My client has carried forward losses from his business of Rs.450000/-
This year he has earned a profit of Rs.150000/-He is a resident male not a senior citizen.
How much loss can be set off against his income of Rs.150000/- this year?Whether Rs.40000/- to make his tax NIL?Or Rs.150000/-? What is the position in the Act?

Please clarify Bad Debts & Provision for Doubtful Debts is allowable expenditure or not under Income tax Acr

I sold a plot of land and got capital gain(LTCG). I have 2 questions:

1. I borrowed loan from Bank and with that capital gain, repaid the loan. I feel that this is considered for investment. NOTE: The flat is not registered yet. If I repay the loan withing the first year of the CG, then i feel that i have satisfied the investment criteria for LTCG. Am i correct

2. When is the purchase is considered for Income Tax (for claiming CG benefit) purposes?
(a) is it at the time of registration
(b) is it at the time of signing the agreement to sell

Thanks
G

I have filed e-return online and then manualy filed the acknowledgement within 15 days. However the acknowledgement has only the date stamp of the department indicating the date and ward where the return is filed. however it does not have the serial number stamp on it. Is the return is properly filed or else it will be considered as no return filed because serial number stamp is not there???????

Dear Sir / Madam,

I am an NRI from U.S. I have the following questions related to Income tax.

1. I have purchased property (Residential flat) in India by taking home loan and now, I want to show this on my tax returns for tax exemption. Do I need to request bank for certificate with details of all EMI-payments (principal & interest seperately) for this?. Please tell me the exact procedure on this.

2. If I get below 1 lakh / Annum rent income from above said property which is rented out to a private party then
is it taxable (I don't have any other income in India other than this and of course I have overseas income(salary))?
If it is taxable how much percentage? Is there any way to get tax exemption on this?

3. I will get Rs. 500 (approx) as interest for the year April 2007- March 2008 from my Savings A/C in India (I usually remit the money to this savings A/C from my Overseas Bank A/C). Is it taxable? Do I need to furnish these details in my tax
returns? If so, Do I need to get the Interest certificate from the Bank seperately?

Thanks a lot for your valuable information on this.

Regards,
Srini.

Dear Sir / Madam,

My Provident Fund got settled ( both the Member & Company contributions), Rs. 47, 293 after resignation with my previous company and the amount, Rs. 19,903 (more than 40%) has been deducted on this as per Rule 10 of part A of Schedule IV of the Income Tax Act, 1961. I would like to know whether this settlement has been done correctly or not.

Thanks a lot for your information on this.

Regards,
Srini.

my client has letout his ricemill (HUF property) along with the machinery on a monthly rental lease

Assessing officer wants to assess it as income from House-property
I am of the view that as the property is letout along with the installed machinery and power it is assessable as income from business
Please clarify along with caselaws if any in my favour

whether firms with identical partners to be assessed as one unit

Dear All,

One of our client owns a residential house of 500 sq. ft. at mumbai.
A year ago the house was demolised by the builder in the scheme of reconstruction. & it was aggried at that time that he will given compensation as follows.
1. New house at same place of 700 sq. ft.
2. Rs. 2,00,000/- cash compensation.
3. Builder will pay amount of Rent of the house taken by the client for residing during the reconstruction period.

What will be the tax implication on the above matter under heads house property & capital gain ?
please reply.
thanks in advance.

Is Interest u/s 234C is payable after the Financial year(PY 2005-06)End if somebody has not paid the Advance tax payable during the Previous Year 2005-06?