TDS entry US 194C has been shown in Form 26AS but TDs not deducted(less than 10 vehicle)
Should we need to put entry of TDS in ITR filing (tds not deducted)???
Or shown above entry under exempt income????
Or left the TDS entry????

Are expenses by cash payment for material civil work (flooring, tiles, marble work, water proofing, etc.) allowed as cost for improvement. As this pertains to years prior to 2005, it was at that time hard to get civil work done during those years by solely cheque payments,

Dear Experts,

I am deciding to include my "housing loan interest expense" to the "cost of purchase", as it is a significant amount of nearly 5 lacs. There are various judgements which point out to the fact that interest expense can be claimed if it has not been claimed earlier under sec 24 of income tax (loss from house property). My question is whether this total interest expense can be indexed, just like the cost of improvement.

Example:
Interest expense: INR 1 Lacs , year 2005,
Interest expense, INR 1 Lacs, year 2006
Interest expense, INR 1 Lacs, year 2007
Interest expense, INR 1 Lacs, year 2008
Interest expense, INR 1 lacs, year 2009

If say property is sold on 29th March 2020, than can take interest expense of 1 lac in 2005, as 1 lac x CII = 1 x (389/117) = 1 x (2.47) = 2.47 lacs.

And similarly for other interest expenses after considering CII.

Requesting your advice urgently .

Loss from trade of option is considered which type of loss? Can we adjust interest income or business income from losses of option trading? Pl clarify with details?

Dear Sir / Madam,

Mr A has incurred losses in F&O during FY 2021-22. That loss would be treated as business loss. He is preparing P&L balance sheet. He also has short term capital gain and income from other sources.

Can he set-off this business loss against short term capital gain and income from other sources??

Kindly guide.

Regards,
Suraj

I have purchased 2100 share in nov 2019 by 158000 and sold 1500shares in Feb 2022 by 157000.how to show this capital gain in income tax because there are no option in income tax site of no of shares sold.if in next fy left 600 shares sold how to capital gain calculated.

Whether Future & options charge under the head of PGBP or under the head of Capital Gains ?

If it is taxable under PGBP then can we set margin of 8% of turnover ?
And turnover will be the Net Gain/Loss of the F&O ( Sales - Purchase )

If it is taxable under Capital Gain then it will be taxable at flat rate of 15% ?

WHILE VALIDATING IT RETURNS
THE FOLLOWING ERROR OCCURS

VALITATION ERROR
FOR ADDRESS LOCALLITY ....

BUT IF I TRY TO UPDATE LOCALLITY IT DOES NOT UPDATING

HOW TO RECTIFY

Hi experts,

My last working day at my previous company was on 7th Mar, 2021. I received leave encashment after some months and the ex-employer has provided the FY 21-22 Form 16 having the leave encashment payment details.

1. Please tell how should I mention this payment in current ITR filing?

2. Will form 10E be required to get relief u./s. 89?

3. Which annexure should be selected in Form 10E for leave encashment on resignation?

4. How do I mention amount after exemption under 10(10AA) while filling Form 10E and ITR?

Thank you.

My client has started Travel agency business in the name of his mother and did all his transactions through current account. Payments received from the customers directly through UPI in this account and bookings (airticket booking both domestic and international) are also done from this account. How do i compute the taxable income of such business since i have only the bank transactions details. I need to make a file under Income Tax. I cannot opt for section 44AD since its an agency business. Shall i take registration under GST or else i will make the file as an individual and compute the taxable income . Please guide.