I am trying to ON LINE fill ITR 2 under old regime
Income details as under
Salary. 11,00,000
Other income. 56000
Income from HP
A. Rent received 120000
B. maintenance 30%. = 40000
C. Interest on home loan. 358000
Net income from HP A-B-C= 278000
Capital gain 120000
B/F. Loss from HP 88000
In schedule CFL after computing set off is says total loss from HP as 278000+ 88000= 366000
However in schedule CYLA it shows loss from HP as 278000 of which 200000 is set off against income and 78000 is carried forward.
I feel CYLA should show losses as 366000 of which 200000 is set off against income and 166000 should get carried forwad.
Could you please confirm why previous years losses on HP are not getting added where as as per act it can get carried forward till 8 years

My Client is doing proprietary business of Construction Material whose Turnover are 20 lakh and profit is 5 lakh. He also get Salary from Private Company of Say 5 lakh. He also engaged in Equity trading in all Intraday, F&O, Short Term/Long Term. He is loss in this of Rs.20 lakh which i wish to carry forwards after any set off. As I need to prepare Balance Sheet and Profit loss for losses carry forward (otherwise 44AD can b filled), the question is, Which Assets and Liabilities shall be included in Balance sheet (All his Personal Assets and liabilities) or only for that which are related to his Construction or Equity Trading Business or Both. Can I show his construction Business in 44 AD & His Trading losses in Profit Loss separately. I m very confused as If detailed of his all Balance Sheet and Profit Loss need to be reported it a very risky proposition as we need to verify each and every minute details of his all assets and liabilities & clients may not be available with all such records handy and also in general clients dont ready to pay reasonable fees for such work. Also due date is very short for managing all clients as I file 1000 ITR within due date & many of my clients has such a situation which is just non manageable.

TDS is booked in FY 23-24 , but the payment was received in FY 24-25. When can I claim the TDS194JB

I prepared and uploaded my ITR 5 return using ITD e-Filing-DU-v1.1.1., downloaded from https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns#itr-5, However, upon reviewing the filed return for validation compliance, I noticed a Category A defect. Despite this, the utility allowed me to upload, verify, and submit the return.

Specifically, according to ITR 5 - Validation rules for AY 2024-25 (version 1.0), Table 2: Category A Rules, Sl. No. 12, I should have filled in "No books of accounts in Balance sheet and P&L" since I selected "No" for maintaining accounts as per section 44AA. Nevertheless, neither the utility nor the e-filing portal detected this error.

I'm concerned about the next steps and seek your guidance. Please verify whether the filed return will be processed by CPC or rejected. Additionally, suggest whether I should file a revised return to rectify this defect.

Further, I'd like to bring to your attention that the utility version released on 05/07/24 is later than the release date of ITR 5 - Validation rules for AY 2024-25 (version 1.0) on 31-May-2024. Should I presume that the utility is following updated validation rules not yet publicly released? This concern arises from the fact that the preface of the validation rules mentions that these rules are intended for commercial software, whereas I used the income tax department's utility.

Please clarify this discrepancy and advise me on the best course of action.

Mr. X is Land Lord, individual and having Land 1000 Sq Yrds

Mx. Y is Builder

They entered in to JDA (ratio 60:40)
Total 10 flats (6 flats for Land Lord and 4 flats for Builder)

Capital Gain Tax Calculation (after completion Certificate)
FCV 6 Flats * 10 lakhs (SDV value) =60,00,000
Land (40% )Acquisition 3,90,000*348/100=13,57,200
Long term Capital Gain= 46,42,800

Here my doubts:
here Stamp Duty Value means flat construction cost and land (undivided Share) cost
Can we reduce land cost from this SDV Value to take FCV value because here in my opinion construction value is only out consideration. 60% land was hold with us as undivided share.

if not why shouldn’t be reduce land cost?

Please give reply

Thank you

Under the head salary where to include the annuity receiver from lic?
As the computation is asking for employer details. Where should we include this annuity

i work in metro and my minor children stays in city. i have taken two houses on rent for myself and my kids. can i avail HRA for both the houses

Hi Friends,
Can anyone please clarify the following point:

A tax payer has completed an age of 60 years on 31st Dec 23.
Is he entitiled as sr citizen tax payaer for the FY 2023-24 or next FY i.e. 2024-25.

Thanks & regards

PC Joshi

Sir,
Assessess sec 44ada provision itr filed f.y.23-24 advance tax payment rs:2,20,000/- refund claim rs:50,000/- .
Question:
Assessess refund claim amount huge selection of scrutiny provision applicable f.y.23-24

My employer has made a mistake and enter wrong salary amount in From 26AS, he told me that he had made the correction but it is not yet reflecting in 26AS. Form 16 has correct details. What can I do ?

Thanks