Sir,
One of the professional income it assessee fees collections from patients rs:20 lacs
Fees collections from health services rs:4 lacs in f.y.20-21.if health services income amount next year 21-22 received.assessee accounting records maintained cash basic
Question:
Assessee Gross income rs:20 lacs or rs:24 lacs show in it returns in f.y.20-21.

Assessee has a commercial property against which rent is being received and same is shown as Income from HP but to reduce Taxes he wants to treat it as Business Income. His only source of Income is receiving lease rentals.
He is also having GST Registration for Rental Income and also collecting Maintenance charges.
How to effect the change from HP to PGBP and what shall be the value of Building in such scenario?
Thanks in Advance

Dear Sir,
A person has working from 2006 His annual income is less then Basic limit so previous years he was not never filed itr but saving rs.100000/-each year. In 2018 he also got gratuity and epfo from his previous company. Same amount I have concert to FDR in 2 bank and some balance available in saving account. In FY year annual income increase due to fd interest and some rent income approximately Rs.4 lac 10 thousand. he had seen 26 As form where only shows fd interest no any other but AIS Shows high value transaction under SFT Code SFT-016TD interest of deposit Rs.33321/- and SFT-016SB Interest of saving 14521And 245/- past 10 years he neverr done any high value transaction so why it shown in ais under SFT. (2) FD value is less then 7 Lac bank will reporting if fd value exceeded Ra. 10L .Cash deposit in saving account from 1 st april 2020 to 31 March Rs.19000 in June 2020 Rs.32000 in November 2020 and 3500/- in March 2021 So why AiS Show high value transaction under SFT

Respected Sir

Can Employee withdraw partially from his Employee Provident Fund's Account?

on the following condition.

1)Employee's two years service is remaining as on today.
2) the purpose of withdrawal of Provident Fund is marriage of her daughter.
3) Amount to be withdrawn is Rs.3,00,000=00 (Rupee Three Lakhs only)

Please note that employee wants to withdraw from his provident fund's a/c and need not wants loan.

Please guide me.

Hello,

Can you please help me with the agreement for issue for shares other than cash? basically other than cash is "software developed by the director". sharing the rights with the organisation.

LLP is having Loss which is debited to Partners Current Accounts
Partners have also given loan to LLP

My question is in Balance sheet of LLP Loan from Partners should be shown under Unsecured Loans or to be shown in Partners Current Accounts ?

Dear Sir/Madam, One of my client paid commission to foreign national company in INR Rs. 24,000/- In 3cd Tax Audit reporting of payment without TDS to Non Resident, whereas Company is Sri lankan amd establishment in India. Is it necessary to report in payment to Non Resident col.? as I understand Non Resident means Indian Origin not Resident in India, is it correct.

Sir
I have purchase agri land of Rs 13 lakhs/- . Govt Market Value of such land is Rs 83 Lakhs. So i have to paid stamp duty on Rs 83 lakhs.
I have to ask you :

1 )In such case difference between Rs 70 lakhs ( Govt Market Value 83 lakh - purchased cost Rs 13 lakh ) will be considered other income in the my hand ?

2) I have purchased such agri land to build building for sale. So that i have submitted my file to govt department to convert such land into non agri land. But till it is agri land. Sir if I show such agri land as trading purpose & show as stock in hand in trading A/c then in such case difference between Rs 70 lakhs ( Govt Market Value 83 lakh - purchased cost Rs 13 lakh ) will be considered other income in the my hand ?
Sir please reply

Hi Sir,

We are been paying rent after deducting TDS (194I) and TDS is been depositing with Govt every month bill to bill. And the transaction or the rent paid is crossed 50,00,000(Fifty Lakhs), as per the Income Tax new rule we need to deduct TDS under sec 194Q once the purchase crosses threshold limit.

As we are already deducting TDS u/s 194I and making the payment, do we need to deduct TDS u/s 194Q as well for rent.

Regards,
Santosh

Please help to solve this error.

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