Where exactly in the judgement in the Hon’ble High Court in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) is it stated that Interest earned by a cooperative society from investments with Cooperative Banks is eligible for deduction u/s 80(P)(2)(d)

Mr A is working in india with a singapore based company. And he is receiving salary without TDS on income. Should Mr A pay advance tax on taxability on income under the head salary in india. how to calculate tax on his income

Sir,
It assessess sales of residential apartments flat value rs:16 lacs dt:20-09-21( f.y.21-22)after new house construction strated dt:01-10-21 to 31-03-22 value rs:15 lacs.assessee sales of residential apartments flat purchase value rs:12 lacs in f.y.12-13 year.
Question:
Assessess capital gains tax applicable in f.y.21-22

Please suggest me Supreme Court decision in favour of Assesee in recognising expected losses as revenue expenditure as per AS-7

Also please mention about mining royalty collection contract. if contract not feasible than can we recognise it as per AS-7

The assessee is a Provident Fund Trust and filed it's ITR in Form ITR 7 in AY 2021-22. Till last year, ITR-7 had a clause "Return furnished under Others category". Since the assessee need not furnish return u/s. 139(4A), (4B), (4C) or (4D), it had filed under "Others" category. This allowed selection of Section 10(25)(ii) for claiming exemption in respect of income of recognised provident fund trusts in AY 2021-22.
However, the said clause is not there in the schema for ITR-7 for the AY 2022-23.

How will the assessee proceed to file it's ITR for the AY 2022-23 ?

Kindly advise.

Best regards.

I have filed my return for fy 2021-22 original with some mistake ( salaried ) and immediatly i have revised the return for the said finanacial year and it has been processed. now i have received the intimation as defective for original return but revised return is processed.
what would be the status of original return whether revised return will stand or should i have to correct the original return once again
After processing revised return i everifed original return and later i have received this intimation

27a. Amount of Central Value Added Tax Credits/ Input Tax Credit(ITC) availed of or utilised during the previous year and its treatment in profit and loss account and treatment of outstanding Central Value Added Tax Credits/Input Tax Credit(ITC) in accounts.

Does this required to be reported ? any legal backing from cbdt on this ?

I have 2 cars in my assets first one is Maruti having WDV of Rs. 315830 and and second one is TATA having WDV of Rs. 531128. In current year i have sold my TATA car in January month and received sales consideration of Rs. 487434.
What's the proper treatment in this case in books of accounts and in income tax.

Dear Sir/Mam,

CASE I – Relating to Income Tax
A assessee commenced a trading business in the F.Y. 2018-19.The assessee for the 1st P.Y. 2018-19 opted for section 44AD(1) now as per section 44AD(4) he is required to opt for the section 44AD(1) for the next 5 P.Y. i.e. from P.Y. 2019-20 to P.Y. 2023-24 failing which in any of the P.Y. 2019-20 to P.Y. 2023-24 he will be required to get his books of accounts audited for the next 5 P.Y. subsequent to the P.Y. in which he first time opts out from the section 44AD(1).
The assessee again opts for section 44AD(1) for the P.Y. 2019-20.
However in the P.Y. 2020-21 his turnover was 82,17,031/- and decided to declare profit less than 8% i.e. in contradiction of section 44AD(1) thus section 44AD(4) and (5) got activated and the assessee got his books of accounts audited u/s 44AB(e) for the P.Y. 2020-21 and by virtue of section 44AD(4) and if his total income exceeds the maximum amount which is not chargeable to income tax as per sec 44AD(5) now he is required to get his accounts audited for the next 5 P.Y. i.e. from the P.Y. 2021-22 to P.Y. 2025-26.
Question 1 - In P.Y. 2021-22 the turnover of the assessee is Rs. 1,11,89,019 and his total income exceeds the maximum amount which is not chargeable to income tax. So in the Tax Audit Form 3CD under Clause 8 which section is to be chosen as a section which triggers audit of the books of accounts of the assessee for the P.Y. 2021-22 –
Option A - Section 44AB(a) - As the turnover of the assessee for the P.Y. 2021-22 exceeds the tax audit limit of Rs. 1 Crore.
OR
Option B - Section 44AB(e) - As in the P.Y. 2020-21 the assesse opts out from section 44AD(1) which created the liability upon the assesse to get his books of accounts audited for the next 5 P.Y. from P.Y. 2021-22 to P.Y. 2025-26

Question 2 – For the P.Y. 2022-23 it is estimated that the turnover will be less than 1 crore but the total income of the assesse will be more than the maximum amount which is not chargeable to tax. Whether for the P.Y. 2022-23 the assessee will be required to get his books of accounts audited? If, yes than which section should be selected in the clause 8 of the Tax Audit Form 3CD for the P.Y. 2022-23?

CASE-II – Relating to GST
Question 1 – Whether under GST RCM is applicable for renting of commercial property for Commercial use where the service provider is not registered under GST and the service recipient is registered entity under GST for the F.Y. 2021-22?

Regards,
Shruti Agarwal

I have an income from a let out house property on which I am climbing depreciation in my books.

My question is while calculating income tax is standard deduction @30% under section 24 allowed?

Can I claim the benifit of both depreciation and std. deduction on the same.

Or shall I've to cease depreciation.