If SBI life insurance policy is taken and the sum assured is suppose Rs. 5,00,000/-, premium paid is Rs. 50,000/- per year for 5 years. Is deduction allowed for such premium ? . Also if the maturity amount suppose RS. 3,20,000 /- is received in the bank account, whether such maturity amount is taxable.?

Dear Sir,

One of my client is an NRI and will now receive rental income of Rs. 35000/- per month from his residential house property in India.

Is it necessary for the tenant who is an Indian citizen to deduct TDS from this rent amount. What are the Income tax compliances the tenant needs to follow if he is paying rent to an NRI.

Is there any way deduction of TDS be avoided on rent.

Please help me regarding this matter.

Regards,
Divyesh Jain

Is it mandatory to file form 10IE for salaried individual having no business income? If yes, the nature of Business is being questioned in such form.And If No, how to delcare in the return that new income tax regime is opted?


Thanks in Advance

No matter what format i put into the cell for date of payment it always gives 2 errors as follows:
1. Invalid Date Format
2. Date should be within the Financial Year.

Please guide me through how to remove the errors

We are having one apartment owners welfare association and having PAN also. For registering IT e-file on line platform we have to registered under which category-

Available options are -
1) AOP co-operative society
2)AOP trust
3) AOP

Also while filing IT return which form have to be selected?

In FY20, had Short term Capital LOSS of 120000. Filed return on time and showing 120k as capital loss.
In FY21, had Short term Capital GAIN of 2000 and Long term Capital GAIN of 97000.

I want to simply pay 15% on STCG of 2000 and the LTCG upto 100k is already exempt.

My Question is: Is it mandatory to disclose 120k loss in FY20 in CFL schedule for Assessment year 21-22 while filing FY21 returns. I will be losing the tax benefit of Carry forward losses to the extent of 97k+2k=99k, which I could better use next year.

In other words, can I simply skip filling CFL schedule in this year's return and use these losses in next years returns? Can I choose the year in which to claim Carry Forward Losses as they are allowed to be carry forwarded for next 8 years?

Hi All,

I wanted to post a query that has been niggling me after going through all the information on the internet on this and even after that I am left with more questions than answers.

Basically, I did my masters in the US and worked almost 2 years. I have saved up a good amount in my US bank account so that I can day trade US stock options from India, as I am planning to return to India soon.

I have read the LRS from the RBI website under which its prohibited to open margin accounts to trade derivatives in US stock market. But, as my brokerage will be funded from my US bank account, the amount will not fall under LRS, consequently, allowing me to trade US derivatives like Options from India. Firstly, I wanted to confirm if my assumption is correct.

If its correct, then, I wanted to know how I will be taxed on profits that I make on that. At what point should I file taxes? The income is considered taxable in a particular year only after I move the profits to an Indian account? or I should file the taxes regardless of it reaching my Indian bank account?

Apart from that, I also wanted to know if there is a way to legitimately trade foriegn derivatives from India if I choose to send money from India to may be US brokerage in the future to bypass LRS? may be through setting up an offshore company?

Thanks in advance as these will help me immensely. I am aiming to day trade US stock Options everyday as a profession. So any help will be greatly appreciated.

Thanks.

Dear Sir/Madam,

We have made application for 80-IAC after obtaining DPIIT recognition as start up company, now the application made for 80-IAC is as on 07/09/2021 and say it may get approved in October month of 20201.

my doubt is that, whether exemption shall be allowed from the beginning of the year i.e from 01/04/2020 to 31/03/2021? or from the date filing the application i.e 07/09/2021 to 31/03/2021 or from the date of approval to 31/03/2021?

please give your valuable opinion on this.

Thank you in advance.

Respected Sir,

The moment we had filed March 20 ITR-6 we attached with the ITR-6 balance sheet and profit & loss account. March 20 ITR-6 we have filed but the Profit & Loss account and the balance sheet both are not attached therewith. As I have to refer to Profit & Loss and the balance sheet, what to do now ?

Please guide me and oblige.

Dear Experts,

Is Tax Audit applicable for Pvt Ltd Company For Loss Cases when turnover is 1 crore plus and with no cash payments nor cash receipts. The Company has a Loss. In such a case Can I Apply the 10 crore Threshold Limit and say Tax Audit is not Applicable for the company.

How to handle Companies with Loss .

Thank You for your Valuable Input.