A property in possession of 1997 of Rs. 49 L sold on Mar 22 at Rs. 51.50 L arising a LTCL of Rs. 5.60L ( as per indexation available). Assessee further bought another property in Mar 22 (same month after the date of sale) at Rs.66 L. How to show the property purchased in income tax return (as it is appearing in TIS of income tax authority) as there is no capital gain which is reinvested. Please advice. Thanks in advance

X is a SALARIED PERSON. He does F&O Trading whose T.O. is around Rs. 10 lakh only during his free time.

For FY 2021-22 he got loss of around Rs 1 lakh due to F&O Trading.

He has 2 options, to the best of my knowledge -
Option 1 : Disclose his F&O Trading result of net loss and get himself tax audited so that he can carry forward it.
Option 2 : Choose presumptive taxation and declare 6% as income.

Is there an Option 3 wherein does not disclose anything about his F&O Trading since it is a loss anyway?

My relatives(Wife & Husband) having Joint Bank Account and they have Fixed Deposit in that Bank Account, In case of Joint Bank Account Interest on Fixed Deposit and Saving Deposit should be shown as income from other sources in Wife's ITR or Husband's ITR or in both the Income tax return. Please help

The assessee has depoisted an amount of in Capital Gain account he has purchased a plot and the amount of paid out of Capital gain account, now he has completed the construction from his own funds and has not withdrawn the funds from capital gain account for construction

My Query is do we have to mention the amount utilized from Capital gain Account in coming years for construction of house in Income Tax Return.
Was there any extention for time for Utilization of Funds from Capital Gain Account due to Covid

If one has income from both normal business profit >8% of T/O and also F&O profit >6% of T/O. How to show them in ITR3 under presumptive income. Also note the normal business is under composition scheme of GST. Also what is to be selected for Trade name in case of F&O trade.

I am working in a private company and can claim 1200 under CEA.
My wife is working in Delhi government and is entitled to claim tuition fee reimbursement of 27,000 (total tuition fee of 45,000) under CEA.

Can we both claim CEA for same child? I am in private claim 1200 per year and my wife working in Delhi government can claim 27000? (total tuition fee paid is 45,000 for year)

An assessee is an NRI seafarer, but his salary is received from an Indian company and the TDS is being deducted, My query is whether his income will be taxable in India or can we show it as Exempt and claim refund

how ever inadvertently 10B of fy 19-20 and 20-21 not filed demand is raised in portal now whether i can file 10B ?

WHETHER 12a OF 19-20 CAN BE UPDATED AFTER RAISING OF DEMAND ?


WHETHER IN CASE OF LOSS TRUST IS REQUIRED TO FILE A RETURN ?
WHETHER 12 a IS REQUIRED IN LOSS

Whether a nutritionist who is not a doctor but has some diploma or certificate is taxable under 44ADA or 44AD?
Can he be covered under medical professionals since he teach the clients how to care themselves not to become ill person?

Hello Guys,

I have a doubt regarding F&O, how the future and options are taxable, I know how to calculate turnover for Futures and for Options (in options premium will also include with profit and Absolute lose). if it exceeds 10cr, then it is eligible for audit, if not, it is not eligible.

For instance: The buy value  of futures is 3,94,78,169 and sell value is 3,96,20,722 and the profit made was 1,42,555 and the turnover is 3,97,975(i.e 1,42,555+|270264| (loss))  

However, the ambiguity rises here. I calculate turnover of futures, it is 3,97,975. so in ITR form which value shall i consider whether turnover or sell value (i.e 3,96,20,722) .

if anyone knows about this, could you please explain briefly?

Thank you