Our subsidairy company owns office premises, which it has rented to Parent Company. Parent Company is showing a Interest free loan in its books to the Subsidairy. The land on which office has been constructed originally belonged to MSRTC. The Subsidairy Company does not have any sale/revenue of its own. No transactions in its books. Dear Experts, kindly advise regarding the accounting entries in books of Parent Company and Subsidairy Company in case of Merger. Kindly advise with respect to percentage of stamp duty in case Subsidairy is merged with Parent Company & its calculation

When Owner enter JDA and received Cash & Flat both as consideration as per agreements, and if he resold those flats, what would be the cost of acquisition for the flats?

Dear Members,

In one of the Assessment Proceedings for the Assessment Year 2018-19, The Faceless Assessment Unit has considered Income from Intra day Trading in Equity and Income from Trading in Futures & options as Short Term Capital Gain.

The Assessee has considered Income from Intra day Trading in Equity as Speculative Business Income and Income from Trading in Futures & options as Normal Business Income which in my opinion is correct.

Whether the below noted contention of the Assessment Unit is correct ?

Contention :"Since the assessee is an Employee of a PSU, the Profit from Intra day Trading in Equity and Income from Trading in Futures & options is considered as Short Term Capital Gain and hence the same is calculated accordingly"

Hi All,

I submitted ITR 2 FOR financial year 22-23 and got a refund in Aug. Now I have realised that I have shown higher FD Interest income in my filing. So I believe I have to file a revise ITR 2 and claim for a refund.

Just want to understand how I have to show the refund in my revised filing which I received earlier. Whall All things I have to take care of in my revised filing

Please suggest.

Regards,

I had filed my tax returns on 13/07/2023 and the refund with the assessment order was received on 26/07/2023. I had income from renting office space and my tenant
had deducted the TDS amount but had not paid the TDS to the Govt. When I saw the AS 26 as updated till 07/06/2023,the amount of Rs 9,000 paid by my tenant as TDS was not reflected. So I paid my taxes accordingly. In December 2023 when I told my Tenant to vacate after the lease period was over, I could see in his statement of accounts that he has paid the TDS for AY23-24 to the Govt , When I checked AS 26 for AY23-24,,this amount was reflected now. How Do I claim my Tax refund of Rs 9,000?

if received NON-Fillers message from ITD should file ITR ? if yes what to do with compliance portal, no transaction trace do not have any business

Hi,
We have deposited the TDS of Rs. 30,00,000/- under section "195" for the AY 2023-24, but TDS could be adjusted only 15,00,000/- against this challan. Now here is the query that, can this excess balance of Rs. 15 lakh be claimed with other sections' TDS liability, like section 192-B, 194J etc. in current AY 2024-25? Please clarify.

Dear All,
Our client has received notice for FY 2017-18 under section 272A of income tax act and demanding a penalty, client was not aware of all taxes and have not replied to any notices earlier issued, so got this penalty U/S 272A, he is not having any taxable income chargeable to tax for FY 2017-18.
How to reply to this notice without paying any penalty U/s 272A. ?

As NRE fixed deposits opened by NRIs are tax free in India as per provisions of DTAA,
are the banks are to report these deposits in SFT submitted to income tax authorities ?
If they are reported in SFT, automatically they get reflected in AIS/TIS.
The department can not distinguish whether they are NRE deposits of tax free or normal fixed deposits ( taxable in India)
NRIS get notice that they did not file income tax returns in India as per AIS/TIS statements.
Is it not necessary to give instructions to Banks that they should not report time deposits of NRE opened by NRIs or to report them separately in a suitable format
as TAX exempt category deposits to avoid unnecessary litigation and harassment caused to NRIs
I request CA CLUB to represent to CBDT/Income tax authorities.

A CIVIL CONTRACTOR ENGAGED IN THE BUSINESS OF CIVIL CONSTRUCTION, ROAD LAYING FOR STATE GOVERNMENT AND TOTAL TURNOVER DURING FY 2022-2023 Rs. 7500000 and all amounts are received by cheque or rtgs. I want to know whether 44AD applicable to civil construction business. If so we can adopt 6% of turnover (instead of 8%) because amount received fully in cheque & RTGS