If Assessee has loss from F&O in FY 22-23 which is first year of his loss and in previous Financial years he opt for 44AD for his other business(Milk Production) is tax audit u/s 44AB required or he continue to opt for 44AD for milk business and show loss on F&O and set off against Milk Business.

If the sale deed doesnot specify can we take percentage ownership of co owned property as 10% and 90% for two co-owners while calculating capital gains on sell of such property based on the fact that payments were received in that ratio.

CBDT in the circular No. 13/2023 dated 26/07/2023 has allowed CCsITs to grant codonation of delay in furnishing ITR by Co-operatives for the AYs- 2018-19 to 2022-23. My doubt is that since the assessment for the AYs-2018-19 to 2021-22 are barred by limitation of time as per Section 153 what purpose would be served by filing return for these years, other than claiming refund if any and certain exemption u/s 194N?
Experts, please comment as your valuable suggestions would help the co-operative community all over India.

If I have filed my income tax return for AY23-24, but chose the option pay later. How do i pay the income tax outstanding amount?

I am filing ITR 3, on validation i am getting the following error:
Category of defect A: In Schedule VIA, deduction u/s 80DD, "Dependent with Disability" cannot be more than Rs 75,000

However, i have not claimed any such deduction and also not showing 0 value u/s 80DD

Please help!

Both F&O transaction and Commodity trading are derivative trading and settled in cash. According to provision exception to section 45(5) it is non-speculative business income . kindly clarify as it impacts set off provision.

I am a self - employed person. I have Business Income. I have filed ITR-4. I have received Short Term Profit/Short Term Gain of Rs. 94079/- from Sale of Equity Shares of Listed Companies in FY 2022-23. Can I show this Short Term profit in Head "Income from Other Sources" or Not? Give Your Expert Opinion. Or Please Tell me in which column above Short Term Profit will be shown in ITR-4?

Prem Moolwani

I have filed itr form 1 instead of ITR 2 wrongly online how to rectify the mistake?

I'm exporting services to the USA as Business Developer.
I have also registered under GST Act.
My query is, Can I File ITR 4 and avail 44ADA benefit?
Whether there is any other form or filling required in any other act or in Income Tax.

Hello Sir

I have one question .

Suppose Mr A had long term capital gain on shares of Rs. 15 lakhs . ( 40 lakh sales - 25 purchase cost ) .

If he had invested capital gain of Shares for purchases of new flat of Rs. 60 lakhs ..( 1/3 shares .. total cost of flat is 1.80 cr)
then

whether Mr A will get exemption u/s 54 F of income tax act. ?
Whether exemption of section 54 F is applicable for capital gain of shares ?