Sir/Madam

I want to know what is the interest rate for interest calculation of late payment to the vendor under MSME Scheme??

What is Bank Rate notified by RBI??

Payment of Interest: Company have to pay interest on delayed payment to MSME registered supplier. Rate of Interest shall be three times of the bank rate notified by the Reserve Bank.

Can itr filed in f.y 2019-2020 and 2020-2021 be rectified or refiled?????

CAN A NEPHEW OR NIECE MAKE A GIFT TO HER/HIS AUNT

a person want to gift amount to his son and daughter , what amount of stamp paper or stamp duty to paid in delhi.

Dear Friends, Seek your guidance on the below query: -

One employee joined our organization in 2003 and left on 31st Mar 2023 (at the age of 72)
his basic monthly salary is 3,33,215/-

My question are: -
1. How many year of services to be considered for gratuity calculation (Joining till retirement age i.e. 10 Yrs or Joining till actual left date 20 yrs). Also is there any upper limit.

2. Leave Encashment - Same question as above. 2ndly can we show this in FY 23-24 instead of 22-23 (on the request of the employee)

3. we are providing the car as perk (the wdv of which is 20 Lacs) what will be the taxation on the same and can we also show it in 23-24.

I am considering paying installments for an under construction property from personal savings in which HUF will be co-owner as HUF is new and doesn't have sufficient income to pay those installments.
I don't need HUF to payback that amount.

1. Is it fine to register HUF as co-owner in the property? Other co-owner will be wife.

2. Will there be any income clubbing on rental income for me in future? I understand that such income will be equally taxable for my wife and HUF as per their slabs being co-owner.

3. Should the Agreement of Sale have my wife and HUF mentioned now itself or I can include HUF later also at registration time(HUF PAN yet to be received that's why)?

Please let me know if I am missing anything from income tax point of view.
Thanks & Regards

I am constructing a house for which I will have to pay in cash for certail items like
Tata steel saria, cement, bricks, gravel sand , and of course the labor.
Almost everyone is asking for payments in cash.
Although the tata steel, cement and brick companies are providing GST bill , however their amount is more than 2 lakhs .
My question is can I as an individual pay them in cash of bigger sum, if they are giving me a GST bill?
Kind regards,
Amit Raina

Question 1:-
Suppose an assesse has sold out a residential property (long term asset) and invested the full amount of long term capital gain u/s 54 i.e. for purchasing the new residential property.
However, the exemption under section 54 is available in respect of rollover of capital gains arising on transfer of residential house into another residential house. However, to keep a check on misutilisation of this benefit, a restriction is inserted in section 54. The restriction is in the form of prohibition of sale of the new house.
If a taxpayer purchases/constructs a house and claims exemption under section 54 and then transfers the new house within a period of 3 years from the date of its acquisition/completion of construction, then the benefit granted under section 54 will be withdrawn.
Suppose the assesse has sold out the new residential property within a period of 3 years from the date of its acquisition which was purchased u/s 54 within a period of 3 years from the date of its acquisition to save the long term capital gain tax on transfer of long term capital asset.
So as per section 54 of the income tax act the tax benefit granted u/s 54 will be withdrawn, but what if the assesse does not harm the main objective of inserting the restriction u/s 54 i.e. the misutilisation of this benefit and reinvest the sale proceeds or gain arising from the sale of new residential property purchased u/s 54 for purchasing another new residential property. Whether than also the benefit granted u/s 54 will be withdrawn?

Question 2:-
If answer to the above question is yes i.e. the benefit u/s 54 will be withdrawn than whether their is any other way by which the capital gain arising from the sale of new residential property purchased u/s 54 and sold within a period of 3 years from the date of its acquisition can be saved from tax implications?

Regards,
Shruti Agarwal

A INDIAN COMPANY HAS RENTED A OFFICE PLACE ABROAD IN KENYA , THE RENT IS TO BE REMITTED FROM ACCOUNT IN INDIA , FORM 15CB IS REQUIRED FOR THE REMITTANCE . THE HOUSEOWNER WANTS THE REMITTANCE TO BE MADE TO HIS ACCOUNT IN FRANCE , INDIA HAS DTAA WITH BOTH COUNTRIES

QUERY
1 TDS LIABILITY ON THE RENT TO BE REMITTED
2 CAN WE REMIT TO FRANCE AS THE PROPERTY IS SITUATED IN KENYA
3 WHICH DTAA NEEDS TO BE STUDIED FOR ISSUE OF FROM 15CB

MY INTERPRETATIONS
NO TDS WOULD BE APPLICABLE SINCE THE INCOME ACCRUES OUTSIDE AS THE PROPERTY SITUATED OUTSIDE INDIA
ALSO WE CAN REMIT TO FRANCE ONLY IF THE HOUSEOWNER IS TAX RESIDENT OF FRANCE

If I purchased the horse in my personal effect and later on I transferred the same to my partnership firm at fmv and in such case i had a gain of rs 1000000 .whether tha gain will be taxable in my hand.

As the the movable asset in the nature of personal effect is not a capital asset and ifos says that any income which is not taxable under any head is taxable under ifos but personal asset is included in capital gain then whether the same will not be taxable in my hand?