One State Organization in Maharashtra has issued form 16 in which they have not claimed interest on home loan interest on accrual basis & full installments is claimed in 80C as Principal repayment.
This is concessional low interest loan given to employees say for 20 years of which first 15 years will be use for principal recovery & last 5 years for interest recovery out of repayment installments. But Section 24(b) allow interest on accrual basis & not paid basis even if interest paid in next F.Y. & we wish to claim it on when paid as per organization interest recovery mechanism mentioned above & interest will also be shown by employer in form 16 when actually recovered in some last years installments. Is form 16 is correct & if not then shall I claim Interest as & when accrued for for each F.Y.?

Hi,

I want to know whether income tax on Dream11 winning for FY 2022-23 is on net profit (amount withdrawn - amount deposited) or is it on the total amount withdrawn from the app ?

Hello All,

My mother is running a business as a fashion designer, she designs dresses for her customer, there is no purchase of material or sale of material but just job work charges and tailoring charges. Her all receipts and payments are in cash. we make payment to tailors in cash and deposit balance amount in bank. our annual turnover is Rs. 8 Lakhs and expenses are 6 lakhs. does she need to get tax audit?

Her other sources of income are interest on FD, Share market dividends which are amounting to

Hello,
Can someone please let me know what shall be the Business Code if I need to file ITR 4 under Presumptive Taxation for an AC repair service provider. Business code 21008 other service is not accepted by the portal.
Thank you

1. I am an author. A school chain is using my novels in their textbooks under a licensing arrangement.

Is the licensing fee taxable?

2. I receive royalty from amazon.com. 15% of the royalty is withheld in USA. Can the amount be reduced from my tax liability in India? If so, how do I apply for it.

Thank you.

MY CLINT HAS HSG LOAN PAID IN FY 267858 RS TOTAL =PRINCIPAL COMPONENT 214939.00(RECEIVED SUBCIDY FOR GOVT.) AND INTEREST COMPONENT IS 52919.00 RS SO MY QUESTION IS WHEN I FILE THE RETUN AND I M ONLY TAKEN HSG INTEREST REBATE NOT TAKEN 80(C) DEDUCATION HSG REPAYMENT SO PLZ SUGGEST THIS POINT IS RIGHT OR WRONG.. I don't want 80C exemption IN HSG REPAYMENT NOT ONLY FOR INT DEDUCATION FUTURE DEPARTMENT NO ASKING QUESTION

If a person has 2 business 1st cloth business in which he avail 44AD his Turnover is less than 2 crore i.e 10 lakh and Profit is more than 8% i.e 1.2 lakh and another business is of F&O in which his turnover is 30 Lakhs and having loss of 3 Lakhs and he maintain book of account in case of F&O business did audit applicable?

Dear Sir,
One of my clients jointly purchased a Flat in which they are co-ower & co-borrower also. Husband re-payment the loan with principal & interest in F.Y. 2022-23, Is he fully amount claim the principal u/s 80c & interest u/s 24 (b) in his return, or is he eligible to claim half amount of fully paid principal & interest?

Hi Sir/Ma'am,

I have recently changed job and no TDS was deducted on April, May, and bonus income and total was around 3.25 lac. Now for the Income Tax, I have two options as per my knowledge.
1. Pay advance tax
2. Declare this income with TDS deducted as 0 to new employer to get tax adjusted in upcoming salaries.

I want to go with advance tax option.
If I do this, the tax is around 70k so can I pay the whole in advance. Actually I'm confused with the 15 % on or before june, 45% on or before Sept etc. What are these dates?
And if I pay the whole 70k in advance then to the new employer I will have to show my previous income with 70k as TDS deducted right? So that TDS is not deducted again.

Thank you in advance.

Hello Experts,

Following is the case scenario:
Interest on Loan from NBFC was mistakenly not entered in Profit and Loss account for the FY 20-21, Also TDS was not deducted.
Now, if in the current year, if we decide to deduct TDS, can we claim the expenditure in profit and loss account?
I know that as per section 40, if TDS is deducted subsequently, the expense is allowed in that subsequent year. But in my case we didn't disallow the expenditure through Tax Audit report, but mistakenly didnt even debited it in PL in the first place. Can we still the claim the deduction?