Plot of land purchased in FY 2008-09 and sold in FY 2020-21. The sale receipts were deposited in capital gain account and Sec 54 deduction was claimed. Subsequently the assessee dropped the idea of constructing the new house and it was decided to withdraw the amount from capital gains account in FY 22.23, necessary capital gain tax is paid. Now how to show this amount in return of income.

In the case of cooperative societies the deduction claimed U/s 80P(2)(a)(vi) is not allowed to be processed to be filed return of income for the AY 2021-22 when filed U/s 139(8A) shows error as " Caught Error description is null".is any solution for this issue?

Hello,

Below are facts of my situation:

1. I booked a under construction property in FY 2018-19 jointly with my wife.
2. Loan in joint name.
3. Total purchase price is Rs.1 cr. Funded through - bank loan Rs.30 lacs, myself Rs.50 lacs and my wife Rs.20 lacs.
4. Property registered in FY 2022-23.
5. TDS for payments to builder from FY 2018-19 to 2022-23 are reflecting only in my income tax account.
6. Both of us received e-campaign email. For both of us it shows transaction amount as 1 cr and number of parties as 2.

Questions:

1. Should we correct the transaction amount for self as Rs. 50 lacs. Add another row, select 'information belongs to other pan', update spouse's PAN and mention Rs.50 lacs for spouse? Do this in the account of each of us?
2. or should confirm that information is correct for both us? But in that case, will it not duplicate the amount. Also my wife's ITR is smaller than me.

Greatly appreciate your help.!

I have paid tax through DRC 03 in response to a SCN. Now I have to submit reply on portal intimating the payment. What is its mannual

ONE OF MY CLIENT RUNNING PETROL PUMP. HIS TURNOVER IS ABOVE 5 CR. HE IS SELLING ONLY PETROL AND DIESEL AND NOT SELLING AND TAXABLE ITEM. WHILE FILING GSTR9 IT GIVES ERROR THAT HSN WISE SUMMARY IS MANDATORY FOR BUSINESSES HAVING TURNOVER MORE THAN 5CR.
1. IS THERE ANY HSN CODE FOR PETROL AND DIESEL
2. IF I FILL ANY HSN FROM CHAPTER 27 THERE IS NO HSN HAVING 0% TAX RATE
PLEASE PROVIDE SOLUTION .
THANK YOU

REGARDING GSTR9

DEAR EXPERT
MY T.O. IN FY 2022-2023 IS 30 LAC AROUND
ITS MANDOTORY TO FILE GSTR9 OR NOT

THANKS IN ADVANCE ??

Dear Sir
How much is the tax relief in the case of the following scenario ?

Fy 23-24
Gross income-10 lakhs
Deductions-pf 1.5 lakhs and housing loan 1.5 lakhs and standard deduction 50000
Gross total of arrears of fy 22-23 received in fy 23-24-4 lakhs
Deduction of pf from arrears-1 lakh


Fy 22-23
Gross income-7 lakhs
Deductions-1 lakh pf and 50000 standard deduction


Old regime is opted in both the years

Dear Sir/ Madam,

We have received FCRA funds parked in the FD and taken the Overdraft facility against the FD. Below are my questions.
1. Is this allowed as per the FCRA Act?
2. Will the OD amount be considered domestic or FC funds? if it is a FC funds -
3. Can we re-pay the OD from domestic funds?

Thank You
Vijay

Sec 78 and Sec 79 speaks about Set off and Carry forward of Loss in case of
i) change in constitution (Retirement/Death of Partner) and
ii) Closely Held company
The above sections talks about Business Loss ( I checked in bare act too)
My query :- Does speculative loss also included in above Business loss meaning? Do we need to calculate share of retired partner in speculative loss and carry forward remaining partners share in loss.
Or Do we need to ignore speculative loss in total and Firm cannot carry forward as Business loss in bare act means only normal business loss.

Under which head should the maturity gains be shown- capital gain or other sources. specifically under 56(xiii), ulips are excluded for determining income from other sources so it should be treated as capital gains only, but definition of capital asset does not explicitly cover these kind of ULIPs. They only cover ULIPs not exempt under 10(10D) because of fourth and fifth proviso.