Dear Sir/ Ma'am

ITR already filled, but time to submit ITR-V was lapse.

In Dashboard, the return filled was showed, but not processed or default return shows.

Tell me what to do to file return for that particular assessment year?
Should I file revise return or file billated return??

Thanks in advance.

Sumit A. Raval

I availed a loan of Rs.4.50 lacs against FDR of Rs.5.00 lacs in Feb, 2014 to make final payment of about Rs.6.00 lacs towards purchase of a flat in Greater NOIDA. The flat was sold in in Nov, 2014 for Rs.39.00 lacs, but the loan was not adjusted, as Rs.33.00 lacs was reinvested in booking of Studio Appt in Greater NOIDA itself and remaining funds were used in renovation of my house. Investment in Studio Appt generated income of Rs.3.72 lacs in FY 2015-16 along with interest income of Rs.0.62 lacs on FDR, while I paid interest of Rs.0.55 lacs on FDR loan. Please advise, whether loan interest of Rs.0.55 lacs can be deducted from,

i) Interest income of Rs.0.62 lacs, as interest expenditure was incurred to save the interest income.
ii) Income of Rs.3.72 lacs, generated from investment as the loan proceeds were invested therein.

Sirs/ Madam, Please help me in below two queries urgently. 1. Is it mandatory to submit rent receipts, whether less than or more than 1 lakh.. having revenue stamp and on that landlord signature or without using revenue stamp is acceptable ? 2. If rent amount exceeds 1 lakh and person doesn't have his Landlord PAN ( not registered for it ) but agrees to give declaration. Along with this is rental agreement mandatory too ? Please advise..

We, I (myself & my two sisters) have inherited a 10.00 bigha plot of a land from my father during the year 1985, which was purchased by my father for Rs. 1,000/-per bigha only long ago.
Total cost by father 10,000

We had to incur various expenses like earth filling, road construction etc. etc. on each
plot @ Rs. 50,000/- per plot.
Total Expenditure 500,000



Now the said land is converted in 10 nos.plot of 1.00 bigha each and is going to be
sold to various persons @ Rs.2.00 lac per bigha each.
Total sale price 2,000,000


Hence, Sale proceed 2,000,000
Less: Cost & Expenses 510,000

Long Term Capital Gain 1,490,000


Sir, whether the above calculation is correct ? If correct, what are the various provisions to minimize the tax on LTCG ?

Hi I'm a interior designer, providing designing and execution services. some times its both design and execution, sometimes its just design or just execution. so what are the taxes applicable and what kind of firm should i get registered.

Hi team, I have invested in sbi magnum mid cap fund(G), through sip, and can I show this for income tax slab , for saving tax amount. pl guide me

Respected Experts,
The issue is my friend problem. The firm is an automobile sales & services. Supply/service were received from two parties amounting to Rs.8,14,650/-. The payments were made to them through cheque. Those two parties were private persons and not registered under Sales/Service Tax authorities. The Assessing Officer has invoked section 68 of Income Tax Act and decided those credits as unexplained and levied tax and order was passed u/s 143(3) of IT Act, 1961. Appeal filed before the Commissioner of IT (Appeal)was also dismissed under section 250(6). The firm was also stand closed in 2013 itself. Is there any legal remedy as the firm stand closed in 2013 itself and the Assessment Year was 2010-11. Whether there is any provision for waiver of the Assessment as the firm is non exist. Whether filing petition before the Lok Adalat for waiver/reduction of tax is permissible/fruitful in the present situation. Please clarify. Thanks in advance to all the respectful Experts.

Hi
I am a central govt employee recently posted in Jaipur. I have a query regarding HRA and HOME LOAN INTEREST.
The thing is, I have 2 house properties in two different cities and both of them are are taken on loan from banks. One is in Lucknow, which is given on rent and the other is in Jaipur which is also given on rent. I live in jaipur in a rented accomodation and am not able to live in my own house due to reason of my grand daughter' school who lives with us. There are no schools nearby the house which i have bought and also its sort of disconnected from the market and daily essentials as its newly built in a area which is yet to develope.
Now, I want to know whether i can claim both, the HRA and Home loan interest benefit (of the jaipur house) as i have been told by few people that both of them can be claimed under few circumstances even if both are in regards to same city.

Can a bank PO also do part time job?

Mr. A & B are joint owners of a ancestral land. A loan of 12.00 lac was taken from a bank jointly for construction of bank building and the said building was leased to bank on a monthly rent of Rs.12,000/- p.m. which is deposited directly by the bank into a joint Saving bank a/c of A & B. And from this said SB a/c, loan EMI is paid.

Now, how to reflect the above in Income tax File of A & B ?