there is income tax payable for year ending 31.03.2021 is 4657850/. on which i have to pay surcharges +cess..
my query is weather i have to compute surcharges at 25% on entire amount or 15% up to 2 crores and on balance @25%
kindly explain. as it is urgent please give your valuable subjection.
thanks in advance
K.B.Nagesha rao
9448826793

I have purchased shares of Bharati Defence Limited ( formerly Bharati Shipyard Ltd.) from the market. The company has gone into to liquidation as per NCLAT order.

When can I show the cost of purchase of shares in my books of account as capital loss for income tax purpose ?

Please advise.

Cs Pankaj Ajmera

Respected,
A person sold his residential house. He got Long term capital gain of Rs. 50 Lakhs. For purpose of exemption, he did not invest in residential house property but he purchased an agriculture land of Rs. 35 Lakhs. Will he get any exemption u/s 54 and if yes, then up to what extent?
Please guide.

Until last year, I had income from salaries and interest on FDs. The income approx Rs 3.5 lakhs which was less than the taxable limit. I used to file ITR2. But from April this year, I don't have any salaried income. I have taked OD facility on my FDs and started trading in the stock market. I may have an estimated turnover of approx Rs.6o lakhs and may be approximately 600 transactions. Can I continue to file the IT return in ITR 2. Will I be considered as an investor? Do I have to maintain a minimum rate of profit in my transactions. I wish to seek clarifications on this matter.

Hello sir. My mother expired in 2018. Her residential property Acquired in 1976 has been transferred in my name in 2020 being the legal heir. If i sell this property in this year itself ie in 2020 then my que 1. What market value shall be considered to calculate capital gain. Can we consider FMV as of 1-4-2001 to apply CII ? 2. Will the gain be treated as long term gain even if the property was transferred in my name in 2020. Looking forward to your response. Thanks

ON 16/06/2020 LONG TERM CAPITAL GAINS ON SALE OF MUTUAL FUNDS HAVE ARISEN
I HAVE TWO QUESTIONS
WHETHER THE ABOVE LTCG CAN BE INVESTED IN PROPERTY OR HOUSE OR ANY OTHER SCHEME
ADVANCE TAX PAYABLE NEEDS TO BE PAID 100% BY 15TH SEPTEMBER OR IN INSTALMENTS

As per the provisions of Income Tax Act, any amount paid by way of dividend on preference share as well as reduction of pref.cap is to be treated as deemed dividend.

After showing this amount of dividend as well as part Redemption of preference share, the amount lying as a cost of Pref.shares,will it be allowed as deduction from other income without any limit ? If the cost and the redemption amount is less then the the dividend received ,can be show the income as negative in other sources.

Pl.advise.

CS Pankaj Ajmera

For AY 2020-21
Assessee: Individual
Source: Income from Business
Turnover: Between 1cr to 2cr (Having cash payments exceeding 5% of total payments, however cash receipts are less than 5% of total receipts)
Profit declared > 8% (Not opted for presumptive taxation u/s 44AD)
Whether the assessee is liable for tax audit u/s 44AB?

Please help me in solving this query.

A private limited company is being voluntarily liquidated. The I.T returns for the FY 2019-20 needs to be filed.

It has a business loss. The reason for business loss is the liquidation expenses. Almost 90% of the business loss is due to liquidation expenses (like remuneration paid to liquidator etc.).

The company has also got some Foreign Exchange gain during the FY 2019-20 which is part of business loss.



My questions are as follows:

a. Whether the liquidation expenses are allowable as a business expenses?

b. Whether business loss arising from the liquidation expenses can be set off with the Foreign Exchange gain?

c. Also do let me know if there are any provisions and case laws in this regard.



Thanks in advance.

Hello Team,
I have a little bit confused about the calculation of HP income related to AY 2020-21. Currently, I have two house property, one is used for self residence purpose and the second one is let out.
As per the latest amendment in I.T Laws, the assessee has the right to claim two house property as self -occupied consequently the value i.e. NAV of both houses should be taken as Nil irrespective of fact that the second house had given on rent. Further, as per my understanding, I cant able to take any benefit of section 24a & b except interest on housing loan i.e. INR 2,00,000.
My query is Can I considered second home NAV as NIL or considered rent as NAV particularly in respect of AY 2020-21?