A person is having 2 business, out of which turnover of one business was crossed 2 crores and is covered under 44Ab Audit.

Now, my query is:

1. Whether his both business balance sheet is to be clubbed for the purpose of reporting under 3CB-3CD OR it will cover only that business which is under tax audit ?

2. If we cover only one business under tax audit, then how/where we will declare other business income in ITR, and how we will show both PL and BS separately in ITR ?

Sir,
I need a clarification regarding IT filing due date in respect of a company which was liable for audit under section 44AB of Income Tax Act and the same was availing Tax benefit under 115BAA (Special rate of Tax @ 22%). What was the due date in the above case for filing ITR and retain the tax benefit. Whether on 30th September or 31st October. As per my knowledge 30th September was the due date for filing tax audit report and 31st October was the due date for filing ITR. If the company file ITR on 31st October 2022, whether eligible for tax benefit under section 115BAA.

Dear sir - one of my client having authorised capital of 2 crores.. And three directors have paid up capital of 50 lakhs each to 1.5 crores.. Another company wanted to take over complete assets and liability and pay extra 5 crores.. What will be income tax liability... Kind regards

One of the Indian Company has planned to purchase some software from abroad (USA), however, the seller Company has no PAN / no office in India. In that situation, What will be the TDS matter ?? and If TDS is applicable, What rate will be charged ?? or Have any exemption from TDS on Software purchase from Abroad ???

Please Guide me

what is capital gain tax rate on quoted and unquoted shares on selling.

I intend to purchase a flat in a high rise building. The building construction is expected to take 5 years. 30% of amount is payable upfront. 70% of amount is payable after 5 years at the time of taking possession. I will be raising funds for initial 30% by selling equity shares and equity mutual funds on which I will be accruing LTCG. I will investing total consideration from sale of equity shares and equity mutual funds for initial 30% payment towards the said flat within a period of 2 months of accruing LTCG and intend to claim capital gains tax exemption under section 54F in the current FY. After 5 years, for the payment of balance 70% of amount at the time of taking possession, I will be selling my current residential flat after 5 years and invest the total consideration for purchase of the new flat within 3 or 6 months of sale of current residential flat. I will be accruing LTCG on sale of current residential flat after 5 years. In the 5 year hence FY, I intend to claim capital gains tax exemption under section 54. My question is arising from the fact that, since the building will take 5 years to construct and then become ready for possession, can I claim capital gains tax exemption under section 54F in current FY for initial 30% payment and also for the balance 70% payment under section 54 in five years hence FY?

AY 2022-23 DEMAND NOTICE RAISED BY DEPTT. BUT DEMAND PAID AGAINST SELF ASSESMENT TAX HEAD (300)
WHAT TO DO ? PLEASE SUGGEST

Hello Sir/Madam,
My father-in-law had constructed house property in 1990, which my husband received through WILL this year (2022) after his sad demise.
My husband gifted this property to me, if I SELL this property within a year; what will be considered as Acquisition Date (1990 or 2022) for capital gain calculation? Will it be LONG TERM CAPITAL GAIN or SHORT TERM CAPITAL GAIN ?

Dear Sir/Madam,

1. To Whom the Marginal relief is applicable?
2. Is it applicable to senior citizen and non resident person?

Please, reply.

Thank you.

Dear Sir/Madam,

We started a new private limited company. We also transfer few employees from partnership company to new private Ltd co. But both are different entities. May I know the legal compliance of  both GST and Income Tax issues regarding this transfer.


Thanks & regards

CMA.Sarath Kurian