1. Is it mandatory to fill Balance sheet and Profit & Loss a/c for Trusts with 12A registration?
2. Any guide for filing is prescribed? I could not find the manual in the IT portal.
3. "Own funds" in Liabilities side of the Balance sheet of ITR7 includes all funds including Excess of Income over expenditure?

Can i change new tax regime to old tax regime of salaried person for AY 2021-22 through ITR U (Updated Return).
Note : Assume other condition to file ITR U has been full filled like his total income increased, he paid additional tax on additional income, he is not claiming refund etc.)

Dear experts,

The query is about the leave encashment to govt. employees.
They get encashment of earned leaves and half-pay leaves, depending upon the shortage of earned leaves below 300.

The income tax exemption section 10(10aa) sets exemption for ‘earned leaves’ only. There’s no mention of ‘half pay leaves’.

Is there any clarification about it or the HPL encashment is fully taxable?

Please guide.

Thanks

I had recently sold a listed stock resulting in a long term capital gains. I already own one house and had entered into buying an apartment in 2014. I had made several instalments till 2019. However, the sale deed for the property was finally registered on 31st march 2022. Will I be able to claim deduction under section 54F of the act for the capital gains as the registration of sale deed happened within 1 year prior to the capital gains.

We have a private limited company. It delivers online courses to students in India and abroad.

Some of our teachers are college and university students who work part time with us. They usually work for some months and then switch jobs.

They work online and almost never come to the office. Their monthly payments range between ₹8000 to ₹15000 depending on weekly commitments of work-hours.

How much TDS should we be deducting?

Can these part time teachers be regarded as Technical Service providers and then deduct TDS at 2% or Contractors and then deduct TDS at 1%?

Or should they be treated as professional service providers and TDS to be deducted at 10%?

As most of them do not have income tax files, and the amount is really small, we wish to deduct as little TDS as possible to reduce complexity. Please advice.

Hi, Foreign exchange rate variation risk is applicable for Buyers credit and LC transaction? For cover exchange rate risk under buyers credit whether we have to go for additional risk cover mechanisms?

If assessment is pending or completed then assessee is not eligible for filing updated return.

If assessee received intimation having some demand then can it be said assessment is pending or completed and assessee is not eligible for filing updated return?

If assessee file updated return and disclose some additional income which are eligible for deduction under chapter VI A, can assessee claim it by disclosing additional income in updated return?

In Clause 44, Is all Expenditure Should be disclose including bank charges, fuel expenses and other cash expense. If YES, Where to disclose it? under the expenditure in respect of entities not registered under GST?

Please Clarify My doubt.

Vehicle Insurance, Repairing, Toll, Diesel, Parking Expense.
Current Vehicle Value Rs.0, As Depreciation was levied,since last 10 years
Can I continue to claim Expense related to Vehicle in Indirect Expenses.

194R SECTION


1. CAR GIVEN TO DISTRIBUTOR . WHETHER THE SAME IS INCOME IN THE HANDS OF DISTRIBUTOR AND WHETHER HE HAS TO PAY INCOME TAX WHILE FILING HIS ITR FOR THE FY 2022-23.

2. TRIP TO DUBAI FOR ACHEIVING SALES TARGETS. WHETHER TAXABLE IN HANDS OF DISTRIBUTOR AND IS TAXABLE WHILE FILING THE ITR BY DISTRIBUTOR FOR FY 2022-23.

PL GUIDE