 10E?? Can i will take printout and submit with ITR V at Bangalore Office??
Is any option to generate OTP.? Netbaking is not possible and OTP generate through ATM machine, i tried it but option is not found out.

Please guide me at earliest.

Its more of a academic query. I recently came across income tax computation of a person where his professional friend had attempted to show most of his receipts of income as hand loan thereby trying to avoid tax on genuine income. Now I was wondering what are the ways through which Income Tax department would ensure that such an assessee cannot escape taxation. Also can you point out ways through which this kind of tax avoidance method would fail ?

There was a mistake in AY 20-21 return thus leading to some excess amount payable. Hence the refund for AY 21-22 was kept on hold after issuing intimation u/s 245. Within 30 days response to the intimation was filed by rectifying the return for AY 20-21 and the same was processed in few months.
Now that return of AY 20-21 is rectified with no tax payable, when will the refund that was kept on hold for AY 21-22 be released? I already tried raising grievance but no response.
What is to be done? Somebody who's faced similar issue pls guide?