An assessee - a professional - having yearly gross receipts above 50 lakhs has been filing his Returns for the last so many years under 44AB. Now his gross receipts fell down to Rs 47 lakhs for the previous year 20-21 ie AY 21-22 and he likes to adopt section 44ADA for this year. Is there any provision in the Act that prevents him from choosing 44ADA ?

A company is not required to deduct TDS on Dividend payout below Rs. 5k. However what happens if some small shareholders hold shares in physical form and do not have PAN NO. Is company liable to deduct tax on dividend payout even if below Rs. 5k. If so at what rate?

Hi All

Something related to practical situation.
One of our group company recently shifted from Delhi to Bangalore , IT Jurisdiction is transferred to Bangalore IT.
During shifting, some of the documents gets misplaced , it includes old assessment orders, approval letter to group gratuity,some old payments & other records. The record pertains to year 2005 & before. At that time most of the communication was typewritten & records was manual. Unfortunately, company do not have scan copies & also not able to get copies from previous auditors.
Any way out on above.
Thanks,

Query 1 If Son do online transfer of 100000 to Mother bank A/c and it is again invested for FD a/c of 5 years in mother name (interest payable yearly) , will interest gained every year untill 5 years be clubbing into Son's income or only mother's income slab?

Query 2 if Husband transfer 100000 to Wife Bank A/c and it is invested into 10 years FD a/c with payout as yearly then I know that interest earned is clubbed into husband hand 1st year Let's 6400 is interest of first year.

Again this 6400 let's say reinvested as FD a/c no 2 then will this also get clubbed into husband a/c?

Also 1st year it will be 6400 and 2nd year 6400 like that then all 10 years interest is clubbed into husband income or only 1st year ?

Hi
Builder is making me to execute two agreements for under construction property:
1. Sale deed for 60% value
2. Agreement for construction for 40% value
To save registration charges
If I sell the property in future, will my cost of acquisition will be only purchase cost as per sale deed or will it be sum of total purchase cost in both agreements ?

Respected Sirs,

Whether online utility is awaited for ITR-5 & ITR-6 ?

How to download JAVA Utility for ITR-5 & ITR-6 ?

Please guide me and oblige.

Sir, one of my client takes Power of Attorney in his name from the land owner, He sells the land to third party-receives payment in his own bank account. Then he refund the payment so received to the actual owner by cheque. Neither any commission nor any ITDS provisions are followed in accounts. How should my client follow so that there is no any problems in Income tax.

Dear All,
In FY 20-21, my taxable income is below the exemption limit, whereas in the same year I've got short term capital gain of 60000/- on sale of shares. Pls Advise, since my income is below exemption limit, still do I need to pay tax on 60000@15%

Thanks
ASAP

Dear Sir,

One of my client deals in share trading in which he has a share trading account with a broker.

He has sold shares in FY 2020-21 for which he received the money in his wallet like paytm which he keeps separately for trading purpose

My question is where should I show this entry of Sale proceeds as the sale amount is not received into his bank account leading to mismatch in his broker's account.

Regards,
Divyesh Jain

How to dissolve the HUF when there is death of karta and there is only capital in liabilities side and deposits in assets side.What transfer entries needs to be passed ? What other formalities needs to be done ?