Constructed building on industrial plot in 2010 . Cost of construction only ( Plot cost extra) 22 LAKHs
Sold in April 2022. Depriciated value as on 31.03.2022 is 7.5 Lakhs.
For calculation of LTCG, cost of Plot will be as per cost index. What will be the building cost 22 Lakhs or 7.5 Lakhs.
K B Garg

In form 3cd , while filing
26 (i)B was incurred in the previous year and was
26 (i)(B)(a) Paid on or before the due date for furnishing the return of income of the previous year under section 139(1)
S.No. Section Nature of liability Amount
1 Sec 43B(a)-Tax,Duty,Cess,Fee etc Professional Tax payable 64401
2 Sec 43B(a)-Tax,Duty,Cess,Fee etc TDS payable 651201

This expenses has been disallowed even though is has been paid before due date and refund got adjusted against liability .
Does anyone faced similar issue , what measures taken

Mr. A is a registered taxpayer under GST. He purchased an A.C. for his office. ( Capital Good )
Mr. A have following query :
1. Can he claim ITC under the GST ? ( On capital good )
2. Can he claim depreciation on A.C. ( After claiming ITC under GST )

i taken residency of other country and opened company and personal bank account. i will not stay in india to be nri. but now i have to transfer funds from my india account to new country account.

banker say that i can transfer without updating nri status also. because he say that status change takes time and i will not able to transfer when changing status for 1 week or more.

is that okay? if i send money from my personal india to foreign personal account? i come in 30% tax category and always paid. but will it generate some inquiry from it deprtment? because it is not nri status in bank.

banker also say i can change nri in account when i come to india in 1-2 mnths.

help please

Hello Experts,

My company had acquired another company, in their books they had a land in Fixed Assets. Part of land is acquired by the NHAI and paid us the compensation. This compensation is less than the actual cost of the part of land that is acquired.

Request you to kindly let me know the accounting treatment and Income tax treatment for the same.

Thanks in Advance.

Dear Experts,
TDS should be deducted during provision entry. For example, ABC Ltd booked the provision of audit fees for March 2022 Rs.100000.00 and the invoice received on 10th Apr 2022 Rs. 118000.00 including GST .
My question is
1) Should the company deduct TDS @10% of Rs. 10000.00 at the time of Provision entry.
2) if not booked TDS during provision entry then they can deduct TDS when invoice booking.
Kindly suggest me.

M/s.CMA CGM of France has been granted 100% DIT relief on Imcome earned in operation vessel 23 vessel in the internation traffic. However, if the vessel carrying the cargo is not in the list of 23 vessel for which DIT is granted, is the DIT relief applicable or can I deduct the tax.

Assessee is co operative society. In the year 2010-11 society has purchased KVP (kisan vikas patra) from Co-operative Bank out of its surplus balance, now at the time of maturity interest earned on KVP is mentioned in the Income from other sources head and claimed deduction u/s 80P. But CPC didn't allow the deduction u/s 80P to the income offered in IFOS.

Is the interest income from kvp obtained from Co-operative Bank is taxable or allow as deduction u/s 80P? Please help to resolve the query with any supporting judgement if any.

Thank you

What is the applicability of TDS on payment to a actor/other person on behalf of inaugural function.

Four Individuals name A, B, C, D are joint owner of some piece of land and out of them two i.e. A and B wanted to make partnership firm in the name of AB Associates and carried plotting business in that land.

1.) Can all four A,B,C,D enter in a joint development agreement with the partnership firm AB Associates and give rights to development of the land and sale plot to probable buyers?

2.) If answer to above questions is affirmative, then when will capital gain be taxable in the hands of A,B,C and D?

3.) Can A,B,C,D take benefit of sections 54, 54F etc to save capital gain tax?

4.) Taxability in the hand of partnership firm AB Associates? What will be the cost for AB Associates?