As per latest tax audit guidelines published by ICAI in 2022 and applicable for AY 2023-24, the calculations of F&O turnover are clear. There is no separate exceptions in guidelines for currency F&O trade.

In most of examples given at various platforms and websites ,the illustrations on based with stocks F&O. And could not find specific reply of currency F&O trade. It creates question of what about Currency F&O trade.

1. Is that also covered under similar method of calculations for arriving at turnover amount ?
OR
2. . Does it need to add full value of trade instead of absolute P&L figures. ??

3. Is there any exception / separate guidelines for currency trade turnover amount calculations>>>..

Please guide on this issue.

Hi Friends,
A company has an accumulated losses of about 100 lacs carried forward since many years.
Last few year 2021-22 the company had a book profit on which it has paid Tax under MAT
in 2022-23 it has a net profit of Rs 90 lacs because of booking the income against an advance lying in the books. The Management thinks since it has already an accmulamated losses so it shouldn't be paying the tax for FY 2022-23 as they are not aware of MAT provisions.

I am seeking an expert view to answer of the following questions(as the actual working may vary when computed after tax audit).

1. Is the company eligible to set off b/f losses in this case in a scenario when its boo profit is higher than the profit computed as per Income tax act or visa versa (i.e when actual tax as per IT act is higher than Book Profit/MAT)
2. If the company is still liable to pay the MAT in this case what benefit it is getting having an accumulated losses brought forward.

Please provide your views.

Thanks
P C Joshi

Dear Sir,
A contractor has shown turnover in fy 2021-22 on billing basis in his gst returns and filed his IT return accordingly, whereas contractee department has shown this turnover in fy 2022-23 on payment basisin fy 2022-23, therefore reflecting in 26as of fy 2022-23.
How to deal while filing itr for fy 2022-23?

WHETHER A COMPANY SHOULD FILE FORM 15CA DURING REIMBURSEMENT FOR PAYMENTS MADE BY INDIVIDUAL TO BUY SUBSCRIPTION PLAN OF FOREIGN EMAILING TOOLS WHICH HAS PROVIDED W9 AND NO RESIDENCY CERTIFICATE OF INDIA AND FORM 10F. AND WHEN SHOULD IT FILE FORM 15CA WHEN THE PAYMENT HAS BEEN MADE BY THE EMPLOYEE TO THE FOREIGN COMPANY VIA CREDIT CARD OR WHILE MAKING REIMBURSEMENT TO THE EMPLOYEE.

Respected Sir,

in itr page where should I show (Outward foreign remittance/purchase of foreign currency)

money send for son's education and accommodation in UK

It is also reflect in TIS

IS IT POSSIBLE TO CONVERT INCOME TAX AIS / TIS STATEMENT TO DOWNLOAD IN EXCEL FORMAT FOR THE PURPOSE OF CALCULATION ?

Hello Sir,

1. I have sold house property inherited from my father for Rs75L in May 2023 and received long term capital gains of Rs 50L
2. Besides this, I am also planning to sell one more property for Rs65L which will give me Rs35L of long term capital gain.
This property was self acquired by me in 2003, I had fully invested in this property and there was no investment from wife; however, this property was registered in my name and my wife's name jointly
3. With the sale proceed from these 2 properties, I am planning to buy a NEW property that will cost around Rs 1Cr,

Kindly clarify,
A> Will Long Term Capital Gain be applicable for my wife also, even though there was NO investment from her side
B> In case, LTCG is applicable for my wife from 2nd property, will it be equal for both i.e Rs17.5L each. If yes, then total LTCG will be :
i> For me, LTCG will be Rs 67.5L (Rs50L from inherited prop + 17.5L from self acquired prop)
ii>And for my Wife it will be Rs17.5L
C> While buying new property do we need to mention exact % ownership in registry of property as per respective investment from both of us , i.e. , Rs 82.5 L (LTCG + extra amount) from my side and Rs17.5L (LTCG only) from wife side so that both can claim tax relief under section 54?

Regards,
Sanjeev

Assessing Officer made huge amount of addition without supporting evidence. The Assessee was exemption for payment of 20% of demand made by Assessing Officer before filing the appeal is it possible for non payment of 20% of demand incase of ruthless assessment made by Assessing Officer.

while filling ITR 3 I have not entered any amount under SEC 80U Sch VI . During validation the error comes"In Schedule VIA, deduction u/s 80U for self with severe disability cannot be more than the maximum limit of Rs.1,25,000". As suggested by Mr Dhirajlal on 21st June I have deleted SEC 80U under Schedule C and D. Still same error is coming. Kindly review

Assesses having turnover of 5.37 crore(Partnership Firm) and all transaction are within 5% limit than also he require to maintain books of account as per section 44AA and need to do compulsory audit U/s 44AB. Assesses has not opted 44AD in any earlier year