DEAR SIR, 2 BROTHERS HAVE BECOME THE JOINT OWNERS OF A RESIDENTIAL PROPERTY BY VIRTUE OF A WILL WRITTEN BY THEIR MOTHER. ONE BROTHER IS STAYING IN THAT PROPERTY. THE OTHER BROTHER WANTS TO RELINQISH HIS SHARE BY RECEIVING MARKET VALUE OF HIS SHARE OF PROPERTY FROM THE OTHER BROTHER.
1. WHETHER ANY CAPITAL GAINS ARISE ? IF SO, WHAT ARE THE TAX IMPLICATIONS?
2. WHETHER SECTION 56 WILL COME TO THE PICTURE AND THEREBY NO TAX ARISES? IF SO, WHETHER ANY GIFT DEED TO BE DONE?
THANKS & REGARDS

we purchased materials with a warranty, but now the material is sending for replacement purposes the value of the material is above 50000/-, and also the invoice is 1 year old, so in this case we cannot give a Debit note as a purchase return, so there are asking for our sales invoice and they provide there sales invoice(for us purchase invoice) to nullify it.
We have sent it through DC and generated E-waybill on it and asked them to send replacement material on DC itself. Is this correct, if not please let me know what to do in those cases? and also let me if we have to generate E-waybill for replacement goods on a returnable basis.

Dear all,

Good day!
I kindly request clarification on the following two points regarding the availment of Import IGST (Integrated Goods and Services Tax) Input Tax Credit (ITC):

1. Can we avail ITC even if we have not paid the Duty but have the Bill of Entry (BOE) in our name? This pertains to materials received on a Delivered Duty Paid (DDP) basis, where the duty is paid by the vendor, but we are responsible for payment against the vendor invoice.

2. Can ITC be availed on Free of Cost (FOC) materials where the duty is paid by the vendor and the materials are received on an FOC basis?

I am seeking the expert views on the above matters. Thank you for your attention and assistance.

Thanks & Regards,

A Father transfer his land to son as gift and dies a few months later. While scrutiny by IT department the father is liable to pay tax on certain income and send notice to deceased father. Whether the land which was received by son as gift will be considered as inherited and will be liable to be disposed to pay tax ?

Good morning sir/s,

Please let me know, that is it mandatory to file GSTR9C in respect of cases exceeding turnover of 2 crores OR is it optional

Recently AIS is moved out from Services tab, when I click on this new AIS sub tab nothing happens, Thanks to CaClubIndia for informing some alternates.
but there must be a reason why standalone AIS not opening on my Win11 with Chrome browser.
I have cleared all (basic & advance) Cookies, No malware according Chrome browser test.
Thanks,
VK

I have filed ITR-3 but, the error is
"In Schedule VIA, deduction u/s 80RRB plus 80QQB cannot be claimed more than
the sum of Sl. No. 15 of Schedule P&L account and Sl. No. 1e of Schedule OS"?

I have no relation with these schedules 80RRB& 80QQB. what to do? PLEASE HELP.

Hi Sir/Ma'am,

I have recently changed the company and no TDS was deduced on the salary of april, may and bonus. I have calculated how much tax I will have to pay on that salary. (by calculating my annual income : previous company salary + june - april 2024 salary of new company).

Can I pay the whole advance tax in one go instead of paying it in every quarter.
Advance tax is 50k and in new organization I have mentioned my income from previous employer and I have mentioned 50k as TDS on that.

What can I do now?

I am getting error in submitting ITR- 3, In Schedule VIA, deduction u/s 80U for self with severe disability cannot be more than the maximum limit of Rs.1,25,000 Where I have not entered any amount under this section. 80U in schedule VI. and clicking by clicking the error, no response was made from the site..

I have also deleted 80 U in part C & D but the Result was the same, still the same error is their on the website.

A US-based company has a PAN card in India, in its name. Was taken for withholding tax issues. The US company has no permanent establishment in India. But now as Form 10F needs to be filed online for which the US company needs to first register on the IT portal, with their PAN card. But at the second stage of the registration process, there is a need to fill the FCRN. But as the US company does not have any permanent establishment and is NOT registered in India, and does not require to be registered in India, how can the FCRN requirement be fulfilled? how can we file Form 10F Online, without this process of registration?