Respected Sir/ Madam
Please Guide
Partner of a firm having a Capital of Rs. 3,00,000 in the Firm resigns from the Firm. Full amount of his Capital in the Firm is paid to him vide cheque from the bank account of the Partnership Firm. The Partnership firm will be converted to a Proprietorship firm now onwards. What will be the tax implications. on the Retiring Partner pertaining to the transfer of Rs. 3,00,000.
Will It be Taxed
Under which head of Income will it be taxed

Also is the above arrangement for resignation from a partnership firm allowed.
Please guide
Thanks

Form 15CB filed and then withdrawn because of some changes. Now again want to file Form 15CB for same Remitter on same day. All the respective details filled but it is not allowing to preview the same and proceed further to file.
Can't we File more than one Form 15CB for same Remitter / Tax Payer?
How to file Form 15CB in this case?

Dear sir/Madam,
We have a doubt regarding finding of Trade name of Customer/Vendor/Pan based on TAN Number.
At the time of Reconciliation between books of accounts and form 26AS some of TDS/TCS amounts are reflected in form 26AS based on individual name and Tan Number . we are unable to find the vendor/customer name. In this case how to know Trade name of Vendor/Customer/ Pan number based on TAN Number.

Thanks in advance,
Regards,
K Bheema Reddy.

Hi My TDS deducted u/s 194D Do i need to upload full balance sheet at the time of filling ITR, I don't have any other income

Kindly advice

Assessee received notice u/s 147 of IT Act and after the closure of Assessment there was refund of Rs 440000/- . After that penalty proceedings was initiated for the aforsaid AY and they determined penalty for Rs 148000/- . Now i want to know whether this penalty will be automatically adjusted with the corresponding refund amount or penalty amount needs to be paid in cash.
Note: Assessment order determining refund was passed in Mar 2022 and refund is not yet issued
and penalty order was passed on 15.09.2022 asking to pay it within 30 days.

Dear Experts

In form 3CD, Chapter VIA deductions of assessee was not recorded due to clerical error.
However, at time of filing returns, it came to our notice that he has eligible VIA deductions u/s 80C. can assessee claim deduction under chapter VIA while filing return even if there is no reporting of the same in audit report 3CD? is there any chance of query or disallowance of deduction due to non reporting of the same in 3CD?
Kindly guide

I am carrying a partnership business and previous year i had suffer a loss. I am not subject to tax audit and fail to furnish return on july 31. In this case i have informed that, the los
can't be carry forwarded to following years. One of the expert suggest me to conduct audit under 44AB(E) and thereby it is possible to carry over loss to subsequent years. Is it possible

Dear Experts,
My father gifted shares by transferring through off-market mode and stating the reason as Gift against the code. On receiving transaction statement find that they - DP (ICICI) mentioned only the account Nos. Vice-versa in narration without mentioning as Gift.
Does this transaction invite scrutiny from the I T Department considering it as an off-market sell and levy tax at higher rates.
Brought to the notice of DP but said they don’t mention. Previously they used to mention in statements and find that for all other off market transactions they ask to mention the reason code and type and same gets reflected in statements.

Thanks in advance 🙏🏻

I AM INTENDING TO SELL A PROPERTY FOR WHICH THERE IS A LONG TERM CAPITAL GAINS OF AROUND 4.5 CR - HAS THE SURCHARGE FOR AY 23-24 BEEN CAPPED TO 15% OR IS IT STILL 25%
REGARDS - RAJEEV

OUR'S IS A COOPERATIVE BANK . WE FILED RETURN UNDER NEW SCHEME U/S 115BAD. IN THIS CONNECTION WE RECEIVED NOTICE U/S 143(1)(a)(ii)
"In schedule AMT, Sl.No.1 is not equal to Sl. No.13 Total Income of Part BTI. Hence amount at Sl.No.1 of schedule AMT is recomputed accordingly,"

Please suggest us