Hello Members,

Wanted to check can an HUF be admitted as Partner in Partnership firm?

While having checked few articles it is stated HUF cannot be admitted but in Income tax, I know a few cases wherein HUF are added in as partner in the firm and there has been no question raised or error coming in when returns are being filed.

Regards

Property purchased by the Private limited company through Bank loan. The company business is trading. So property rent comes under house property income. So Interest on loan can be deducted under rental income without any limits. My doubt is if house property income result in loss that can be deducted in income from business income of the company or not. For example If house property loss occurs for Rs.200000/- and company business income head results Rs.100000/-.Company net income results in loss Rs.100000/- is it right.

Hello Sir,

I am working in a corporate MNC handling India accounting. Can you please help me with the TDS rate Section for Dance choreography for the corporate annual party? The Vendor has raised an invoice of 34000 INR.

I have group companies and one of my company provides only headquarters service to another company and takes a reimbursement of the expense incurred from the other companies. so how can i account the transaction between these companies. should i charge any fee from other companies?

I HAVE PAID TDS TO A WRONG TAN NUMBER WHICH IS VALID I NEED REFUND FOR THAT AMOUNT PLEASE SUGGES ME A SOLUTION

Dear Sir,
I am farmer and having residential cum commercial plot at my city which is having Municipal Council. The said plot is my ancestral property and I am having 25% share in the said plot (We are four brothers having equal share of 25%). The government valuation of the said plot is Rs. 73,21,000 in year 2017. In the same year, along with my brothers we decided to develop the said plot and made Joint Development Agreement with developer. According to said agreement the developer share is 55% and owners share is 45% and subsequently my share is 11.25%. As per the said Joint Development Agreement the developer paid us Rs. 20,00,000 as refundable deposit (My share is Rs. 5,00,000). However, due to the covid-19 and other reasons the project is delayed and still project is under construction. Recently, I received the notice from income tax Order under clause d of Section 148A of the Income Tax Act, 1961 in which the income tax department asking explanation regarding sale of immovable property amounting 73,21,000. However, we did not do any sale of said property and its joint development agreement. In view of above it is kindly requested that please guide me and how to answer the income tax authority.
Regards

SIR
MR.A RUN OF KIDS ENTRIMENT PARK. HE COLEECTED ENTRANCE FEES ONLY . HE COLEECTED RS12,20,000 PER YEAR. HE SPENT SALARY ,RENT AND EB EXP AND OTHER EXP RS.6,40,000/ BALANCE RS RS. 5,80,000/- THIS INCOME UDNER HEAD OF BUSINESS OR PROFESSIONAL ARE SERVICES ? . HE IT FILING FORM NO. 3 ARE 4

TAHNK

On what basis we can share maintenance expense between group companies?

I have received notice u/s 133 (6) and asked for ledger copy, sales register, inventory register, Bank statements, and other related documents but I have filed income tax return u/s 44AD so we can not maintained books of accounts as per income tax law.
Please guide how to reply this notice.

Date of agreement - 25.09.2023. Joint Buyers - Mr X & Mr Y. Total Sale consideration Value Rs 75 Lakh.
On 04.07.2023 paid token money Rs 1 Lakh (No form 26QB filed).
Remaining balance of Rs 73,25,000 paid on 29.01.2024 (as 1 percent of sale consideration Rs 75000 TDS)
Questions:
1. Payment type = Installment / lumpsum?
2. Total amount paid/ credited in previous installments, if any (A) - what should be this amount?
3. Amount paid/credited currently (B) - what should be this amount?
4. Total stamp duty value of the property (C) - what should be this amount