XYZ Co-op Housing Society

Income:
Collection from Members = 20,00,000
Bank Interest on FD from Co-op Bank = 5,00,000
Misc Income = 1,00,000
Total = 26,00,000

Expenses:
Repairs & Maintenance of Society = 28,50,000

Deficit = 2,50,000

While filing Income Tax Return:
A)
PGBP = 20,00,000-28,50,000 = -8,50,000
IFOS = 5,00,000 + 1,00,000 = 6,00,000
GTI = Nil
Carry forward of loss = 2,50,000

B)
PGBP = -8,50,000
Less : Exempt Loss = 8,50,000 (Concept of Mutuality)
Net PGBP = Nil

IFOS = 5,00,000 + 1,00,000 = 6,00,000

Gross Total Income = 6,00,000
Dedn U/C VIA (80P) = 5,00,000
Total Income = 1,00,000

Which computation is correct A or B ?

TDS ITO issued notice to pay demand for late filing of tds returns for F.Y. 2012-13, 2013-14
and 2014-15. For filing an appeal to CIT Appeals, an order for such demand is required.
How to generate copies of such orders raising demand?
Can the experts explain please.

Sir,

Please guide me below query
I have paid damages & interest against delayed payment of differential EPF administration charges.
Which account debited to above expenses shall i debit the Fees, Rates and Taxes or damges & Interest account

Thanks & Regards

LLP is having share of profit from partnership firm of Rs.48,89,582/- and fixed share capital of Rs.1,00,000/- does audit is required ???? Thanks in advance.

Send Us Computation for Mr. A for the A.Y. 2022-23
1) SALARY RECEIVED - Rs. 6,00,000.00
2) YEARLY BONUS RECEIVED -Rs. 50,000.00
3) Company Deduction Providend Fund - Rs. 43.200.00 Professional Tax - Rs. 2400.00
4) LIC paid - Rs. 70,700.00
5) House Building Loan Taken 01/05/2021 Rs. 900000 & for purpose total Interest (House Building Loan) paid Rs. 72640

If my wife’s parents gift her money for down payment for flat purchase, is a gift deed compulsory for income tax purposes? If yes can it be on plain paper or need to be on stamp paper? Money will be transferred using cheques or bank transfer. As a lineal descendant there will be no tax applicable.

Thanks

Sir
Kindly clarify the due date of filing the income tax return of Companies for Non Tax Audit cases for the FY 2021-22.

Thanks in Advance

Sir,
If there is a mistake in Form 26QB (acknowledgement is generated) and it is released before making payment of TDS payment. Is it necessary to correct that mistake through TRACES or simply we can forget this Form 26QB and generate new Form 26QB as payment of TDS is not made. Is there any problem in future for this wrong Form 26QB generated through TIN. Please guide if correction is neccessary through TRACES.
Thanks in advance

Hi,
My client is holding Some pounds as petty cash, which they have received from Parent company on inception. These pounds are used for giving to employees travelling to UK and once they are back they refund the same to Finance Team. There are no transactions of purchase sale by using this cash.

Query : DO they need to revalue the Pound cash balance as on BS date?

Please help which ITR form will be applicable for Trust formed for charitable purpose (a mandir) but the same is not registered under section 12aa?

Also, can anyone share details ( a link or a video) on how to file the itr for unregistered trust.