Sir,
It assessee purchase of vacant land rs:1,50,000/- previous f.y.2016-17. assessee this vacant land sale to Mr .B value rs:5,60,000/- dt:10-8-21 in f.y.21-22.but same land purchase from Mr.B value rs:6,40,000/- dt:10-12-21 in f.y.21-22.
Question:
1.Assessess land sales to Mr .B and same land purchase from Mr.B transaction show procedure in books and it returns.
2.capital gains tax applicable.

Hello

Should TDS @1% be deducted u/s 194IA if X is buying an under construction flat from Y for Rs 60 lakhs which possession is an year away . In your opinion, what Y is selling is his rights to acquire a property or the property itself ? The property title still vests with the builder before registry of the flat . Please share your insights.Thanks

Hi Sir,

One of my friend completed B com graduation two years ago having expert knowledge in taxation. He wants to start business to provide taxation services. is there any mandatory qualification to become tax consultant. is there any prohibition/restriction to use the word Tax consultants in name of the proposed business and the word tax consultant beside his name.
Please Suggest

dear sir
we sold ancestral land in village.i got 67505/ as share , deposited in capital gain account scheme in SBI in 2015 dec.for 3 years as FD .it was not encashed by the bank IN 2018 ,hence again continued for 3 years as FD.Now i got it as savings account type A. I HAVE TAKEN OUT 25 000/ on 1/1/22.i want to close the capital gain account in SBI.i am depositing 20% tax to close the account.will it need ITO APPROVAL .OR JUST TAX 20% RECEIPT IS ENOUGH FOR SBI to close it.ITO APPROVAL IS MUST OR NOT.PLEASE ADVISE SIR .THANKS

Sir/Madam

I want to know about deduction availability u/s 24 for loan taken for shop/commercial purpose.
Shop is under construction and yet not received possession.
Can we claim duction u/s 24 of interest paid on it??

Can I revise Form 67 - Foreign Tax Credit (after the tax due date)?

- For FY2020, I had worked in USA and consequently claimed FTC while filing Indian taxes(tax was filed before due date) along with filing Form 67.
-Now I need to revise my taxes since I missed out reporting some income. Tax consultant is saying that since Form 67 also needs to be revised, AO can reject it stating that revised Form 67 is filed after due date(even though the original was filed within due date).
- I read in many places that AO frequently rejects FTC if filed after due date citing IT laws, but Bangalore ITAT(Ms. Brinda RamaKrishna vs ITO (ITA No. 454/Bang/2021)) has said that filing of Form 67 after due date should not result in denial of FTC.

Can someone pls advise if quoting this case will have any effect on the AO as my tax consultant is pretty positive that AO will reject the FTC.

Thanks

Dear sir,

We were alloted a plot of land (Not as Flat) from UIT in the Fy 2011-12 and 85 % of the consideration was paid. In the year 2015-16 we were given possession letter and lease deed was registered. Now we have received letter from Income Tax Deptt to explain source for purchase of immovable property in Fy 2015-16. Sir it can you guide when will we be considered as owner
1. on the date of issue of allotment letter
2. on the date of giving possession letter
3. in the year of Registereing the lease deed

HELLO TEAM,

A WIFE HAS TRANSFERRED MONEY FROM HER BANK ACCOUNT INTO HER HUSBAND BANK ACCOUNT FOR HUSBAND PROPRIETORY BUSINESS EXPENSES AND INVESTMENT PURPOSE.

AS PER RULE IF INCOME GENERATED ON INVESTMENT IT WILL TAXABLE UNDER WIFE INCOME.

SO PLEASE HELP ME ABOUT IF THE MONEY WILL USED FOR BUSINESS PURPOSE . WILL IT BE TAXABLE UNDER WIFE INCOME OR HUSBAND ITSELF.

I am facing continuously same error in while registering PAN of the Company on Income Tax Portal :

" Error:Your current request has been expired due to idle time limit exceed.Kindly proceed with fresh request."

Please help

All Police Personnel receives following allowances -
B/P, GP, DA, Medical Allowances, House Rent Allowance, 5% Compensatory Allowances(Max-1700/), Ration (@2000/) Allowance, KIT Maintenance Allowances and Rifle Allowance.
Which of the above mentioned allowances are exempted in Income Tax and under which Act.