Purchase land 1992 value Rs. 52000/- sale the property march, 2020. Value of rs. 36,00,000/-
1)This is a taxable income for capital gains?
2) if capital gains then which % are calculated?
3) any deduction for this income?

Hi, If our partnership firm has earned appx Rs.30 Thousand as profit for previous financial year with sales of 9.8 Lakhs. Can we pay tax on presumptive basis ? Also which ITR forms we need to file if we earn small profit or losses ? Other income is only income from savings in form of interest on FD.

Also in case of small profit or losses of partnership firm, if i don't opt for presumptive taxation and get my balance sheet certified by a Chartered Accountant , do i need to go for a tax Audit also?

Regard Monika

Sir I purchased a property and constructed some floor and sold within 1 year. I have never mentioned cost of construction in my sale agreement. So my property is in capital gain tax so can I claim cost of construction as expenses in capital gain coloumn. Is their any documents required to show the expenses in it return

Sir as my father is dead due to chorona he has 80 lakhs bank balance and some properties till he has never paid any income taxes. But now we want to add his property and bank balance among three brother by filing first time income tax return can we pls suggest.

Hi, If our partnership firm has earned appx Rs.30 Thousand as profit for previous financial year with sales of 9.8 Lakhs. Can we pay tax on presumptive basis ? Also which ITR forms we need to file if we earn small profit or losses ? Other income is only income from savings in form of interest on FD.

Also in case of small profit or losses of partnership firm, if i don't opt for presumptive taxation and get my balance sheet certified by a Chartered Accountant , do i need to go for a tax Audit also?

Regard
Monika

I have submitted form 109 on ssp portal around a week ago for termination of my articleship in the beginning of my third year. Within what time does icai communicate their approval for acceptance of the same as I need to join somewhere else.

Hi Experts,
Pl. advise:
Accounting entries for an asset destroyed during the year:
Op. Gross Value as on 01Apr2019 – Rs. 1,00,000/-
Op. Accumulated Depreciation as on 01Apr2019 – Rs. 60,000/-
Asset destroyed due to accident on 31Jul2019
Scrap value realized Rs. 2000
Thanking you in anticipation
Ramesh

      I have substantial balance in Accounts Receivable a/c in my personal account as on 31-3-2019 which I had shown in Assets side of the Balance Sheet.
      Now my party is unable to give the interest amount which I had accounted as accrued income in Accounts Receivable a/c .
      How to make accounting entries for this loss of Party Interest Income and how to show the loss in Income Tax Return ?

Respected Sir/Madam,
Assessee is filling his income tax return regularly. Now, he is died because of an attack. So, can he or his legal heir get any kind of benefit from government for regular filling of income tax return?

Thanks in advance
Jignesh Selarka

MR.A FILED INCOME TAX ASST-YEAR 2019-20 AS ON 31.10.2019 WITH AUDITOR REMARK IN FORM NO 3CD TAX NOT DEDUCTED RS.1029270 NOT SUBMITTED FOR FORM NO.26A BY THE PAYEE. THE CPC COMMUNICATION OF PROPOSED ADJUSTMENT U/S.143 (1)(a) dt.20.11.2019. MR.A UNDER MEDIAL TREATMENT FROM 1ST NOV 19 TO APRIL.2020.SINCE HE NOT WATCH THE MAIL. AND THE AUDITOR TAKE MEDICAL TREATMENT AND PASSED AWAY. THE CPC COMPLIED INTIMATION U/S 143(1) WITH DEMAND OF 30% ON RS.10,29,270/-.
PLEASE GUIDE UP THE RECTIFICATION WAY FOR NATURAL JUSTICE WITH ANY CASE LAW

THANKS TO ALL