Hi, I need a clarity on incometax calculation query ?
NaveeN is a resident individual investing in equity shares . He invested 1 lakh each in 5 diffrent equity stocks. After 1 years he sold all the stocks with 50 thousand profits in each stock sold.
Stock A - 50000 profit
Stock B - 50000 profit
Stock C - 50000 profit
Stock D - 50000 profit
Stock E - 50000 profit

Question 1 : Whether he should need to pay LTCG tax, because in each stock he got profits 50k, not exceeding 1 lakh?

Question 2 : If he need to pay LTCG on total Profits means , first 1 lakh profit is tax free ? 1.5 lakh is eligible for LTCGT?

Question 3: His net salary annual income is 6 lakhs. After paying 10 % LTCG tax on profits ( 15000 tax on l.5 lakh profit) remaining 1.35 lakh profit income should be included in other income? He needs to pay income tax for 6 lakhs or 7.35 lakhs ?

Question 4: what is the net tax he needs to pay?

Dear Sir / Madam
Assessee is Partner in Partnership firm and having Income Partnership firm and other Interest Income. During the FY 2020-21 Assessee had Debit Capital Balance in Firm so assessee has Interest exp which is more than salary received to firm and salary and profit from partnership firm. Due to this Assessee has Business Loss which is set off against other income in computation. But while filing the Return error comes " Tax payer has loss from business and no P&L and BS not filed in Part A and has not got books of account audited.
But Assessee has no business other than Share of Income from Partnership Firm only.

Sir,
Suppose we intend to sell I(One) office Rera Carpet Area 31.26 sq mtr [ 336.48 sq ft]
to Mr.Z for Rs 1,00,00,000/-.
Besides the above agreement, we collect the following amounts before giving possession
of the said office
1) Legal charges for preparing/endorsing the agri etc ........ Rs 20,000/-
2) SocietyApplication & Share Money...................................Rs 1,000/-
3)Soc Formation chgs...........................................................Rs 20,000/-
4) Electric & water Meter Deposit .........................................Rs 20,000/-
5) Advance Maintenance (336.48 x15x12) ...........................Rs 60,566/-
6) Advance Property Tax (336.48x 21x12)............................Rs 84,793/-
7) GST 18% on item No. 1 to 5 ............................................Rs 21,882/-
8) Betterment charges (336.48 x 25) ....................................Rs 8,412/-
----------------
Total Rs 2,36,653/-
==========
PS: Adv Maint (Item No.5) & Adv Prop Tax (Item No.6) will be adjusted in future
Soc Maintenance charges Bills.

He (Mr Z) has paid the following payments to us without TDS (since we are paying TDS on his behalf)
1) Advance ....... Rs 40,00,000/-
2) GST 12% .......Rs 4,80,000/-

Clarification required on foll pts.
1) Whether TDS on Property is to be calculated on Agri Val Rs 1 Cr or Rs 1,00,82,882/-
(Agri Amt + Item No. 1to 3 & Item No. 8)
2) Before registering the agreement if TDS on property on Bal Rs 60 lacs ( ie Rs 60,000/-) is paid on
behalf of Mr. Z & debited to his a/c, is GST payable on TDS Rs 60,000/- debited to Mr Z A/c (ie Rs 7,200/-)
Kindly give your advice.

1) If Investment is made in the property of value Rs 1.50 Cr in the joint name Mr. X & Y (wife)[ ratio of Investment 80: 20], then both Mr. X & Y or Mr. X should pay TDS on property.
If full payment Rs 1.50 Cr is paid to Builder by Mr. X & Y jointly without TDS on property & the Builder deducts TDS on behalf of Mr. X will do.
2) If P advances to Builder 90 lacs on which GST is also paid & TDS paid by builder on behalf of Mr.P. Agreement not yet registered & the value of the agreement will be Rs 1 Cr. Is it OK if Mr P pays bal Rs 10 lacs & GST before the registeration of agreement & Builder pays TDS Rs 10,000/-on prop on behalf of Mr. P?
Please give reply with implication.

Gains received on sale of
NIPPON INDIA ETF LIQUID BEES
NIPPON INDIA ETF NIFTY BEES
NIPPON INDIA ETF BANK BEES
NIPPON INDIA ETF GOLD BEES

are taxable under capital gains or dividend ?

Hi
Iam an individual tax payer. I have received a demand for late filing of TDS on Rent paid u/s 234E and Sec 200A (penalty). I have already downloaded the justification report from the TRACES website. Pl guide me how to pay this demand and where to update it for confirmation of the tax paid?

regards

Sir/Madam

I want to know how to calculate capital gain -long term/short term on sale of mutual fund
also want to know how to calculate cost of acquisition of mutual fund, if assessee was invested monthly of Rs.15000/- start 3 years back

In which section capital gain tax will show in ITR form?? form applicable??

A client sold the shares of a private limited company and earned Rs 25 lakhs as profit . These shares were purchased three years back. What is the taxation procedure on this profit? What is the rate of tax on the profit?

Can the experts give their opinion on this plea?

Dear Sir/Madam,

Assessee is proprietor running the business and such business incomes are declared under 44AD and profit is showed more than deemed profit.

Also Assessee has a F&O losses during year to the Tune of Rs.130,000/-

To put it more simple;

Salary Income 23 Lacs
Business income 65 lacs (declared under 44AD) profit shown more than 8%
F&O Loss - Rs 1.30 lacs

Is Tax Audit is compulsory for this case ?

Please advice us

Thank in advance.

Hi Sir,

I recieved 76000 arrear salary in the year 2020-21 which was transferred to EPF.
My questions are as follows-
1. Should I file 10E for this?
2.If I file form 10E, how can I calculate the tax ? In the year 2019-20, my salary income was 3.29 lks after all deductions and I had paid 1200 as tax.
kindly advice