RESPECTED SIR, I WANT TO KNOW THAT MY INCOME TAX CASE UNDER SECTION 142(1) FOR THE FINANCIAL YEAR 2020-21 VIDE ITS NOTICE DATED MAY 2025 AND IN THIS NOTICE AO FACELESS ASKED TO PRODUCE THE CASH BOOK , BALANCE SHEET PROFIT AND LOSS ACCOUNT, CAPITAL ACCOUNT FOR THE FINANCIAL YEAR 2019-2020.SIR CAN THE ASSESSING OFFICER DEMAND TO PRODUCE THE ABOVE SAID DOCUMENTS FOR THE YEAR 2019-2020, BECAUSE AS ON 31ST DAY OF 2025 6 YEAR HAS BEEN COMPLETED. THANKS

Sir,
Tax audit f.y.24-25 due date September -25 or extended dec-25.

Mr. X has a plot in his books of accounts which was shown as stock in trade. Now, If Mr. X has relinquished their rights against his relative of this plot. Is it valid?
1. It should be treated as capital gain or stock in trade?

Hello All,

We are the importers of Industrial Machines .

We have received Rs. 19.00 lac USD 22 k from our offshore vendor under P1006

How to account for it and under which section is TDS payable.

64(1)(vi) Daughter-in-law
Sir
Can income from assets transferred to Daughter-in-law without adequate consideration be clubbed under section 64(1)(vi) with the income of transferor- i.e., father-in-law/mother-in-law?
Sir
As per section 64(1)(iv), if an individual transfers (directly or indirectly) his/her asset (other than house property) to his or her spouse otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor). Income from transfer of house property without adequate consideration will also attract clubbing provisions, however, in such a case clubbing will be done as per section 27 and not under section 64(1)(iv).

Further can income from house property transferred to Daughter-in-law without adequate consideration be clubbed as per section 27 and not under section 64(1)(vi). with the income of transferor- i.e., father-in-law/mother-in-law (as allowed in section 64(1)(iv))?
Regards
K M Goyal

Sir/Madam

Can we have to mentioned FNO transaction in ITR form if FNO transaction are not reflecting in AIS Report for the fy 25-26??

Please suggest me. Howcan we see FNO transaction in income tax portal??

Thanks

No PGBP in FY25-26. OI is < 2 lakhs. LTCG is 9 lakhs after indexation. 20% tax on LTCG is 1.9 lacs. How much tax is applicable in FY25-26? I will be a senior citizen in August 2025. I did not pay any advance tax for LTCG. When to pay this tax during filing ITR or before March 15, 2026

If Mr. X has purchased plot from Mr. Y for claiming deduction u/s. 54F. and also Mr. X sale his residential house to Mr. Y’s daughter. Mr. X has received money from Mr. Y’s Daughter and pay to the Mr. Y against the purchase of the plot for claiming deduction u/s. 54F. Is it valid for claiming 54F deduction or is there any issues?

Total value of Property is 2,00,00,000 which is split into 50,00,000 each as there are 2 buyers and 2 sellers. In the field "Total Value of Consideration (Property Value)" I have entered 2,00,00,000 and in the field "Amount paid/credited currently (B)" I have entered 50,00,000. Now, in the field "Total stamp duty value of the property (C)", should I enter 1,00,00,000 or 50,00,000. There is a warning that asks us to enter proportionate share of SDV. If I put 1,00,00,000, an additional warning pops-up saying "Difference between Amount paid/credited currently (B) and Stamp Duty Value (C) is more than 20%.". If I put in 50,00,000 no such warning pops up. Which is correct?

for FY 24-25. After deduction of TDS paid on my professional income, the balance STCG @ 20% payable is INR.2300/-. I have not paid any advance tax towards STCG as the total STCG is INR 5860/-. Will I face any penalty if I pay tax of INR 2300/-before 31st September/31st July? Income from other sources is INR 4.26 Lacs, and loss on LTCG is INR.3392