How will the cess calculate if Quantity of Coal Purchase is in between 1 and 2 tonnes,

The rate for cess on coal purchase is 400RS/MT,
Same as 800RS per 2 MT,
But in such cases if Quantity is eg. 1.5MT, Now the how would the cess calulated?
(i) 1.5MT*400RS or (ii) 2MT*400RS?

Thanks in advance.

Respected Sirs/Madam,


Please guide me. I have insurance agency . and around 5 Lac from commission received + salary in the financial year 2019-20. I have some confusion regarding balance sheet prepare for own Income tax Return please let me now earlier years and current years personal Investment in shares / Gold/property is should be shown in balance sheet or show only relates to commissions Business Liabilities and assets. In comming years I will show income against sale of shares/property.



Thanks & regards
Bhupender
bhupenderka@yahoo.co.in

IS AY 19-20 BUSINESS INCOME IS 319683 (UNDER 44 AD ) IT IS PREPARED NOT ON ACTUAL BASIS.THE PERSON ENGAGED ON THIS ASSESSMENT IS A CONTRACTOR.MY DOUBT IS HOW TO PREPARE CURRENT AY FINANCIAL STAEMENTS USING THIS FIGURE ONLY.
(THIS CLIENT IS PREVIOUSLY FILED RETURN IN ANOTHER OFFICE AND HE IS NOT PRENSENT HIS PREVIOUS YEAR FIANCIAL STATEMENT FOR THE PURPOSE OF CURRENT YEAR ASSESSEMENT.)

If anyone knows any CA FIRM WHICH IS more than 5 or 10 YEARS OLD and IS READY TO SELL . KINDLY CONTACT on cavineetsriv@gmail.com . IT WILL BE GREAT HELP . THANKS.
CA.Vineet Srivastava
Vineet Srivastava & Company
Chartered Accountants
Lucknow

Sole proprietary concern is having losses for f y 19-20

Can we not claim depreciation on assets so that loss will be lesser to that extent

Is it allowed under income tax act ?

श्री मान जी , एक रजिस्ट्रड फर्म जिसमे वर्तमान में 4 पार्टनर है तथा वे अपना पूरा बिज़नेस किसी 2 अन्य लोगों को ट्रांसफर कर रहे है जिसमे फैक्ट्री की लैंड एंड बिल्डिंग भी शामिल है।
तो क्या फर्म का रिकंस्टीटूशन होगा जिसमे 4 पार्टनर रिटायर होकर 2 नए पार्टनर शामिल किये जाये या फिर फर्म ही नई बनेगी।
इसमें क्या प्रोसेस होगी व इन्कमटैक्स इम्लिकेशन कैसे होगा

Party A (mother) and Party B (daughter) are co-owners of Property No 1 (residential house).
Party A also owns another Property 2 ( Flat). They have decided to sell Property 1 to a builder for for a total sum consideration of Rs 2 crs which is to be bifurcated as Rs 1.4 crs in cash and 2 new flats (Property 3 to Party A and Property 4 to Party B) to be constructed on the same Property 1 by the builder (each new flat is expected to be of approx value of Rs 30 lacs). So Party A and Party B will receive 1 flat each and Rs 70 lacs each.

Party A and Party B also now wishes to invest the above money received into buying another new residential flat Property 5 for a total investment of Rs. 1 cr.

Property 5 will be used by Party B as her residence.
Property 3 and 4 will be used to store old furniture from Property 1 and occasional visits by both the parties. But these will not to be rented out.

Query:
1. Post the above investments made into the new property 5 both Party A and Party B will be left with Cash of Rs 20 lacs each in hand - so how much is LTCG for each party considering value of Property No. 1 was originally Rs 60,000 in 1962 and later valued at Rs 40 lacs in 2001.

2. Party A already was owning a residential Flat (Property 2) at the time of Sale of Property 1. Through sale of Property 1 and re-investments she has become sole owner of Property 3 and co-owner of Property 5 jointly with her daughter. Since section 54 allows investment of consideration in upto 2 residential properties and now she will be sole owner of Property 2 and Property 3 and co-owner of Property 5, what is her LTCG and applicable taxes. Would want to understand if we need to consider either of Property 3 or Property 5 as as a LTCG and not as reinvestment since she is already owning 1 residential property beforehand.

Dear Sir/madam,

I have taken loan from MAGMA HOUSING FINANCE in my Company's name. Every month EMI is deducting from my company's account. My question is whether tds applicable for Interest?

Dear Expert
1)Assesee Late. Mrs X (LIC agent)die in Fy 18-19,return for that year is filed by her husband as legal hair.
2) in Fy 19-20 she earned commission of Rs 8lac in her daugher bank account as daugher is nominee but TDS is deducted under her husband Pan
3)now who is responsible to show the income of Rs 8 lac of late Mrs X :- husband or daughter
4)Husband is already in 30% slab and daughter is below exemption limt

So a person has left job in 2015-16 but did not transfer or withdraw EPF balance till 2019-20. Since EPF contribution was not done for continuous 5 years and withdrawn it has become taxable.
After checking all the provisions, the conclusion was that all the parts of the EPF balance were taxable.

From what I have read,
Employer's contribution + Interest on Employer's contribution + Employee's contribution will be taxed under Salaries and Interest on Employee's contribution will be taxed under Other Sources.

The query is,

(1) If to be shown under Salaries should we disclose it under 17(1) or 17(3)?

(2) Also point no. 2c under Other Sources has an option for Accumulated balance of recognized provident fund taxable u/s 111. Details regarding Assessment Year, Income benefit & Tax benefit are asked. Can someone guide me on how to fill these.