Dear Sir,
Please correct my understanding....

ITR 7 would be filed by the assessee only if they have exempted income...

Two properties A & B jointly situated, are registered with the names of the wives of two real brothers. they have exchange the respective properties with each other in Novembor-2020 by completing the registrar formalities and also stamp duty paid. the exchange value was Rs. 35 lakh and there was no consideration due to relation. the properties were originally purchased in 1996 from society in Rs. 54000 each and get approved with government authority in year 2004. there was Rs. 100000/- for approval cost by government.
What is the Tax treatment to both Females for A.Y. 2021-22.

Hi my previous employer has not paid bonus but had claimed the amount in form 16 under salary paid and also the tax had been deducted accordingly. Since i have not received the amount as claimed in form 16, can i file my returns based on salary paid to me and if i file returns as per form 16 is there a way to make my employer pay the balance amount as claimed in form 16

Dear Professionals,

I am facing this issue while filing LLP Form-8 and doing prescrutiny.

The error message reads as :"Details of practicing professional is not valid.Kindly enter a valid membership no/Certificate of practice no"

Have already updated my DSC with MCA Portal and cleared all the temp files and cache from browser but still getting the same error message.(Screenshot attached)

Can anyone guide?

Sir,

Please solve my below doubts.
1. Share Merge : how to treat share merge while file income tax return and their calculation price of bought.
I have tata BSL share qtty 70 bought @ Rs. 28/-which i bought in the year 2018 now from December 1, 2021 tata BSL steel share merged in Tata Steel , hence they are allotted to me tata steel share qtty 4.
2. share of split IRCTC i have 4 share before split bought @ Rs, 1450/- after split i have got 16 share extra and total share 20 nos.

Thanks & Regards,

Sir, I would like to clarify some doubts regarding GST exemption i.e.Is it required to register with GST in case auditors having total turnover more than 20 Lakh including Professional Fee & Agricultural Income or Agri Income need not be considered while determine the threshold limit for registration of GST? For Ex: In case Professional Turnover 18 lakh & Yurnover on Agri Activities is Rs.30 lakh .Then GST registration is mandatory & Collect & pay the GST on professional Fee in this scenario ?

If a father pays LIC premium for his married daughter through NEFT / Cheque, etc. from his account. Can the premium be claimed u/s 80C by the daughter in her return? Please clarify.

Dear Experts,

Please guide me

How to Prepare Trading & Profit & Loss Account for F &O Trading in Case of Tax Audit
Futures and options (Non-speculative transactions)
In Normal scenario, turnover for Futures & Options is determined as follows –
o The total of favorable and unfavorable differences shall be taken as turnover
o Premium received on sale of options is also to be included in turnover
o In respect of any reverse trades entered, the difference thereon should also form part of the turnover.
For understanding the above Turnover is taken as “Calculated Turnover”.

My question is when an assessee opts for Tax Audit in F & O Trading; Turnover to be credited in Trading & Profit & Loss Account shall be
1. Normal Turnover or
2. Calculated Turnover.

If we have to go for Option (1), Normal Turnover shall be credited in the Trading & Profit & Loss Account and normal Purchase value along with all the expenses such as Securities Transaction Tax, Stamp Duty, Brokerage, Exchange Transaction Charges, GST, SEBI Turnover Fees etc. shall be debited in the Trading & Profit & Loss Account , the balance being the Net profit/Loss.

But if we have to go for Option (2), Calculated Turnover shall be credited in the Trading & Profit & Loss Account.

But how to account for the difference in Turnover (Normal Turnover Vs Calculated Turnover) .

• Suppose Normal Turnover (Sell value) in case of F&O Trading is Rs. 250.00 Lacs and Calculated Turnover comes at Rs. 50.00 Lacs

• Now, since we have to credit Rs. 50.00 Lacs in the Trading & P & L A/c (Calculated Turnover), How to adjust the difference of Rs. 200 Lacs (250 – 50)?

• Shall the difference be adjusted with the normal purchase value?

• Whether all the expenses such as Securities Transaction Tax, Stamp Duty, Brokerage, Exchange Transaction Charges, GST, SEBI Turnover Fees etc. shall be debited in the Trading & Profit & Loss Account?

We got approval through RD for extension of AGM and for this the MCA is showing approved status but we didnt receive the approval letter on email. So do we have to raise the ticket or any email id is there? Pls advise

Dear Sir,

While filing Company return form in ITR 6 in sale of Services column in itr we should consider the value of sales inclusive of GST or exclusive.

As if I include gst in sales, amount paid in 26as won't match because it excludes gst amount.

Please help me in this matter.

Regards,
Divyesh Jain