Sir/Madam

I have one question regarding off market shares transferred to spouse account during the fy-2023-24. This share are sold by spouse after transferring shares from her husband.

Now we have to calculate capital gain tax of sale of off market transaction. In this case what is the date of purchase for calculating capital gain tax?? Date of purchase of Husband? or date transfer shares to her demate account??

And to whom capital gain is taxable ??? Husband or her spouse. shares are sold from her demate account.

thanks in advance

Partnership having turnover around 60 lakhs filing first time income tax return than is it compulsory to carry out audit if shows profit lower than 6% as per 44 AD ( as 44AB Limit is 1 crore)

or

Can we file return showing lower profit below 6% with profit and loss account and balance sheet assuming not opting for 44AD

What is Gst rate for job work for Hijab ( Burkha)

will there be any penalty if a gst registered business purchase from another gst registered business without providing gst details? That is if the invoice issued does not mention GSTIN of the buyer?

Dear Experts,
one of my clients appeal is pending for more than 5 years for final orders from cit appeal in faceless
scheme., is there any way to get it done earlier, Please guide with valuable knowledge.

Thanks in advance,
K.B.Nagesha Rao,

whether these terms in accounts are correct
Trade Payable - Vendor, Supplier
Purchase - Inward
sales- outward

Hi, I'm an NRI. I only have dividend and interest income in India. Interest income is negligible and total income from dividends of listed equity holdings is around 1.5 Lakh INR annually. Considering this falls well below minimum taxable income slab, am I eligible to claim the 20% TDS (the rate for non-residents) on my dividends paid? If yes, then I'd like to engage a CA for filing my returns. Please clarify.

Res/ Sir, Madam,
We make monthly returns, and we purchased goods from one such Proprietary firm which are return quarterly. So Sir, when we should ITC be claimed and how much?

Thanks,
Regards,
Ashok Yadav

Hi,
I had invested in RBI 7.75% Savings taxable Bonds during Nov 2017 with Maturity in Nov 2023 with cumulative option through my HUF account. In non-cumulative option, interest is payable half yearly but in cumulative it is paid during maturity. During all these 7 yrs, no TDS was deducted on the annual interest earned. But in my ITR2, I have been showing the interest accrues every year (based on compounding) so that I dont have to apy income tax on the entire interest accrued at the time of maturity. Just before the maturity, I wrote to HDFC bank asking them not to deduct TDS by filling for 15H on the entire interest accrued at the time of maturity saying I have already been showing the annual interest earned in my ITR2 like it is done for cumulative FD. But they said these RBI bonds are not like cumulative FD and we will show entire interest accrues at the time of maturity in form 26AS and deduct TDS on full amount. Hence, In Nov 2023 at the time of maturity, they showed Rs 12 Lakhs as interested earned on Rs 20L principal invested amount and deducted 1.2 Lakhs as TDS. Out of this 12L cumulative interest for 7 yrs, I have already shown around 9.6 Lakhs in previous years ITR2 and hence only need to show balance 2.4L as interest accrued from these bonds for FY23-24 under Income from Other Sources. So pls guide me how do I show this 2.4L as income from other sources because form 26as is showing 12 L interest income under Section 193 and hence if I just show 2.4 Lakh income and hence claim refund of 1.2 L TDS, then it total income will not reconcile with what is there in form 26as. Is there anyway I can show that out of 12L 9.6 is already claimed in earlier ITR and hence only 2.4 is taxable. Otherwise I will have to incur a loss of Rs 1L as the tax on 12L and also it is unfair from RBI perspective to charge all the interest income on maturity although it is accrued annually. If I would have gone for non-cumulative option, then I would have got the income half yearly and it would reflect in form 26as, then the same accrual principal should apply to cumulative also (like in FD) otherwise people going for cumulative option will have to pay heavy tax as per their income slab on the whole accrued interest in the last year at the time of maturity. Pls help as I need to file the return asap.

Thx,
Ashok Kumar Singhal
Karta HUF account
Ph - 9845674767

DEAR SIR,

ONE OF MY CLIENT DAUGHTER, CLAIMED HRA FROM SALARIES BY PAYING HOUSE RENT TO HIS LAND LORD MOTHER OF RS.6,54000/- NOW MY QUERY IN THIS SITUATION RENT PAID BY INDIVIDUAL ABOVE RS 50000/- SECTION 194IB IS APPLICABLE TDS @ 5%.

THE SUMS DISPLAYED IN AIS REPORT THE INDIVIDUAL HAS TO FILE INCOME TAX RETURNS

REGARDS