company has paid self assessment tax of around Rs. 2,00,000.00 in FY 2020-21. the same was booked under the assets head. No provision for income tax was made during the said year. the same has been carried forward in F Y 2021-22 and is standing in the books. please guide on the

Dear Sir,

If any fixed assets (movables or immovable) purchased for company use and their purchase value (excl. GST) exceed Rs. 50 Lakh, then whether TDS U/s 194Q is applicable on purchase value above Rs. 50 Lakh.

Thanks & Regards,

Dilip Baranwal

While registering to reporting portal for filing form 61 A, there was a window for update/furnish nodal officer details. What details need to provide in that window?

I need to provide draft format to my Seller for NOC from seller towards correction in 26QB.

Cost of the house including registration in 2001-02 Rs 2,18,000
Expansion and additions to the house in 2003-04 Rs 5,00,000
now to be sold at 62,00,000 December 2022
what will be capital gain tax exemption after indexation ?
what document will be required for tax exemption ?
Thanks

If a buyer purchases a property via bank auction which is greater than 50lakhs , he is liable to deduct 1%TDS on the full payment to the bank.

On whose PAN number should the TDS be filed against, Is it the PAN # selling bank or PAN# of the original owner of property.. and why so?

Received intimation U/S 245 of the IT Act from CPC through mail indicating that the refund due for the AY 2022-23 is proposed to be adjusted against the demand due for the AY 2017-18 and 2018-19. The demand in both the cases relates to penalty levied U/S 270A for which the appeal has been filed.
Since, the demand is a disputed amount, the proposal to adjust the refund due for the AY 2022-23 is not agreed. The same has to be communicated to CPC through online but unable to do the same. To file an reply if we click on 'Response to Outstanding Demand' under Pending Action menu then submit response is not available. Intimation U/S 245 of the IT Act for the AY 2022-23 (DIN: CPC/2223/G8a/313793076) is not available in the IT Portal. How to submit the reply to CPC.

Thanks in advance.

As part of our sales promotion scheme, we have gifted a TV to our customer valued to Rs.50,000.00 as part of lukky draw. Is that in the ambit of 194 R.
If the same has shown as discount allowed, in that case what is the applicablity of 194 R

HI there,
If a person holds two separate residential units at one place converts into one unit (e.g.200 & 201) and at another place one more unit (e.g. 50) and subsequently sold the unit no.50 and invested the amount to purchase one residential plot from the proceeds, please confirm the amount of capital gain u/s.54 will be exempt or not.

Following conditions should be satisfied to claim the benefit of section 54.

The benefit of section 54 is available only to an individual or HUF.

The asset transferred should be a long-term capital asset, being a residential house
property.
Within a period of one year before or two years after the date of transfer of old
house, the taxpayer should acquire another residential house or should construct a
residential house within a period of three years from the date of transfer of the old
house.

Tax payer should not own more than on residential house on the date of transfer.

One of my client has 3 house properties. One property has been purchased in April 2022. How will be the deemed rent income on the third property be calculated, on the basis of the municipal rateable value or on the purchase price of the property paid in April 2022 .