in schedule BP,A3, receipts credited to profit loss account considered under other heads of income cannot be greater than the total receipts offered in schedule P&L

please check the value entered in SI.NO. A3 of schedule bp

Whether Updated return can be filed after receipt of notice u/s 142 (1). Since assessee filed ROI without disclosing capital gain for the Asst. Year 2024-25. Assessee ready to pay tax and file updated return. Meantime assessee received notice u/s 142 (1) request to produce bank statement and other supporting documents. Updated return can be filed to avoid penalty

Dear Sir,

Mr A is a share trader. He is preparing proper PL BS for his share trading business. While filing his Income Tax return, where to show the sales value of shares in P&L section of ITR ? as Sale value of Products/Goods or as Sale value of services?

Please guide.

Thanks & Regards,
Suraj

Sir,
Request someone, please advise

My wife's mother left a flat, in which she invested 30 lacs. Now the other parties agreed to give the 1/3rd.share ( cost only) ie. 10 laks in my wife's account and not any appreciation on the flat. Is it taxable? Do we have to pay tax on this amount. And, are the other parties have to give any affidavit stating that this amount is the share of investment.
Thanks

Shailendra Kumar

I have received commission of 32 lakh in financial year. How much deduction can I claim in filing ITR

Dear Sir/Madam,

I have doubt that Person A has transfer shares to his wife account.
example
A bought Rs. 2 lac shares and he has transfered this shares to her wife account.
when he transfered at that time shares value was Rs. 3 lac.
Her wife has still not sold this shares.
Does Mr. A has to pay tax on ( STCG/LTCG ) 3 lac - 2 lac = 1 lac ?

Immovable property (Land & building) sold on 29th October 2024. Capital gain portion after indexation invested wholly in 54 EC bonds. But, when I fill up the capital gain schedule, it's not allowing me to avail both indexation benefit and investment in 54EC both. If I change the date of transfer to June, there is no Capital gain which attracts tax. Please guide.

Hi,

I purchased a Flat in FY 24-25 (19th Feb 25). I have sold Shares during the FY 24-25 and want to claim deduction under Section 54F for LTCG on the shares. Since both the transaction are in same FY, I didn't open any CGAS account. Accordingly, while filling the specific section in Schedule CG, I filled the date of selling original asset, price of property, date of purchase of property and the amount claimed as deduction while I left detail with regards to CGAS blank (amount deposited and account details etc.). However, while there no validation error on the JSON file, while uploading in ITR portal, it is showing an error - "CGAS bank account details not added or not matching with schedule A". Not sure the reason for the error as as per my understanding CGAS account is not required in my case. I have tried online as well as offline (utility as well as Excel tool). But the same error persists.

Any guidance / solution will be highly appreciated!

Assessee has received Proceeds from ULIP (does not have ISIN) Purchased in 2016. TDS has been deducted u/s 194DA.

Whether the same to be treated under Income from Capital gain or Income from other Sources.

SIR/MADAM, CAN I SHOW LOSS ON FNO AND INTRADAY BY SELECT NOT MAINTAIN BOOKS OF ACCOUNT IN ITR3?