Sir,
Assessess P2P trader buying and selling 1 lacs transaction daily for crypto currency trading.
Question:
Assessess tax applicable on profit or selling transaction.

Hi all
if property sold out in the month of mar 2023 but tds on sale of property deducted in current year (FY 2023-24) and reflecting well in AIS under FY 2023-24
so in which year should we report capital gain to avoid any kind of notice

RESPECTED SIR
HIGH VALUE TRANSACTION ALREADY INCLUDED IN TOTAL INCOME IN ITR 3 AY 23-24 BUT NOTICES CAME. IN NOTICES MENTION THAT IF HIGH VALUE TRANSACTION PROPERLY ACCOUNTED THEN IGNORE THIS MASSAGE . SO, IS IT NEED TO FILE HVT COMPLIANCE. PLEASE ADIVCE THANKS.......

SIR, I WANT TO ASK WHETHER KARTA FATHER CAN GIVE GIFT LIKE CASH, SHARES, & OTHER ASSETS TO HIS SON HUF, AND WILL IT BE EXEMPTED IN THE HANDS OF FATHER & SONS HUF BOTH OR IS IT TAXABLE.

PLZ GUIDE

what is the business code for saree charak work

Sir/
Outward foreign remittance/purchase of foreign currency from NRO a/c by any NRI and sending to his "own" bank a/c abroad and
out of source which is in the nature of "exempted amount " ( not chargeable under ITax Act in India ). Hence following queries :-

- Is it required to be reported anywhere while filing ITR 2.
- Does it make any difference for compliance or reporting when source of remitted amount is an " exempted receipt " in hands of NRI in India , but amount is more than 10 Lakhs
- Does it need any specific compliance or any tax implication when authorized dealer categorize the transaction under ' Purpose Group -Capital Account- Repatriation of Non-Resident Deposits. as amount is sent by authorized dealer from NRO a/c only.

Pls guide.

Dear Sir,

An Asessee does not file his Income Tax Return for F.Y. 2020-21 i.e. A.Y. 2021-22 as he is not having any Taxable Income for that particular year after that he is regularly Filing his Income Tax Return. Now, on Compliance Portal query is arising as Non-Filing of Income Tax Return for A.Y. 2021-22 also I'm not having anything in support of his Income as shown in AIS/TIS how shall I proceed ahead to compliance portal. An Individual is a Retired Employee, his income from other sources is within Income Limit but he purchased time deposits from State Bank of India, kindly advice.

DEAR SIR,

ONE OF MY CLIENT HAS GST REGISTRATION FOR TRADING BUSINESS. HE PURCHASED AN AGRICULTURAL LAND 10 YEARS BACK NOW HE WANT'S TO DEVELOP THE LAND SELL PLOTS TO PEOPLE. HE RECEIVED SALE AMOUNT IN CASH. NOW MY QUERY IS
1. WHAT ARE THE EXPENSES MIGHT BE INCURRED TO DEDUCTING BY CAPITAL GAIN
2. IF HE DOES MADE CASH EXPENDITURE WHILE DEVELOPING THE LAND WILL BE OR WILL NOT BE ELIGIBLE FOR DEDUTIONS.
3. DOES HE NEEDS TO OBTAIN GST REGISTRATION FOR SALE PLOTS.
4. JUST HE HAS TO PAY CAPITAL GAIN ON PLOTS.
5. HOW TO DETERMINE EXPENSES FOR EACH PLOTS BECAUSE MORE THAN 50 PLOTS WILL BE DEVELOPED AND THIS CURRENT FINANCIAL YEAR MIGHT BE SOLD 10 TO 15 PLOTS.
6. REMAINING WILL BE SOLD NEXT FINANCIAL YEAR.

NOW HOW TO CALCULATE CAPITAL GAIN AFTER DETERMING EXPENSES INCURRED.

REGARDS YOURS SUGGESTIONS MUCH NEEDED

THANK YOU

Dear Experts,

If cash deposits is more than 10 Lakhs in savings account in a FY , then is it compulsory to file ITR for that year?

This has been captured in AIS and feedback is expected for the same for Non filing.

Please advice.

Regards,

Dear All,

Please suggest me the applicability of Form 27E under Income Tax Act, 1961.