I bought a flat for 2 million INR in 2014. The flat is sold for 7 million INR in 2023.
When filing returns how much I need to pay as tax on LTCG ? To avoid paying tax can I invest the tax gains in purchasing stocks ?

Please advise.

Dear Experts,
I received Notice U/s 139(9) from Income Tax Department and I replied on the same by filling corrected return. I have not received Intimation U/s 143(1) yet.
Now I found some mistake in corrected return as well. So, Can I file revised return at this stage ?

Can husband claim tds deducted in wife's hand as income is added to husband in ITR 2 without informing deductor?
if husband informs deductor then he deducts in his name or not??

Sir,

Please suggest i have switch one mutual fund amount to 2nd mutual fund same house so can i go for ITR-1 or any other form because my income is only from Salary

Kindly guide

GM,

I am an accountant in a proprietor firm, the owner has already crossed 30% limit of IT, now getting long & short term profit from Equity & FO. my question is what rate is applicable for those capital gain?

Thanks & Regards,

A company has opted section 44AD Scheme & as per the terms is opting to file return at 8% turnover, whereas the actual books show a profit of 12%. What should be taken for computation of taxable income.
Please Guide.

MY FIRST QUERY IS CAN WE APPLY ONLINE TO CIT. MY SECOND QUERY PLEASE PROVIDE APPLICATION FORM FOR APPLING THE CERTIFICATE UNDER SECTION 17(2).

An assessee filing ITR on Presumptive Income basis sold industrial land and building for 40 lakhs during ay 23-24. Land was purchased for 3 lakh during financial year 2008-09 and building was constructed during financial year for Rs. 15 lakhs. Please suggest basis of capital gain considering indexation and depreciation issue.

Dear Experts

For AY 2022-23 I had b/f LTC loss of 50000
In AY 2022-23, I had LTCG of Rs 14000 and Speculative loss of 2500
So erroneous, I Adjusted the same and took set off of LTCG of rs 11500, which was available for set off against b/f loss

Now ITDpt , disallowed Specualative loss adjustment of Rs 2500, so they took LTCG of 14000 , but allowed set off of Rs 11500 b/f Capital loss , since adding 2500 to my income

I filed rectification return , taking set off of rs 14000 ( as was available b/f LTC loss )

But Income tax dpt replied
Under Section 154 of Income Tax Act 1961, rectification application can be filed only tocorrect mistakes apparent from records. In this case, fresh claims of BFLA is being made inthe rectification application, which is not a mistake apparent from records. Hence yourrectification request cannot be entertained.

How to explain Department that set off could be taken to extent of available capital gain.In fact they should have allowed in 1431A , full set off as they were aware of B/f capital loss

Thanks & regards
Yashesh Gala

Dear Experts,

1 A company purchases a car for buisness purposes, which sale value is more than Rs 36.00 L.
2 This sale consideration consists of Ex Show Room Price, Road Tax,Insurance, handling charges etc.
3 Dealer collects 1% TCS from EX-showroom price.
4 Query is:
Whether the dealer needs to collect the TCS at 1 % on Ex-sowroom price or inclusive of all the charges as mentioned above