Mr. X is a farmer.  Apart from his own produce, he also purchases from other farmers.  After keeping for certain period, say a year, he sells the same to a miller. Will the profit earned on sale of the produce (own and purchased) be taxable ? Or that will be exempt. Request for an Expert opinion.  Thanks & Regards.

Sir,

Here is specific and pin pointed queries of Option Intraday Trades & related issues.
In fact Institute guidelines issued in
Aug 2022 details method of calculating turnover in Future & Option trade. and states that it needs to be treated under head " Income from Business & Profession ". But could not find clarification on following points pinpointedly. In guidelines only reference is of " Future & Option " but not of Intraday trade within "
future & Options which is extended up to expiry date of contract where as Intraday trade of " Options (Equity & Currency ) is squared off on that day itself. Hence following queries :-

1 Is Intraday Trade in OPTIONS (Equity or Currency ), is also to be treaded under same head of " Business & Profession " and is required to be reported in ITR 3. ?
OR
2. Intraday trade of OPTIONS ( Equity or Currency derivatives ) is to be treated as " "Speculative " business as nature of trade is to close the trade in short time and close it by expiry time of only that day itself as it is " Intraday Trade only ".?

3. In currency trade , how is turnover to be calculated. Is it total of Buy & Sell absolute values ( i.e of total transaction amount as it is currency trade ) OR is it total of absolute figures of only Profit & Loss figures ( i.e. Profit & Loss figures only ). ?

4 Does treatment in case of Option (Equity derivatives ) trade differs from that of Currency Option trade ?

Pls guide on above points .

Sir
While deducting the TDS, the contractors PAN was not linking to the Aadhar Card hence the PAN status was Valid and Inoperative. But the TDS was deducted @ normal rate, therefore after filing TDS return a notice demanding TDS @20% for Inoperative PAN was received. Later the PAN was linked to AAdhar and became valid and operative.
Later the correction statement was filed with the updated PAN but the demand for TDS @20% still exists.

How to solve the issue

Dear Experts,

01. A company remitted the amount of Rs 150000.00 to its service provider towards getting the SSL certificate (Secure Sockets Layer) for the period of one year.

02.At this scenario, whether the company does need to deduct the TDS either under Technical Fees @2 % or under professional service @ 10%.

03. Please clarify.

04.Further request to clarify that on based upon which factors, the professional service can be differentiated from Technical Service.

Dear Experts,
Our school is subscribed with Times Newspaper in Education Program for 160 Days Span and the Invoice value is 5,50,000 & GST exempted. We need to deduct TDS for this transaction or not? If TDS is applicable then what is the section? Any leads would be appreciated

Suppose, we have purchased gold coins from a vendor to give it to dealer for achieving the Sales target.

What will be journal entry in the books of the company and the dealer?

Let be the gold coin value is Rs. 1000.

Whether Income tax portal will allow outstanding payment of Foreign vendor of 2021-2022 not paid ,now wish to make payment in 2023-2024

What should we select year 2021-2022
Form 15CA does not permit . Any restriction by RBI OR Any circular .

Mahendra Doshi C.A

Hi,

Our Oversees client want to give gift to our resources.

what to receive gift from them to avoid taxation on it.

Should we raise the Invoice amounting to gift value ? or anything else ?

Please suggest.

Whether 15CA OR 15CB is required purchase machinery from foriegn country for Rs.5,00,000

Could Assessee take deductions while filing Rectified return after completion of AY where ITR Processed under old regime since form 10-IE filed after due date