SIR,
It assessee small business turnover rs: 30 lacs yearly. if assessee gold loan from banks rs:8 lacs own name rs:14 lacs loan wife name received and rs:10 lacs amount cash loan paid to relatives and friends.
Question:
1.Assessee sales turnover is low and Gold loans from banks rs:14+8= 22 lacs show in balance sheet accepted in it act.
2.Interest collected from cash debtors accepted in it act.

A partnership Firm has been filing ITR 4 under presumption income scheme till FY 2020-21. Now in FY 2021-22 it has not done any business and is not likely to do so in the financial year 2021-22, So its income will be NIL. Will it still be required to file its tax Return for AY 2022-23?
As it may get some business in future, it does not want to surrender its PAN card.

In 2010, assessee has purchased agri. land and after that in 2019 he converted it into non agri. land. In 2020-21 he sold that non agri. land for a consideration.
My question is what will be the COA and holding period in the following situation:-
1. If such land was rural agri.land when it was bought in 2010?
2. If such land was urban agri.land when it was bought in 2010?

Whether indexation will be available or not? If yes then from where indexataion will be allowed?

Kindly help me to solve this case.

Dear Sir/Madam,

Please guide, how to reduce the tax against capital gains earned from Shares and Mutual fund.
Any option to invest and reduce the tax?

Thanking you in advance for guidance.

Regards
Rajnish

SIR,
A Gst registered regular scheme dealer service provided DTH recharge service E-load to retailers and E-load to customers turnover rs:85 lacs as per gst act in f.y. 20-21.
Question:
1.Dealer it returns f.y. 20-21 filed compulsory
2.If compulsory above mentioned turnover trading goods or service income treated in it act.
3.Gross profit and Np( maximum and minimum) declared in it returns.

Can I buy flat from Not Ordinary Resident in India or Person of Indian origin from Dubai .Cost of flat 55 lakhs,how much TDS to be deducted and other documents required.

DEAR SIR I AM A PROFESSIONAL HAVING GROSS FEES COLLECTON OF Rs 16 lakhs. IN THE PAST YEARS I USED TO FILE RETURNS U/S 44ADA OFFERING 50% OF FEES AS INCOME. BUT NOW I WANT TO KEEP ACCOUNTS AND SHOW LOWER INCOME. MY ACCOUNTS SHOW THAT MY NET INCOME FROM PROFESSION IS BELOW 50% OF GROSS FEES. CAN I OPT OUT OF 44ADA AND FILE RETURN WITH BALANCE SHEET /P&L ACCOUNTS - UNAUDITED - THANK YOU

Is this view correct ?
Interest on income tax - NOT allowable exp.
Interest on GST - allowable exp.(since it is compensatory in nature) while in case of income tax it is part of income tax which is itself not an allowable exp.

GST Penalty - not allowable
GST fees - allowable
TDS late fees - allowable

Sir,
A gst registered regular scheme dealer services provided dth recharge service (tv chanels) e-load to retailers and customers turnover rs:85 lacs in f.y.20-21.
Question:
1.dealer it returns filed compulsory
2.if compulsory above transactions business or service income treatment in it act

MY FIRM IS AUDITED FROM 2018-19. I HAVE PURCHASED A CAR WITH LOAN OF RS. 30 LAC FROM MERCEDES BENZ FINANCIAL. CAN WE BE LIABLE TO DEDUCT TDS ON THE INTEREST PAID AMOUNT ?