Sir,

We have sold some goods (agriculture product) to govt. Agency. Agency deduced EPF and clear balance amount. its pending from govt. agency more then two years. so its my current assets or Non Current Assets

Dear Experts,

If an Individual has two source of Income ( Salaried & Business)

While preparing the Balance sheet for the Individual , shall we include the EPF balance under Long Term Investment. ( Both Employer Share and Employee Share) - Balance as per PF Website

I believe ESI Contribution cannot be consider under Investment - Kindly correct me if Im Wrong.

Kindly Advise

Respected Experts,

We are manufacturer Prop. concern and started business in f.y. 2021-22 with turnover around 15.50 Lacs. But in f.y. 2022-23, we have achieved a turnover around 2.54 Cr. Also we get done Job work from a vendor around 1.50 Lacs in F.Y. 2022-23. Should we deduct Tax on Job Work charges or we are exempt to deduct tax as our previous year turnover is below Tax Audit.

Kindly advise.

Dear Sir

Kindly advise a person have a monthly income Rs.32000/- include of FDR interest yearly income approximately Rs.4 Lacs so how much,s amount Term insurance & Health insurance he can take

Dear Sir,

One of my client is an Indian Resident earning Salary Income in Kuwait and is an NRI for F.Y. 2022-23. Under which head can I show his salary income and how will be the tax treatment while filing his Income Tax Return.

Please help me in this matter.

Regards,
Divyesh Jain

We Have Paid india mart for Sales Promotion 1 lakh rs.
is there any tds liability for payment to India Mart For Sales Promotion .
if Yes What Rate TDS to Be deducted ?

Sir/Madam

I have one query regarding contribution made by employer to NPS of Employees.

Please clarify foll. doubts-
> NPS contribution can be deposit by employer in NPS account created in one of the nationalized bank?
> Separate NPS account to be created in bank or nsdl for NPS Contribution to be deposit by employer??

thanks in advance.

Hi,
Can anyone help in providing me the business code for Jewellery Hallmarking service while filing income tax return for the AY 2021-22.

When a sale of property is cancelled for which an advance amount was already given and the TDS corresponding to that amount also paid, should the 26QB be corrected first before applying for the TDS refund?

Dear Sir,
In June 2021 (F.Y. 2021-22) the assesse purchased a property under section 54 of the Income Tax Act, 1961 so as to avail the exemption from long term capital gain tax on transfer of long term capital asset. However the property was purchased in the name of the grandson and not in the name of assesse. Grandson showed it as land received as gift from grandmother (assesse) in his books of account in the F.Y. 2021-22 however no gift deed was executed. In Jan 2023 (Previous F.Y. 2022-23) the assesse died and the grandson on whose name the property is purchased by the assesse in June 2021(F.Y. 2021-22) wants to sell this property in July 2023 (i.e. after 2 years of purchase in current F.Y. 2023-24).

Question 1 – Kindly suggest the correct accounting treatment:-
Option A - Whether the above accounting treatment done by the grandson in his books of account in the F.Y. 2021-22 was correct?
OR
Option B - Whether the land purchased even in the name of grandson should have been shown in the books of assesse only in the F.Y. 2021-22 and the same should have been shown as inherited property in the books of grandson in the previous F.Y. 2022-23 on the demise of the assesse?

Question 2 – The gain arising on the sale of property by grandson in future month July 2023 (i.e. after 2 years of purchase of property) will be termed as short term capital gain or long term capital gain?

Question 3 – If the answer to question no. 2 is long term capital gain than whether the grandson is eligible to claim exemption u/s 54 if he further purchases a new land from the proceeds of capital gain arising from the sale of property(shown as received land as gift from grandmother in F.Y. 2021-22) as the property which he selling though was purchased in his name however not even a single penny was spent by him for its purchase whole of the amount was spent by the deceased assesse only i.e. if the gain is long term capital gain arising from the sale of property not purchased from own money than whether this gain is eligible for claiming exemption u/s 54.

Question 4 – The sale of property by the grandson (which was purchased under section 54 by the assesse in the name of grandson) within 3 years of purchase whether will be termed as contravention of section 54 i.e. transfer of land purchased under section 54 within 3 years of its purchase. So in this case whether the grandson will be liable to pay short term capital gain tax as the assesse who had spent the amount for purchase of this land under section 54 has been died or whether there will be no tax implications in the hands of the grandson. The computation of short term capital gain u/s 54 will be done by deducting the capital gain claimed as exempt under section 54 from the cost of acquisition of the land purchased under section 54.
If possible, I humbly request to please provide the relevant provision or case law used as a basis to provide the answers for my query.

Regards,
Shruti Agarwal