Dear sir

i have 30lacks Unsecured lone From my father and family member in books
so now how can i clear that ...can we treat as gift please advise me

thank in Advance

1. Can we pay rent (66,667/- rs p.m.) for Apr 2023-Aug2023 in lumpsum or otherwise like separate payments for 5 months in current sept 2023 month to mother (75 yrs old) since it was not paid in respective month?

2. Can we get a rent agreement with commencement date as 1 apr 2023 on current stamp paper dated say 10 sep 2023 of rs. 100?

3. Can rent receipts be formed as per point 1 and 2 above and given to employer and will that be admissible for claiming HRA from salaries received sep 2023 onwards?

Today i filed a TDS form(sale of property) 26BQ and paid 5000rs amount from net banking.After successful payment from my account,server doesn't redirected to incometax website and i didn't get any Challan no or Acknowledgement no.When i check the status,it is always showing as 'Payment Initiated'
I have property registration in 2 days.
Can't understand the fate of that transaction.Any inputs please.

Sir

Can a person opt for 44AD for one business and Opt Audit u/s 44AB for another business .Both business are different and books kept separately. Gross Receipts Exceeds 1 CR for both business

Thanks

C Op bank has revalued one of its immovable proerty a few years back based on valuer's report and has created revaluation Reserve. now the bank intends to sell the same. Query is:
1. how will we calculate profit on such sale? Whether by substracting revalued value from sale value?
2. Will the profit be considered as routine business income or it will be treated as Capital Gain?
3. In case if we treat it as Capital Gain, will indexation benefit be given to arrive at taxable Income?
4. What will be accounting entries?

Sir/Mam,

Our Courier person is proprietor and Registered in GST, we are paying regular monthly courier charges, Our payment crossed Rs. 30,000/-

My doubts courier charges TDS applicable or not , if applicable what is TDS rate

Plz clarify my doubts

Our company has opened a Group Gratuity Fund with LIC for disbursement of Gratuity to employees. LIC gratuity A/c and Gratuity Bank A/c are maintained in the books of the company itself. Each year, Gratuity provision and fund balance are adjusted in the books as per the actuarial valuation statement received from LIC.

Issue : What is the tax treatment of income/expense recorded in the books which has been accrued as per the actuarial valuation statement from LIC ?. For example, if we account Rs.5 lakhs as income recognised as per LIC actuarial valuation statement, whether that income can be reversed in the tax computation? or the same needs to be reported as the income of the company?

Dear All,

What is due date for filing NIL Income Tax return of a company for FY 2022-23?

suppose purchases made during the year 100 cr which is reflected in GST. However invoice for 1 cr purchases is not found at the time of audit/nor duplicate copy collected from parties upto the date of audit and it is disallowed by the auditor in fy 21-22.

however party gave duplicate copy of invoice post audit.

My question : can 1 cr purchase accounted in fy 22-23 pertaining to fy 21-22 be allowed as expenditure in fy 22-23 ??

Respected Experts,
Today I noticed that there is an open e-proceeding in my income tax portal.

- The proceeding is dated 03-03-2023, i.e. six months ago.
- It is in open status
- The notice was not served under any particular section
- The notice doesn't have any assessment year or finanacial year associated with it in e-proceedings page.
- The notice doesn't have a response due date
- The notice was sent to an old email address which I had updated 5-6 years ago in the portal, hence I missed the email. All other communications like reminder to file, processing status, verification, etc are sent to updated email address by the income tax department.

I seek your kind advice for the following:

1. Is it important to submit reponse to the notice or can it be ignored?

The notice is asking to "submit a Photostat copy of the challan, dully certified by you to the office of the undersigned for the purpose of records and proper monitoring in every quarter."

2. Do I need to submit it physcially in the income tax office, or can I submit it as attachement online?
3. Do I need to submit the challan copy only for FY 2022-23 or for all FY after the notice?

Thank you for your valuable time and expertise.


The content of notice is as follows:

Sir/ Madam/ M/s,
Subject: Payment of Advance Tax - Letter

Sir /Madam,
Sub: Request to convert High Self Assessment Tax (300) in Advance Tax (100) for the financial year 2022-23 –reg.

As per data available with this office, you have paid SAT (Self Assessment Tax) of Rs. 1261910/- for the A.Y. 2022-23. You are aware that in consonance to the provisions of Sec. 208 of the I.T. Act, 1961 it is enjoined that Advance –tax shall be payable, during a financial year, in every, case where the amount of such tax payable by the assessee, during that year, as computed in conformity with the provisions of chapter XVIIC of the I.T. Act, 1961 is ten thousand rupees or more. So, you are requested to convert the payment of SAT into Advance Tax.

It is therefore, imperative for you to estimate your income, for current financial year, and compute the income tax payable thereon. This should be done in consonance to the provisions of Chapter XVIIC of the I.T. Act, 1961. Further, you are requested to ensure that the instalment of Advance tax is positively paid, without fail, on or before the 15th day of every quarter. You are further, requested to submit a Photostat copy of the challan, dully certified by you to the office of the undersigned for the purpose of records and proper monitoring in every quarter. A statement in this regard may kindly be furnished, in the prescribed format whenever applicable, specially for the purpose as hereunder.

Sl. No. Name of the Bank Branch BSR Code No. Challan Sl. No. Deposit Date Amount IN

Upto 15/06/2022
Upto 15/09/2022
Upto 15/12/2022
Upto 15/03/2023