if 2 items are there in plant block,
opening wdv ac 5000
weighing scale 12000
total op. wdv 17000

AC is sold for just 1000 , , then what is journal entry?

my view- bank debit 1000
loss on sale of asset debit 4000
to ac credit 5000
so in books, closing wdv will be 17000 - 5000 = 13000
What will be income tax return?
op. wdv 17000
addition 0
less sale 1000
---------------------------
closing wdv 16000.
but in income tax closing wdv will be 16000.

my q --> in above case, both closing wdv in books vs income tax is different . Am i correct in closing wdv calcualtion? (assesse is partnership firm)

1 IN EAUITY ...INTR-DAY.........CAN BE TRATED AS ....SPECULATION LOSS ???

2 IN ITR...RETURN...SHOWAS UNDER.....BUSINES....SPECUALTION LOSS

3 IS IT C/F TO NEXT YEAR......
4 LOSS FIG....NOT ALLOWED IN ITR ????
5 IS SPECULATION...C/F TO ...HOW MANY YEARS


I AM DOUBTFUL.............

IF POSSIBEL....CLARIFY IN DETAILES

In case of trust how to treat Donation received in kind in 10BB and in ITR From which is not reported in From 10BD. Wheather it should be considered as coupus or other than corpus donation.

income taxable under section 56(2)(7b) on issue of shares, this option is not enable in winman software for the assessment year 2025-26 ITR6 in company. How to enable this option in Winman?

A US CITIZEN, TAX RESIDENT OF USA (NON RESIDENT FOR INDIA). FILES HIS INDIAN TAX RETURNS FOR INCOME EARNED IN INDIA- RENTAL + INTEREST. THE PERSON RECEIVED NOTICE FROM INDIAN TAX OFFICER UNDER SECTION 142(1) ASKING FOR HIS OVERSEAS INCOME AND TAX. WHAT IS THE LEGALITY OF THIS NOTICE?

if a private small company incorporated on april 2024 has not filed adt-1 within 30 days of incorporation . can the company file adt-1 now after holding agm on 25 sep 2025 . any non compliance consequences for it

One of the vendor's auditors has suggested the HSN Code 84138190 with a GST rate of 5% as per the recent 56th GST Council meeting. The vendor actually purchases the steel and forges it according to our drawings before supplying it to us. According to our internal team, it should fall under the 87089900 category. Now, the question is whether the supplier has correctly classified the goods, and in this regard, do we need to obtain any clarification or declaration to avoid future audit observations, since the classification of parts is within the supplier's scope and we cannot advise them to classify it in this or that category. Please advise.

LLP wants to remit approx 40L to Artist in Dubai. Is TDS deduction is applicable as there is no Tax Dubai.

In Q4 of FY 2024–25, we paid cash incentives through bank-issued gift cards to our employees.

Due to an oversight, these incentives were not included in the original Form 24Q (TDS return).

In June 2025, we recognized this error and included the cash incentive portion as perquisites, and the company paid the applicable tax (with interest) on behalf of the employees.

A revised TDS return was filed. However, we did not show the tax paid by the company on behalf of employees as perquisite in the revised return.

Due to a software error, the TDS credit did not reflect in Part A of Form 16, though the perquisite details appeared in Part B.

As a result, employees paid the tax themselves on these perquisites and filed their income tax returns accordingly.

After September 16, 2025, the software issue was identified and rectified, and a second revised TDS return was filed.

Now, tax credit is appearing correctly in Part A of Form 16 for the respective employees.

We have advised employees to file revised income tax returns to claim the tax credit.

Initially, the company planned to recover the tax amount paid on behalf of employees from their September 2025 salary. However, our CEO has directed that this tax should not be recovered from the employees and has offered to bear the entire tax burden himself

🙏 We seek expert opinion on the following points:

Perquisite Classification:
If the company does not recover the tax paid on behalf of employees, will this be treated as an additional perquisite under Section 17(2)(iv) of the Income Tax Act?

Tax Recovery from CEO:
Is it legally permissible and compliant under the Income Tax Act to recover this tax amount from the CEO’s salary instead of from the respective employees? What are the possible compliance issues or audit risks?

Gift Treatment:
If the company recovers the tax amount from employees and later issues the same amount as a Diwali/festive gift, what are the tax implications? Would this result in double taxation or any unintended consequences?

Correct Recovery Method:
What is the proper method to recover such tax amounts from employees after the company has already deposited it with the government on their behalf?

Implications of Non-Recovery:
What are the legal and tax consequences if the company chooses not to recover the tax paid on behalf of employees? Are there additional disclosures or compliance requirements we must meet?

SIR, MY FRIEND WHO IS A RESIDENT AS PER INCOME TAX ACT, HAS SOME RENTAL AND INTEREST INCOMNE FROM AUSTRALIA. SINCE AUSTRALIA FOLLOWS JULY TO JUNE OF EVERY YEAR AS TAX YEAR, FOR CALCULATING AND FOR CLAIMING TAX CREDIT, FOR AY 2025-26, WHICH PERIOD TO BE CONSIDERED OF AUSTRALIAN INCOME.
IN OTHERWORDS, WHETHER 1/7/2023-30/6/2024 OR 1/7/2024 TO 30/06/2025? THANKS