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Hi,
One of my client (Individual) had invested in the NCDs of Dewan Housing finance. However post their default, client has not received even the principle on maturity. Is there any benefit in Income tax that they can get against this loss? what are the relevant regulations?
Thanks,
Rohan


I have invested my Salary income in Mutual Fund during last Financial Year FY2019-20 in Joint Names, First Holder as Myself and my wife as Second Holder. The total invested amount is appearing in my 26AS in Part E - Details of SFT Transactions as SFT-010.
The exactly same transaction amount is also duplicated in my wifes's 26AS in Part E - Details of SFT Transactions as SFT-010.

Is it normal ? What should we do now. Do we have to send some clarification before filing my wife's income tax return.

Thanks in advance
Best Regards
Ajay


31 July 2020 at 17:58

TDS _PAID F.Y.2017-18

HI,

IN MY COMPANY TDS CHALLAN 281 PAID FOR THE F.Y. 2017-18 , AND SAME UTILISED PARTIALY AND BALANCE AMOUNT USED IN NEXT FINANCIAL YEAR 2018-19, BUT TAX DEPARTMENT DOES NOT ALLOWED THAT SO, CAN YOU PLZ ADVICE ME , HOW TO REFUND THAT PARTIAL AMOUNT OF TDS IF THERE IS NO ADJUSTMENT AVAILABLE IN THAT PARTICULAR YEAR.


One of gst registered composite scheme dealer trading for jewellery business.
Dealer sales transaction rs.9915.40 digital mode(debit and credit cards) credit in bank current account and settlement charges rs.8.25 debit in bank current account
Question:
1.Sales turnover through on digital mode accepted in gst and I.t. act.
2.above transactions sales value rs.9915.40 or rs.9915.40-8.25=9907.15 and how to accounting entries passed.


29 July 2020 at 20:36

Construction expenses treatment

Sir,
Assess construction for house new strated in huf status.
Some houses construction expenses payment through on huf status
Some houses construction expenses payment through on individual status
Question:
Assess house construction expenses pay through on individual status accounting treatment and accepted under I.t act.


29 July 2020 at 10:17

Credit cards cash withdrawals

A client withdraws cash from his credit card and deposits this in his savings account. Uses this amount to meet personal expenses and also credit cards payments.

How to report this transaction in income tax returns? Will the deposit in savings account be taxed?


28 July 2020 at 13:08

Refund w.r.t. ESOPs from US Firm

One of my clients has been working at a US Firm.
In his case he was vested with options which were exercised in the precious year, subsequently leading to the need to withheld tax on USA soil.
The client was offered 25 units and was actually allotted 19 units only. The remaining 6 units were withheld in the name of tax.
my doubt in this case is as to what shall be the appropriate tax treatment regarding the tax on units withheld (6) and the units actually delivered (19).


Dear All,

Our office closed on March 25th due to COVID 9 pandemic and reopened on 20th May 2020. We have received an invoice on security service which is dated 01/04/2020 (expense for Mar'2020). Usually we are deducting TDS @ 2% under sec 194 C . My query is, new TDS rates which came to effect on 14th May 2020 is applicable on this case?.

Whether we have to deduct 2% or 1.5% ? New rates applicable on the basis of invoice date or invoice received date?

Kindly advise.

Thanks in advance


TDS Return Q1 FOR F.Y.2020-21 DUE DATE ?


24 July 2020 at 21:20

Section 80D

I got operated in a hospital and medical bill was Rs.75000/-. From National Insurance Rs.40,000/- was
reimbursed. I want to know whether I may get exemption for the rest amount i.e.
75000 - 40000= 35,000/-

Please advise.
pbguha@yahoo.com




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