Hello Sir,
I transferred a flat to my NRI son in 2015 without having to pay any stamp duty as transfer within blood relations is allowed so.I hold the POA for managing his property. Later this was rented out and my son was getting rent. But inadvertently I neither showed him NRI in tax return nor got TDS done by tenant .I now realize my mistake. What should I do now to be on the right side of law?
Under above circumstances and realizing higher taxes leviable for NRI on sale of properties, Kindly advise if my son can transfer the property back to me. If not, due to reason that I being original transferor(Is it bad in law?),to his mother?
Thanking you,
Sincerely,
S C Goswami

Any one suggest me how to read income tax Act and the rule in simple method. Any summary for the act and the rule available in simple method.

My client dealt in Futures and Options and the sales volume was Rs 5 crore. But he only earned losses. Is his accounts to be audited u/s 44 AB?
Can the experts throw light on this please

A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is
1) Whether any registration by payinng stamp duty is required
2) a factory is proposed to be consturcted on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.

I have came to know that futures and options transactions are shown under the head PGBP..
As their is lot of uncertainty in earning profit and loss, I would like to ask---
1) whether i am eligible to pay advance tax on profit earned on F&O?
2) Is section 234C is levied if I donot pay advance tax on time?
3) we know that in case of capital gain we have benefit of not paying advance tax within due date. whether such benefit is available in case of F&O (PGBP) also?

Please answer with relevant provisions and judgements
Thank You in advance

(A) Software is purchased as a
(1) perpetual licence, which does not require renewal; for example, Windows 10, Microsoft Office (not Microsoft Office renewable licence)
(2) initial purchase of licence for defined period and then its renewals (say, one / two / three years); for example, Antivirus
Whether TDS is deductible in above cases?

(B) In GST invoice, some software sellers classify software as goods by using HSN code(s) and some others classify it as services by using SAC code(s). Whether such classification under GST can be linked to TDS deduction requirement stating that if software is classified as goods, TDS is not deductible and if it classified as services, TDS is deductible.

Request all of you to give a detailed reply.

sir, i have a doubt, one of my client's father received lump sum amount after retirement , can that proceeds be used for repaying son's home loan?

My Client does Trading in Future & Options and the Turnover as per Income Tax Act is below 5 Crore and has Loss of around 1.25 Lacs & also after considering other Income the Total Income does not cross the Maximum amount chargeable to Tax.


So whether Audit is required under Sec 44AB or I can file ITR 3 with normal books of accounts Case

Sir,
A doctor running a private hospital purchase of new equipment large amount value 50% down payment remaining balance some(24 installments) pay procedure.assess accounting books maintained for cash system
Question:
1.assess purchase of equipment value based on invoice (equipment full value)or pay 50 percent value entry passed in books and depreciation claim full value or pay value allowed in it act.

Dear Professional Colleagues,
I have analyzed FnO Trading and extracted turnover (by summing up positive and negative values) as 16.8 lakhs (Positive diff comes to 9.2 lakhs and negative diff comes to 7.7 lakhs). Total Sales (Margins) as per trade book comes to Rs.2.05 cr and Total purchases comes to Rs.2.035 cr. Hence Gross Profit is Rs.1.5 lakhs only, after deducting STT, Brokerage, GST etc, net profit comes to Rs.1.23 lakhs.
My question is how above to be presented in ITR P&L,
a. GP of Rs.1.5 lakhs on credit side and all other expenses like brokerage, GST, STT etc on Debit side and to show net profit of Rs. 1.23 lakhs
OR
b. To show sales of Rs.2.05 cr and purchased of Rs.2.035 cr and then show GP, followed by above exp and then NP
OR
c. To show positive diff of 9.2 lakhs as sales and negative diff of 7.7 lakhs as purchased and then GP, exp as above and NP
Any other method to calculate the above.
Kindly Suggest.