I have purchased shares of Bharati Defence Limited ( formerly Bharati Shipyard Ltd.) from the market. The company has gone into to liquidation as per NCLAT order.

When can I show the cost of purchase of shares in my books of account as capital loss for income tax purpose ?

Please advise.

Cs Pankaj Ajmera

my one fd mature on 22 April 2015. at that time it's Maturity Amount is 31391. Now on 20.08.2020 i Request my Bank to Renew Fd. As per RBI Rule i Get Interest at Saving Bank Rates. My Question is bank calculated interest as per Compound interest formula or by Simple Interest Formula. pl. Guide

We have sent one defect (earlier imported) item to foreign supplier for repair under GR Waiver. Repair cost runs in to Euro 1. 70 Lakhs upwards- definitely giving this a new life.
Whether this is expensed to P & L Account or be capitalised?
AS 10 -ICAI Guideline, ((IAS-16--directly attributable costs--here must be additional probable future economic benefit associated with this subsequent expenditure that will flow to the entity.)
Kindly guide,
Regards,
Jayanta Bandyopadhyay

Respected,
A person sold his residential house. He got Long term capital gain of Rs. 50 Lakhs. For purpose of exemption, he did not invest in residential house property but he purchased an agriculture land of Rs. 35 Lakhs. Will he get any exemption u/s 54 and if yes, then up to what extent?
Please guide.

Until last year, I had income from salaries and interest on FDs. The income approx Rs 3.5 lakhs which was less than the taxable limit. I used to file ITR2. But from April this year, I don't have any salaried income. I have taked OD facility on my FDs and started trading in the stock market. I may have an estimated turnover of approx Rs.6o lakhs and may be approximately 600 transactions. Can I continue to file the IT return in ITR 2. Will I be considered as an investor? Do I have to maintain a minimum rate of profit in my transactions. I wish to seek clarifications on this matter.

Hello sir. My mother expired in 2018. Her residential property Acquired in 1976 has been transferred in my name in 2020 being the legal heir. If i sell this property in this year itself ie in 2020 then my que 1. What market value shall be considered to calculate capital gain. Can we consider FMV as of 1-4-2001 to apply CII ? 2. Will the gain be treated as long term gain even if the property was transferred in my name in 2020. Looking forward to your response. Thanks

One of my client worked in vodafone for 4 years 8 months then he joined HDFC bank.

he did not transfered his PF balance in new account of PF with HDFC

2 years after joining HDFC he withdrew whole PF balance with old employer.

10% TDS is deducted on the same.

is the same taxable?
can we consider it as withdrawal after 5 years and exempt it?

I want to start the business as e commerce opertor. I will register the vendor on my site and the products will be choosen by the customer and will be deliverd as per the details of the customer. I will collect the amount and remit the balance deducting my commission.my concern is all the vendors are with in the same state. The vender should be registerd and unregisterd persons are there. What was the GST applicability in both registerd and unregisterd case?

ON 16/06/2020 LONG TERM CAPITAL GAINS ON SALE OF MUTUAL FUNDS HAVE ARISEN
I HAVE TWO QUESTIONS
WHETHER THE ABOVE LTCG CAN BE INVESTED IN PROPERTY OR HOUSE OR ANY OTHER SCHEME
ADVANCE TAX PAYABLE NEEDS TO BE PAID 100% BY 15TH SEPTEMBER OR IN INSTALMENTS

As per the provisions of Income Tax Act, any amount paid by way of dividend on preference share as well as reduction of pref.cap is to be treated as deemed dividend.

After showing this amount of dividend as well as part Redemption of preference share, the amount lying as a cost of Pref.shares,will it be allowed as deduction from other income without any limit ? If the cost and the redemption amount is less then the the dividend received ,can be show the income as negative in other sources.

Pl.advise.

CS Pankaj Ajmera