Sir I want to know what is the tax treatment of divorce alimony received from spouse. If it is by mutual consent divorce procedure and a lady gets rs. 10,00,000 for one time maintenance for life support. If it is capital receipt than where we show in itr 2. So she get tax exemption. And enjoy the Hassel free tax benefits. Please answer me.

Sir,
today return income tax my firm ( Partnership firm), I Have declared presumptive Income.
which form selected reruns.
1) ITR- 4
2) ITR -5

Example:

Foreign income: Rs.66000
Foreign tax paid: Rs.1320
tax as per India tax rules: Rs.800
tax as DTAA: Rs.1500

It seems the tax relief amount auto calculated in Form 67 is Rs.1500. My understanding was that the relief amount should be Rs. 1320 (the smaller of foreign tax paid and tax payable as per DTAA in India).

Would appreciate some explanation.

Thanks.

Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed.

I request to provide us suggestions about how to account this in alternative way.

Thank you.

I have sold my Residential Plot in March 2018. I intend to purchase a Residential Flat in other City within 2 years and for that I am ready to invest 30 LAKHS. Net Sale Proceeds from Plot is 20 Lakhs. LTCG comes to Rs. 15 LAKHS. I have planned to invest the Amount in Capital Gain Account . I know that if I invest entire amount of my Net Sales Proceeds of 20 LAKHS in New Flat , I will get full exemption of LTCG Tax on 15 LAKHS @ 20%. I am confused whether I am required to Deposit entire Sale Proceed in Capital Gain Account OR it will be sufficient to deposit only Capital Gain amount of 15 Lakhs. I intend to deposit only 15 LAKHS and while purchasing New Flat , I will invest from my other sources. Kindly clarify.

someone please confirm the rate of tds on agency charges paid to CHA. whether to be deducted under section 94j or 94c please assist..it's urgent

CAN I REVISE THE INCOME TAX RETURN FOR THE AY 2013-14 BY OBTAINING CIT APPROVAL..?

I have to verify sales for the year ending 31st March 2018 with GST Return filed for the period from 01-07-17 to 31-03-18 ( 9 months sales ). Please guide me how to download summary of the sales as filed by us from the site of GST for the said period.

One of my client has purchased building for Rs. 95 lacs and had deducted tds and paid balance the amount to the builder. Now, the builder account is 0. The sales deed was also for Rs. 95 lacs. Now on scutinizing the accounts, it came to light that the property which was purchased - token for purchases was given to the builder by another party ABC for Rs. 10 lacs but ABC couldn't arrange the funds and finally the property was purchased by my client after my client paid additional Rs. 10 lacs to ABC for purchase of the property and getting their NOC. Now, let me know whether i shall get Rs. 10 lacs accounted for in building account ie capitalise the amount or shall book as expense as the same amount paid is no where mentioned in the sales deed.

Please guide as to correct accounting treatment.

My friend, aged 70 years, he is 100% blind as per the disability certificate issued by National Medical College and L.V.Prasad, Hyderabad. He is staying in a rented house paying annually INR 84, 000/-as rent.The rented house is in the name of his married daughter. He is drawing pension amounting to INR 2,74,130/- p.a. Moreover, his income from other sources (interest income from non-tax saving fixed deposits – as per 26 AS) is INR 3,05,347/- p.a. Therefore, gross total income is INR 5, 79,477/- .
Is the rent paid by him eligible for deduction from income? He does not draw any HRA and he does not have his own house and no income from house property.

Computation of income tax liabilities for the F.Y. 2017-18 relating to A.Y. 2018-19
Particulars Amount (Rs.)
01. Pension income 274,130.00
02. Income from other sources 305,347.00
Gross Total Income 579,477.00
Less, Deduction as per section 80U (Severe Disability) 125,000.00
454,477.00
Less, Deduction as per section 80GG (Rent Paid)
Least of the following
1. Rs. 60, 000 per year (5000x12)
2. Total rent paid minus 10% of the total income
(84,000-45,448) = Rs. 38,552
3. 25% of total income Rs. 1,13,619 38,552.00
Total Income 415,925.00

Tax payable on total income
(4,15,925 - 3,00,000) = 1,15,925 X 0.05
5,796.25
Rebate u/s 87A -
Tax after rebate 5,796.25
Cess 173.89
Total Tax 5,970.14