RESPECTED SIR,

MY CLIENT HAS SALE PROPERY IN FY 16-17 AND CLAIM EXEMPTION U/S 54 OF RS.4,38,584 BY DEPOSITING AMOUNT IN CAPITAL GAIN SCHEME. NOW 3 YEARS EXPIRED AND MY CLIENT COULD NOT UTILISE SUCH MONEY IN PURCHASE OR CONSTRUCT OF NEW PROPERTY.
NOW HE IS GOING TO WITHDRAW SUCH AMOUNT BUT BANK NEED NOC FROM AO. AO ASKED TO PAY 20% TAX ON GAIN. SUCH WITHDRAWAL SHALL TAKE PLACE IN FY 22-23.

MY QUESTION IS THAT:
1. FOR WHICH YEAR MY CLIENT HAVE TO PAY TAX??
2. AFTER SUCH HOW TO SHOW SUCH INCOME IN RETURN OF INCOME?? (DUE TO INDEXATION VARIATION)

KINDLY PROVIDE ME ANSWER AS SOON AS POSSIBLE.

I am earning 18,00000 per annum. Investment - 1,50,000 PPF, 96000 Rent, 8000 Medical Insurance. Total allowance including EPF, HRA, special allowance offered by company comes out to be around 6,70,000. How much of tax I have to pay for this financial year using old regime ?

Sir
As per new budget 2022 , deduction U/s 80CCD(2) should not exceed 14% of the salary ( if employer is Central Govt or State Govt ) and 10 % of the salary ( if any other employer ).

Sir I have to ask what is definition of Central Government employer , State Govt Employer & Other ?

Any department like Zilla Parishad , PWD , Nagar Panchyat , Grampanchyat , Nagar Palika etc will be covered under State Govt employer ?

sir please reply

if shares of unlisted co. are transfered then full value of consideration for transferor will be Fmv or actual consideration whichever is higher as per sec 50CA.
Again if shares are received for inadequate consideration then 56 (2 )(X ) apply for trasferee & taxed under income from other source.
Means it is a double taxation for same transaction ????

Dear Sir/Madam,

I had received one message from Income Tax Dept which says that I had not filed ITR for FY21. I responded to this on e-campaign that -
"There is no salary income however there is other income (interest income from FDs, dividend income) and some capital gain. I am in the process of filing the ITR. I shall submit the same shortly."

However, my total income (other income) is below Rs. 1 lac. Though, I had responded that I am in the process of filing the ITR and shall file the same shortly. Do I really need to file ITR as my total income is below Rs. 1 lac if yes how as 31.03.2022 has already been crossed.
If I don't file the return, will I receive any notice?
Request your opinion.

Dear Sir,

If a father wants to Gift an amount to an unmarried daughter both in India of around Rs. 30 lacs, will that be taxable. Will there any Gift tax on it.

Please help me in this matter.

Regards,
Divyesh Jain

Hello,

I was trying to update UDIN for my clients in income tax site. I updated most UDINS, however, I received an error for two clients stating "UDIN updation for this form failed. Please provide a valid UDIN."

I checked the UDIN status and it shows "Active".

If anyone is aware on how to resolve this, please help out.

Thank you

Actually electrical scooter purchased for the purpose of business only but the bill is in the name of partner and paid through the firm's account only.
As it is a electrical vehicle there is no required to register with RTA only have invoice.
my question is can i book as an asset in firm's books of accounts or not?

please help me and thanks in advance

I am a director of private limited company and I have provided a loan to my company by taking loan from bank . My company provided interest on loan and I paid interest to bank. In this case can I claim the bank interest as expense while I filing my IT return?

Sir,
A Doctor professional income rs:20 lacs in f.y.21-22.if a doctor accounting records non maintained rule as per 6f in it act.
Question:
Penalty applicable in it act.