Hi Experts,

I bought Bharat Bond April 2023 in May 2020.
Unfortunately, I was forced to sell in April 2023 because the term got over.
NOTE: I did not want to sell and incur Short Term Capital Gain. The tax is quite high. (May 2020 to April 2023 is just under 3 years)
So, I immediately bought Bharat Bond April 2025 (exact consideration amount), hoping to make it a Long Term Investment (which was the initial intention)

Now my AIS shows Short Term Gains due to Sale of Bharat Bond 2023.
I want to show Long Term Capital Gain when I sell Bharat Bond 2025 in FY 2024-25.

Please suggest how I can save tax.

Thanks,
Kapil

Dear Expert,

In Oct-23 I do have ITC reflecting in 2B, but that time I had filled Nil return.

But later I realized that I should have avail this ITC, then I had avail that ITC in May-24, entered additional detail in Table 4(B)(2).

Now my credit reversal and re-claimed statement showing negative balance.

What actions can be taken to resolve this issue ?

ONE OF MY CLIENT IS HAVING GST AUDIT DEPARTMENT IS ASKING FOR GSTR1 LATE FEES

Hello friends,

My CA has filed Form-26Q in the month of May for 7 months rent, whereas it should have been filed for 6 months rent. How to rectify this error? What form need to be filed?

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The final payment of Rs. 16 lakh was received in July 2024, with a 1% TDS deduction, deposited into the bank accounts of all three brothers.

Could you please advise on how to report this advance amount in ITR-2?

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Greetings,

I would like to inform that as per company act depreciation on factory building useful life is 30 Years. Company has freedom to reduce the time if 2/3 shift working at factory premises. Company has been charging depreciation as per useful life of assets 30 Years since last 12 years. Where building construction on plot on lease. Lease from group of company. Lease period is 10 years.

Now New internal auditor pointed out that lease is 10 years then useful life of building should be 10 years not 30 years which is charged depreciation since last 12 years. Our statutory audit is big-4 .

My Query is can I change % depreciation rate and reduce useful life of assets from 30 years to next 10 years.

I have raised a query only in point of view of Company Act and Not income Tax act point of view.

Can you help me?

Regards,

Choudhari