Hello Sir,
What would be income tax business code for income earned through proof-reading of books.
Thank you for your guidance.

I have received an email from the Income Tax department citing the above subject error against the ITR filed for AY 2023-2024.

I am shocked to note that the department has referred to a section 80P which is irrelevant and we have not claimed any deductions under this section in our ITR.

How do I resolve this issue?

In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income. please solved the query

Dear Sir/Madam, We are Tax Consultancy Firm, have file a Partnership firm IT for the Ass Yr 2023-24 with Loss for a Manufacturing Firm.
Received a Message stating that
"In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income."
Please suggest how to resolve
Thanks

1).FIRM NEWLY INCORPORATED IN FY 22-23 HAVING TURNOVER OF 48 LAKH AND ASSESSESS WANT TO FILE RETURN OF INCOME BY SHOWING PROFIT OF RS. 48000 WITHOUT AUDIT , IS IT POSSIBLE AS CASH RECEIPT AND PAYMENT EXCEEDS 5% LIMIT

2) OR IT IS COMPULSORY COVERED BY AUDIT AS SHOWING PROFIT LESS THAN 8% AS PER 44AD??

Sir,
Q.no.1.A Gst registered rice goods taxable and exempted dealer sales turnover rs:185 lacs as per GST portal f.y.22-23
Q.no.2 dealer AIS information download f.y.22-23 dealer show one current bank account show in books and it returns every year.but dealer 2nd savings bank account show in AIS f.y.22-23
Question:
1.dealer net profit rs:9 lacs declared (4 precentage) which clause applicable tax audit.
2.dealer 2nd bank sb account transaction some cash credit and debit loans show in bank statement.2nd bank account transaction show in it returns compulsory.

Sir,

Sir I have one used motor vehicle, which I wanted to sale. But due to the non availability of prospective buyer, I was supposed to sell the same as scrap sale. Then I want to the know the documentation required in respect of the same in case of scrap sale. Whether it require any sale agreement etc.

MR. A HAS SOLD A RESIDENTIAL PROPERTY IN F.Y. 2022-23 WHICH WAS RECEIVED BY HIM AS A GIFT IN F.Y. 2021-22. HOWEVER, MR. X WHO GIFTED THE PROPERTY TO MR. A ALSO RECEIVED THAT PROPERTY VIA GIFT IN F.Y. 2021-22.

NOTE: THE GIFT TRANSACTIONS DISCUSSED ABOVE ARE BETWEEN BLOOD RELATIVES.

QUESTIONS:
1) WHAT WILL BE COST OF ACQUISITION FOR ARRIVING AT THE CAPITAL GAINS FOR MR. A GIVEN THE FACT THAT THE PREVIOUS OWNER (MR. X) ALSO RECEIVED THAT PROPERTY AS A GIFT?
2) WHAT WILL BE THE PERIOD OF HOLDING TO BE CONSIDERED FOR CAPITAL GAINS CALCULATION IN CASE OF MR. A?

My daughter's current status is NRI and she is having an NRO account in India. Can I being his father deposit say Rs 2 lacs in her NRO account as a gift. Are there any tax implications on both of us from point of view of the status of giver being RI and beneficiary being NRI? Do I have to do any documentation for this?

Dear Experts,

If a commercial property (currently in name of individual) , 50% ownership of the same is transferred to his wife as gift without any consideration, will it be taxable in hands of wife or husband? Required stamp duty on registration of the gift deed will be duly paid

Please advice

Regards,