A firm was in the business of wholesale & retail trading. It was having an immovable property in its block of assets for the purpose of depreciation as per Income Tax Act. The firm has discontinued its business activities & given the immovable property on rent. In this situation;

1) Whether the firm can set off depreciation on the immovable property against rent income ?
2) If firm wishes to sale the property & buy a new property within same year then whether the company can claim benefit of concept of block of asset, i.e. can the new property be added to the block of assets & hence no capital gain would arise as there is still positive balance remaining in the block after deducting selling price of the old property.

FY 2021-22 Firm Total Turmover Rs.60.00 lakhs and Net Profit Rs.1.25 lakhs less than 8% or 6% (i) Can Return be filed without Tax Audit of the Firm under clause (d) & (e) under section 44AB of the IT Act [as per u/s Section 44AB(d) or Section 44AB(e) as the case may be].

Dear sir I am asking a query about ordinary Insurance proceeds but which fall outside section 10(10D). This is not a ULIP. The proceeds are taxable just because annual premium exceeds 10% of the sum assured. The doubt is whether we can treat this as capital gain under section 112 and pay tax at 10% without indexation or 20% with indexation whichever is favourable. Pls show me the correct method if I am wrong Thank you - Peter Matthai

I want like to know about, how to file TDS Correction Statement against TDS demand Notice received for department.

TCS NOT CLAIMED IN PREVIOUS YEAR, BECAUSE TCS AMOUNT WAS NOT UPDATED IN 26 AS AT THE OF FILED RETURN . BUT NOW THE TCS AMOUNT HAS UPDATED IN A.Y. 21-22 AND SHOWING IN 26 AS (A.y. 21-22 26AS) ON DATED 13/05/22 (TRANSLATION DATE WAS 01/02/21). A.Y. 21-22 HAS FILED WITHOUT TCS CLAIM. SO , NOW HOW TO CLAIM THE ABOVE SAID TCS AMOUNT ?

Seen in income tax portal Notice issued under section 139(9)for AY 2021-22 but no email was received. Besides E proceedings also not shown anything atleast would have shown time barred. Pending for action also not shown anything
how to proceed now since refund is there in AY 2021-22
whether request again to CPC to send notice or what is the procedure since taken lot of efforts to file ITR for FY 2020-21
experts kinldy advise and help us to complete this task

I am a share holder in private company. During the year i have transfer some shares to my wife with out any consideration. During the year my wife have received dividend income from that company as based on shares transfer by me. In this situation the dividend is taxable in the hands of my wife or me. Any clubbing provision appeared in this senario?

Hi

I had been filing returns as a resident. From last fiscal year, I became NRI and since there was no indian income, I didnt file returns. I have been getting automated reminders from IT department to file returns. Should I contact them to tell them that I have no indian income, hence not filing returns? what is the process?

Dear Sir,

I had an employee with 1500000/- per Annum in which 50% HRA included. He pay Rent of rs 45000/- Pm .He joined us on 01-07-2021 and resigns on 28-10-2021. in his tax saving declarations he claimed deductions U/S 80C Rs 150000/- but no proofs provided as he leaved earlier and we collect investment proofs last cut off date 15-02-2022. so we show salary in form 16B whether to consider 80C deductions and HRA Exemptions or not??

Please provide asap

Thanks in advance

Mr. X and Mrs. Y are husband & wife and they are taxable assessees in income tax
they jointly taken home loan and purchased building

both are applicants in home loan but EMI is deduction from one person only (EMI per annum 4,20,000)

now can both claim deduction in income tax? (home loan interest and prinicipal)