For AY 2016-17, I have made a profit of Rs.2,00,000/- and suffered a loss of Rs.4,00,000/-, in all net loss of Rs.2,00,000/ on intra day share trading. I have filed before the AO, unaudited P&L Statement issued by my Broker .
AO is saying that he will impose tax on the profit component of Rs.2,00,000/- and will not recognise the loss of Rs.4,00,000/-. Is this correct? Can he selectively take only the profit portion and ignore the loss portion in the same P&L Statement?

Expert opinion is solicited.

If a charitable trust/society purchases a land from a company (Pvt Ltd) at a price less than the circle rate, then :
Will the difference amount (price at circle rate – actual consideration paid) be added to the “Income from other sources” of the society / trust ? Or is there any exemption to societies/ trusts ?

Under which section Of Income tax Act is such exemption?

Hie, I had come to a query from a Co-operative Society with Banking License.
They asked where and how to report Co-operative Bank's Current/Savings/FD Deposits in the ITR-7?
Previously since last three years, they were reporting it under :Unsecured Loans" Column, but thereafter, every year, they are subject to limited scrutiny for Huge amount of Unsecured Loans, which they are reply that it is their Current, Savings and Fixed Deposits.
So if anybody knows where to report Co-operative Bank's Current/Savings/FD Deposits other than above in the ITR-7, please reply.
Thanks.

How to verify form no.16 & 26as
one person who is doing job with company salary of Rs.50000/- per month but no entry is found in form no.16 and form no.26as.who filled ITR but ITR tax paid is Rs.zero.

How can i accept this ?
pls guide me.

I missed due date for filling return for a.y. 2018-19 and my income is Rs. 350000 so, If i fill now i have to pay penalty . then whether i should pay penalty in the same challan, which i use to pay for self assessment tax or i have to pay Rs. 1000 in seperate challan

A partnership firm incorporated during FY 2017-18 and having turnover of Rs.60,00,000/-

The net profit is Rs.-250,000/-

My Queries are:
1. Whether ITR 5 can be filed with loss without any audit or 44 AD?

2. Whether 44AD Audit is compulsory to declare the loss ?

3. If no audit is done, whether ITR can be filed u/s 44AD and declare the net loss ?

TIA.

If any Co likes not to calculate depreciation as per Co Act but likes to calculate depreciation as per Income tax act into balance sheet, is it acceptable or not ?

A PERSON DEALING IN TIMBER TRADING FROM LOCAL MARKET AND HE IS NOT PURCHASE ANY TYPE OF TIMBER FROM LEASE/FOREST DEPARTMENT IS THIS TRADING IS APPLICABLE FOR TCS UNDER SECTION 206 ASPER TCS ACT,1961
PLEASE CLEAR ME

A PERSON DEALING IN TIMBER TRADING FROM LOCAL MARKET AND HE IS NOT PURCHASE ANY TYPE OF TIMBER FROM LEASE/FOREST DEPARTMENT IS THIS TRADING IN APPLICABLE FOR TCS UNDER SECTION 206 ASPER TCS ACT,1961
PLEASE CLEAR ME

Hello, I made payment to transporter agency in cash for carriage of agricultural produce amounting to 50000/- In this case section 40A(3) will be attracted.. further tds have to deduct.. but the transport is not ready to receive the amount in cheque nor ready for tds deduction.. Business is totally dependent on these services ..what can be done?? please help