My client is registered under FCRA Act and has not received any income other than interest from foreign funds. Since, interest income is also treated as foreign contribution, audit report in Form 10B was filed for the A/Y 2023-24. But now, the institution has received a notice that Form 10B has been filed instead of 10BB.

Also, as per the new circular 2/24, CBDT has given a chance to rectify the form by 31st March, 2024, if filed vice-versa.
Kindly clarify if we need to file report in Form 10B or 10BB since there is no other income other than interest received on foreign funds.

Assessee has purchased unlisted equity shares of a company during the FY 2007-08.

As part of the buy back of shares by the company, the assessee has sold the stake in current FY 2023-24.

How to calculate LTCG on shares. Is Indexation applicable for calculating LTCG, as the shares are unlisted? Also, Is sec.112A applicable?

Please clarify with applicable section of the Income Tax Act.

Thank you

Dear Sir,

One of my client was having Long Term Capital Gain from Sale of Property which he has invested in Purchase of New Property to save Capital Gain Tax.

But while filing his Income Tax Return he gave me the wrong Purchase amount to exempt Capital Gain and paid some tax.

My query is whether there is any way (online or physical) to revise this Purchase amount in the return as the due date for revising the return is already gone. i.e. 31st December.

Please help me resolve this issue.

Thanks,
Divyesh Jain

Hello,

Assume a 4BHK house in an apartment complex has been bought in the FY 2021-22. It has become a self-occupied property starting from FY2022-23, where one of the rooms is being used purely for trading (business), rest for living.

a) Can depreciation at 5% be claimed here?

b) Assuming it can, will it be on the whole house or on proportionate basis (for one room)?

c) Assuming on proportionate basis, does this calculation make sense

Cost of house bought = 90L (say)

Room cost = 15L

5% depreciation for 1st year: 75000

Reduced tax liability = 22500 (30% slab)

This calculation is to just get a general sense.

Kindly help. Thanks.

Dear Experts,
1 A company is getting the DSC CLASS III for its Directors.
2 Getting the DSC, is a professional service or contract service
3 194C or 194J will be applicable?
4 Pls clarify

If my business is eligible to avail sec 44AD. According to the section, as per turn over I've to show the profit 8% (cash receipts) / 6% (Digital receipts, Banking Mode). But pls. clarify sale payment rec'd part via. Cheque & balance in TDS

Should I show TDS amount in 6% or 8% ?. Kindly explain

A person is transferring certain sum of money from his Indian Saving account to his bank account in Foreign Bank. Does mere transferring money to self attract filing of Form 15CA/15CB ? Please guide.

Sir a farmer sold soil from his agricultural land is receipt from soil is taxable or not? If yes under which head

My company has opted U/s. 44AD & net turnover for the year is ₹10Lakhs in which payment rec'd via bank channel (Online & Cheque) is ₹6.5Lakhs + Cash - ₹1Lakh + TDS - ₹20K + Bad Debts - ₹13K & Outstanding is ₹2.17Lakhs.

Please guide in which tax slab (6% / 8%) I have to put TDS, Bad Debts & Outstanding amount.

Dear Sir,

One of my client has purchased a land and paid the initial amount by cheque of Rs. 6 lacs. Later on, the deal got cancelled and the seller is willing to return the entire amount by cash of Rs. 6 lacs.

My query is can my client deposit this cash into his bank account and adjust this money against the payment he has made by cheque.

Please help me to resolve the issue.

Thanks,
Divyesh Jain