Sir
I have one pokland machine. My main business is to give such machine on hire or rent. but in F Y 20-21 nothing any receipts was received from rent of such machine. During the F Y 20-21 such machine was not used. So T O is zero.
So I have to ask you , can i claimed depreciation on such machine in F Y 20-21. & What is rate of depreciation ?

Hi all

My company has incurred a loss of 35000( 1st year of company) in the last year and of Rs. 5000 in the current year. Its bse of incorporation expenses of Rs. 150000.
Do I need to provide for deferred tax? How to calculate the same?

Thanks in advance.

It is to intimate that data has been received in this office from higher formation regarding high utilization of Input Tax Credit by you for payment of GST duty during the Financial Year 2018-19 & 2019-20 which is to the extent of 100% of total duty payment.

It is therefore requested to explain the reasons of such high availment of ITC -

how to reply to department please guide sir

I had purchased 100 shares of a company on 10th January 2020 for Rs 50. I purchased 200 shares again of the same company  on 1st Feb 2020 for Rs120. I sold 100 shares on 2nd Feb 2020 for Rs 140. What will be the cost of 100 shares sold on 2nd Feb 2020, will it be 120 Rs or 50 Rs?

Dear Sir,
Question No. 1 - I have read about the Form 10IE on Cleartax.in that if the taxpayers forget to fill the Form 10IE before or at the time of filing of ITR, the taxpayer will be disallowed to use the benefit of the concessional tax rates of the new tax regime. The income tax department will calculate tax based on the old/existing tax regime.
Sir my question is that what does disallowed means here Is it mean that the assesse will be disallowed for all the subsequent years to fill the Form 10IE for opting the new taxation regime or does it means that only for the A.Y. 2021-22 he will be disallowed to opt for new taxation regime and tax will be calculated as per the old taxation regime?

Question No. 2 - If a assesse having business income in A.Y. 2021-22 does not opt for new taxation regime and fills the Form 10IE expressing that he withdraws from new taxation regime. Will he still have the option to file Form 10IE twice in a lifetime – once to choose the new tax regime and the second time for switching back to the old regime ? (because individuals with business income will not be eligible to choose between the two regimes every year. Once they select a new tax regime, they have only once in a lifetime option for switching back to the old regime. Once they switch back to the old regime, they won’t be able to choose a new regime anytime in future.)

Regards,
Shruti Agarwal

Dear experts ,

I received a demand notice for the ITR AY2021-22 and I paid the demand amount through challan. But when I tried to respond in the portal received error message("any open challan with such details is not available in the database").
Challan reflected in the form26as and OLTAS portal as well.

Since the due date is approaching, I responded to the demand with option disagree and entered challan details in remarks section. But so far demand not cleared from the portal.

1) Once the demand responded, who reviews it and how long it takes to clear from portal ?.
2) If I file revised return now, does it clear demand from the portal ?.

Sir,
Example assessee purchase of new flat booking and 80 percent amount payment in f.y.2018-19 .if a person flat registeration and balance amount pay in f.y.21-22.
Question:
Assessee purchase of property circle rate years 2018-19 or 21-22 will be considered in it act.

Sir,
I would like to clarify the following doubt
1.Whether is it necessary to file the annual return upto the date of closure of financial year in which the company wants to strike off U/s 248(2)?

or Just it is enough to file the annual return till the end date of the financial year in which it is ceased to carry its business operations

For Ex. M/s ABC Pvt Ltd ceased its business in Mar.2015 and filed the annual return upto 31.3.2015 but therafter it has nor filed any annual returns neither close the company and Now whether it can file strike off forms under section 248(2) without filing the Annual return for F Y 16-17 to F Y 20-21?
2. In case a company did not start even not open the bank account from the date of incorporation in Dec.2018 is required to file the annual return before the closure i.e. Filing the necessary forms U/s 248 (2) if the strike off forms to be filed in Dec.2021?

Sir, my GSTIN was cancelled during Aug.2021 due to no-non filing of pending GST returns. On appeal, GSTIN was reallotted/revalidated during Dec.2021. The ITC on purchased received by me during Oct-Nov. has not been showing in GSTR 2A. Whether ITC of Oct & Nov. will not be allowed to me ?

Can a Father in law gift to daughter in law and if yes then how much amount is non taxable in the hands of daughter in law