Case 1:
A non-profit education trust, which invests the earned amount back into the education trust.
Will there be income tax on the earnings of the trust.

Case 2:
The same trust non-profit education trust, rents one of the buildings. Now, the trust have 2 sources of income A- Education earnings B- Rentals of the Building.

Will there be income tax on (A) only, (B) only, or (A and B) both?

What will be the category of the trust in both cases. (Business trust or non profit trust).

Thanks in anticipation

I have mistakenly added a challan twice in traces. Because of this I have received demand from the department. Can anyone help in rectifying this

Is it mandatory to file ITR of AOP and BOI even if there is no income or income below basic exemption limit.

If residential property sold and Capital gain tax Calculated as per old regime by taking Indexation

but if assessee wants to invest in new residential property, can he still get indexation benefit in old capital gain tax regime and claim exemption Under section 54,?

Origianl ITR was filed under NEW tax regime on 22/07/2024 after paying tax of Rs. 2080 and verified on the same day. Although on 26/07/2024 A REVISED return under OLD TAX REGIME was filed claiming refund of Rs. 15000, yet the intimation us 143(1) was issued on 07 Aug 2024 considering the Return filed on 22/07/2024(i.e. NEW One) and there was no reference of Revised Return under OLD TAX REGIME filed on 26/07/2024.
now should i wait for the dept. to process the revised return filed on 26/07/2024 or the intimation issued on 07 Aug 2024 is final.
Does the department do not consider the REVISED RETURN or The REVISED Return is processed separately?
please guide?

Whether TDS u/s 194Q would be applicable on brass scrap if TCS is not dedcuted by seller under section 206CE?

Hi Everyone,

TDS is deducted under section 194O by the E Commerce operator. This income was against an international project . Hence it is shown as export of service in GST without payment of tax. Is that ok? Does reporting under section 194 O means it should be shown as Indian Income and charge GST?

Thanks in advance

I have a query that Can we claim Exemption u/s 54B for 2 Financial years i mean for F.y.2023-2024 and financial year 2024-2025. Because the 1st property sold in 2023-2024 and we have already made investment in new agri land in 2023 year only. And subsequently we sold another Agri land in 2024-2025 and we are planning to claim exemption for this u/s 54B also.

Can we claim Exemption u/s 54B for both the financial years.

Please help me with this.

Thanks in advance

Sir, employer (Indian Navy) didn't mention HRA exemption in form 16 but their employee staying on rent and paid rent.
can he claim HRA exemption, he doesn't have rent agreement with landlord?

Hi Experts,
I just want to understand tax implications after the recent budget changes.

If I hold stocks from past few years and and sell them in current financial year (Long term) and gain 1 crore .

My current income from other sources salary , FDs is around 54 lacs for a year.

So how will my tax be calculated on my total income ?


Thanks,