Dear Sir/Madam,

If commercial vehicle sold during the year

1) Depreciation is claimble or difference amount (opening - sale vale) be transferred to profit & loss account
or
2) After depreciation balance amount be transferred to P&L account.

Thanks & Regards

Hi, Experts please guide.
RHP 1 (Residential House Property) Bought - 22/06/2021 - Rs. 60,00,000
RHP 1 Sold - 12/12/24 - Rs. 1,00,00,000
LTCG as property sold after 2 years.
Capital Gain as per Old Taxation 20 % with indexation - Rs. 31,29,338
Capital Gain as per New Taxation 12.5% - Rs. 40,00,000
I have purchased RHP 2 on 03/03/25 for Rs. 50,00,000 and want to claim exemption under section 54. Now when reporting in ITR, I should take amount of deduction claimed as 31,29,338 or 40,00,000?

Also, if the RHP 2 was of value 38,00,000. Then could i take complete exemption under section 54 by showing property in old taxation?

Thanks

Our company engaged P.Associates for all bookkeeping, GST filing, P&L, etc. They also coordinated with a statutory auditor (Ms. CKB) for balance sheet signing/ITR filing. All professional fee invoices were raised by Paramount Associates, and payments were made accordingly.

For FY 2023–24, the agreed statutory audit fee (X) was paid. However, due to a dispute (Paramount treated land sale as turnover and demanded 2X), management paid only the agreed fee. Paramount then abruptly stopped services.

Recently, we appointed a new statutory auditor. Ms. CKB has refused to issue NOC/resignation, citing “pending fees,” though she has never raised an invoice directly to us — only Paramount invoiced. She is also not responding to follow-ups.

My queries are:

Can the statutory auditor demand pending fees when no invoice was raised directly to the company?

Since all invoices were from Paramount Associates, is there any liability towards the statutory auditor personally?

What remedies are available if the auditor withholds NOC despite no dues being pending directly?

Can this be escalated to ICAI local chapter for resolution?

Any guidance from members who have dealt with similar cases will be appreciated.

Sir, one of the assessee has business income (Trading of goods) which was put under 44AD, he also has the speculative business (F&O Transactions), which we are reporting as (+)positive and (–) negative values in the income tax returns. However, when I check the Cash collections and Cash payments which was done from the trading of goods business it is more than 5% to the total turnover and more than 5% to the total expenditure, “totals” here means the trading of goods turnover and speculative business turnover, Now the question is, do I have to get the books of accounts audited u/s.44AD, as I am not satisfying the proviso’s to the clause (a) of section 44AD.

As above

Dear Sir/Madam , My company purchased a projector amounted to Rs. 61,200 including transportation charges of Rs.1000. Does company need to deduct TDS on this ?

If the assessee has opted for presumptive scheme u/s 44AD for Real estate business and also having commission income u/s 194D for which it is showed under the head of other source
So whether the income tax return shall be treated as defective of it will be processed as income of 194D is shown under other source?

WHAT IS THE PASSWORD FORMAT TO OPEN NOTIC ATTACHMENT.

If husband wants to start business in wife's name who is practicing CA, where she has to apply to get the permission from ICAI, as CA is not involved in business only her name will be used. Please suggest

Plan to buy car and give to driver like person or to a travel agency.

They wll give monthly 25k which will be credited to me.

Can I avail gst itc on this