Respected Experts, I had invested a sum of Rs.6,30,000/- in a chit fund in the year between 2000-2001. The chit fund company was closed in the year 2003-2004. The High Court has appointed a retired Judge to disburse 75% of the principal amount as per the settlement entered between investor association and chit fund. Hence, I had got a sum of Rs.5,05,000/- by way of electronic transfer into my account during the FY 2022-23. Whether I am taxable for the receipt? I am an IT assesse and filing IT returns since 1996-97. I am filing only saral form for my income from properties let out for rent. If the amount can be exempted, the section and form under which I can clam the exemption. Please guide me. Thanks in advance with anticipation.

Persons having income from salary (Rs.2122420/-), interest income (Rs.651230), capital gain (Rs. 30520) as well as professional income (Rs.483320/-) for the current assessment year 2023-24. As per Form 26AS, he has received a business income/receipts of Rs 8640/- u/s 194R. Where to show the said income u/s194R in ITR 3? Can be said income u/s 94R be shown in income from other sources? Your valuable direction is highly solicited. Regards, Tarak Kumar Roy, West Bengal.

Dear Sir

I have a turnover of 85 lacs in F&O Trading in FY 2022 23 with a loss of 5 lacs . I did not opt for the 6% declaration , before in any year . Basically I need to show the actual profit / loss in my return for the AY 2023 2024 .

Need clarity on the following :-

1 Since the Turnover is less than 1 crore , no need for any Tax Audit ( Irrespective of my profit / loss) . Is this view correct ?

2 Can I follow the latest guidance note from ICAI on the calculation of option Turnover ? This guidance note states that , total of profit and loss from each transaction is the Turnover . (No need to add the sales premium )


Thanks
Raju

i want to know that can i show my such income under section 44ADA ? If no under which head my income will be taxed?
i am a freelancer
i am currently working for a company to train their AI (artificial inteligence)
i received payment of ₹800000 during the year 2022-23
The company gives me payment after deducting tds U/s 192 (salary)
But i am paying salary of ₹300000 & rent of ₹60000 per year to earn above income.
effectively i am earning ₹440000 for the year.

Sir, purchase land , dt 27.2.18 co owner property A.& B Pur.Total Amt 580000/- A.290000/- B 290000/- Sale Total amt.295000/- dt.30.11.22 One person sold. Itr 3 filing A Plot pur.A. 290000 Sale total amt.295000 one person 100% But ITR filing which sold amt consider? Pur.property owner A 50% B 50%? Sale amt.A.147500& B.147500 LTCG Calculate? & ITR . full consideration value? Cost of acquisition without indexation calculation? Index
Total pur value. / index 580000/272*331=352904/-
Or
A.calculation.290000/272*331=352904 B.calculation.290000/272*331=352904 LTC Loss A -210404 & B -210404 ITR. Correct calculation ? Please. Sir solution.

Dear Sir,

It is very common reply that person if below 60 years whose gross income including salary + FD Interest+Rent Income etc > Rs.250000/- then he or she needs to file Income Tax Return. But, my query is this Rs.2,50,000/- income to be considered as Gross or Professional Tax, 80C etc to be deducted and the if it exceeds Rs.2,50,000/- then ITR filing is mandatory and if it under Rs.2,50,000 then ITR is optional ??
EG Person A is salaried person. His salary + other total income is Rs.252300/- and if Rs.2400/- is professional tax+ Rs.10000/- deposited in PPF A/c then will this person has to file ITR mandatorily or optional ? Please reply at the earliest.
Regards

Hi... I am revising 24Q for Q4 but while validating the file it is showing some error: T-FV-1000 Invalid File Header (FH) Record Length i.e., number of fields in the file header are not as per file format. Could I get help from experts?

I applied for 12A registration of a trust under the new scheme in Form 10A and got provisionally registered. Then I applied for permanent registration of the said trust in Form 10AB. After the respective proceedings by the department, our application for permanent registration was cancelled. But the certificate of provisional registration is still available in the assesse's portal. When I tried to submit a fresh application I couldn't select the section code citing the reason that there is already a valid form submission.
Kindly guide me through the next step and also regarding the validity of provisional registration since the application for permanent registration was rejected.

Dear Sir,

One of my client who is an Indian resident has become an NRI in the year 2020 after shifting to USA. Her husband who was an Indian resident expired few years back and was having mutual funds in his name.

The wife transferred all the mutual funds of her husband in her name in 2023 as she was the nominee and redeem the funds.

My query is since the wife has earned income in India she has to pay capital gain tax in India. Is it ok for her to maintain a saving bank account or she has to open NRO account to take the sale proceeds of mutual funds.

Please help me in this matter.

I have paid the fine amount, I got the challan . But it's not reflecting on portal after i login and try to link my pan with aadharcard.