The entire Paid up, issued and subscribed capital of the Company as at the date of order passed by the NCLT, including Equity Shares listed on the Stock Exchange stands cancelled and extinguished without any payout to the shareholders; and the securities of the Company stands delisted from the National Stock exchange and Bombay Stock Exchange ('Stock Exchanges')
In this case how the investment of a share holder for example of Rs 10,000/- will be booked as capital loss in Income Tax return as neither any trade nor STT payment has been made.

case 1) Normal business income 10,000
Speculative income 2,00,000
Depriciation 15,000
COI shows as 5000(10000-15000) is set off against 200000 and net income 195000 which means depri which remains unabsorbed by normal B&P can be set off against speculative

case 2) speculative income only - 2,00,000
depri - 15000
COI shows as 200000 which means that depri cannot be set off against speculative income

what is correct ?
can depri be set off against speculative income ? if no then why is it set off as in case 1
if yes then why is it not set off as in case 2

Dear Sir,
Kindly hear carefully, I changed my Firm into LLP, due to which Bank Account of Firm get closed. But after sometime we realized that there was refund. Now we checked status of refund which is showing " Refund failed due to Bank Account Closed"
My clear question is that How to get refund now ?

Sir, I have a read some where or mis read it but i want to confirm that , The investemnt made U/s 80C is eligible for deduction if made out of taxable income of current year.
Since one of our Client is NRI he is having FDR Interest income and he send every year Rs 1.5 Lacs to his brother who deposits the same in PPF account is the deduction allowed to him.

Hello,

From the income tax website in order to register as representative assesee I need

1. Letter from bank stating I am the nominee/ joint account holder of the deceased account holder. (proof of legal heir)
2. Indemnity bond from all heir.

Is there any format for Item 1? If so can anyone forward it to me?
I could find the format for Item #2 on income tax website.

Thanks

I had filed form ITR 2 based on Form 16 for AY 2020-21. After that, I received intimation under 143 (1) (a) (ii) saying incorrect claim u/s 143 (1) (a)(ii)-"Exempt Allowance Sec 10(13A) is more than minimum of :a) 50% of (Basic + DA) orb) HRA .Hence amount exempt u/s 10(13A) is recomputed accordingly".
So, I replied to the intimation with the calculation. Then, I received demand notice under sec 154 saying that xxxxx amount need to be paid. So, I filed rectification request where I requested reprocessing of ITR. Again, I received demand notice. Request your help in this.
I have rent agreement and form 16 B where exemption under sec 10 (13 A) is captured.

I raised a housing loan for purchasing a Flat under a subvention plan and the possession of the flat was given in September 2020 and I paid the interest component of the loan (Pre-EMI) till February 2021 and started the EMI thereafter. Can I claim the rebate on Pre-EMI interest paid for filing my ITR?

Sir I have sold shares of the unlisted company which i have received as ESOP before 2020 how will it be taxed and under which section. If i use these proceeds to pay off my housing loan can i get relief from tax or by any other mode my tax be avoided or reduced.

I providing management consultancy services mainly to international clients through my LLP firm (or sometimes as a freelancer/independent consultant). Now, in order to provide my services, I often take support i.e. import "services" from companies (or sometimes independent contractors) based in the US and China.

My questions:

1) Do I need to deduct withholding tax for payments to entities in USA and China that does not have an establishment in India? If yes, at what rate?
2) Do I need to deduct withholding tax for payments to independent contractors in China (or any other country, say Indonesia, Philippines)? If yes, at what rate?

Appreciate your input!

Thanks,
Sumit

While filing itr 2 I'm getting errors select country code in capital gains on house property but I don't find any country code on this page