Hi Good Morning,
I have following queries for A/Y 25-26:
1- *If a Partnership firm is solely engaged in commercial leasing of warehousing*- can this income be treated as business income and claim all related expenses like - R&M, Salaries, Interest, Admin Overheads and Depreciation.
2- *if answer is no*- and income need to treat as Income from House Property, can the firm claim deduction of Depreciation from total income.
3- What will be treatment of Capital subsidy from Govt against this warehouse's Capex ,
Govt will provide 25% cost as subsidy over a period of ten years - 2.5% per annum,
will this subsidy be treated as income or will be reduced from capex value and not taxable.
Will this subsidy be treated 2.5% per year over a period of 10 years or whole subsidy i.e 25% will be treated in first year?
Pls advise
K M Goyal
M No. 9899799000

In case of Revised TDS Return, whether there is any time limit to issue TDS Certificate. Secondly whether we have to generate TDS certificate of person which was added/amended newly or all person TDS certificates needs to be generated.

This site can’t be reached
Check if there is a typo in incometaxindiaefiling.gov.in.
If spelling is correct, try running Windows Network Diagnostics.
DNS_PROBE_FINISHED_NXDOMAIN

ye message aata hai from last 3-4 days

I had purchased a flat in aug 2023 against sale of shares and claimed sec 54 f exemption. Now I purchased another flat in nov. 2024 due to which the earlier 54 f exemption claimed in fy 23- 24 will be revoked and added to this year ie fy 24-25 income.

My query is - how much tax I will have to pay on this revoked 54 f capital gains .
Since I am a senior citizen with no income from profession or business, am I right in presuming that there will be no advance tax

Regards

My Client purchase agri land on April 2022 and Sold on May 2023 within 13 months. can he get exemption u/s. 54B for Capital Gain.

I AM GETTING ERROR- "INVALID PAN. PAN format should be First 5 alphabets, then 4 digits, then ALPHABET WHILE GENERATING .XML FILE FOR ITR OF AY 2018-19. HOW TO SOLVE THIS PLEASE ADVISE.

THANKS,

Open plot is purchased in the year 1986 for Rs. 20,000/- and house is constructed on it spending Rs. 20.00 lakh. Thus total acquisition cost is Rs. 20.20 lakh. Now this property is to be sold for Rs. 201.00 lakh. Whether it will be beneficial to opt for indexation benefit or to opt without indexation benefit. If Indexation benefit is opted how to arrive at cost after indexation. Present index is 363 considering the base year as 2001, but the property is purchased prior to 2001 i.e. in the year 1986

Will the losses incurred on money invested in gambling apps be treated as capital gains? If yes, which ITR Form should be filed? Plus it also has business income

sir ,
an assessee s assessment was carried out us 144 for AY 2017 18. Assessee now intends to go in scheme. Now assessee is required to pay only tax amount & no interest us 234A B & C is it correct ? second question is penalty notice us 271AAC is issued for income assessing us 69 i.e. unexplained money, however penalty order is not issued. If now assessee opts for scheme then penalty proceedings initiated us 271AAC will automatically dropped ?
please reply thanks in advance

facts :- asst. 24-25. assessee is firm. turnover 7 crore, profit only 2 lakhs. no cash receipt/payment
i filed without audit but with bal sheet/prof loss stating 44ad is not applicable & 44aa (books) as applicable.
strangely, just got 143(1) intimation stating

"Tax Payer has offered income under section 44AD, and the gross receipt or income under the head “Profits and gains of Business or Profession” is more than 2 Crores; however, he has not filled Balance Sheet and Profit and Loss Account and has not got the books of account audited."

probable resolution ->
The taxpayer has offered gross receipt or income under the head “Profits and gains of Business or Profession” more than 3 crore. Hence, the taxpayer has to file the audit report as per section 44AB

my view--> i have not filed u/s. 44ad, i have said 44ab is not applicable. i have filed bal.sheet/prof loss. Hence, i feel intimation is grossly wrong. There is no need of audit as turnover less than 10 crore (its 7 crore), although margin is less than 6%

is audit required? what am i missing?