How do I recognise revenue under Ind AS 115 for a lifetime subscription fee received upfront (say 10k). The company has to pay some portion (Say 200) annually for the maintenance of such subscription.

Sir,
My query is if suppose Short Term Capital Loss in FY 2020-21 is Rs.25000/- and if it is carry forward next year. Now suppose Short Term Capital Gain in FY 2021-22 is Rs.50000/- but if I do not want to take set off of last year short term capital loss this year because my taxable income is below Rs.2.5 Lakh then is it allowable that I may be allowed to set off this Rs.25000/- loss in subsequent year of my choice up to maximum of 4 years ?? or It is necessary or compulsory to take set off next year only as there is short term capital gain in FY 2021-22??. Pl reply .

I had started an STP from debt mutual fund To transfer some units from it to equity mutual fund. my account is showing capital gain of 10,000 rs but no money was paid out as I did not redeem any unit of any mutual fund. Do I need to report it as short term capital gain

1. UNDER WHICH HEAD OF INCOME IS THE INTEREST ON CAPITAL RECEIVED FROM PARTNERSHIP FIRM TAXABLE?
- "INCOME FROM BUSINESS/PROFESSION" OR "INCOME FROM OTHER SOURCES"

2. IF THE INTEREST RECEIVED FROM FIRM IS TO BE TAXED UNDER "INCOME FROM BUSINESS/PROFESSION, THEN WILL TAX AUDIT BE APPLICABLE IF THE TOTAL PROFESSIONAL RECEIPTS AND THE INTEREST ON CAPITAL EXCEEDS RS. 50.00 LAKHS?

I have filed ITR 1 this year but I actually needed to file ITR 3 as I did not know earlier that losses can be carried forward. Can I file revised return after 31st July 2022, would I need to pay penalty if I file revised return after 31st July 2022 ?

Dear Expert,

I worked in Slovakia for 2 years in an MNC situated in Slovakia and returned on 11 june 2021. So I would be resident for FY 21-22. I have also earned foreign salary(EUR) in Slovakia for 3 months on which they deduct Tax approx 20% and other social security charge as well. I also earned salary income in India from Jun to Mar 22.

Could you please assist how to calculate tax on foreign income in India and how to take credit. ?
Can I claim HRA on foreign income as less as I use to get HRA allownace there of 125EUR
Is this foreign income come under exemption method in DTAA?
what are the other requirement that need to fulfil.

as I have already submitted ITR and shown only income income , can I do a revised return to show foreign income as well

I am a professional earning professional income. I have earned LTCG from selling of shares last FY. It amounts to rs.350000/-(rs.3.5 lakhs). I have paid rs.2,00,000/- towards interest payment for the housing loan that i took from a distant relative. My total taxable income (minus any LTCG) is roughly rs.25,00,000/-. I therefore come in the 30% bracket. LTCG tax I expect would be rs.25000/-(3.5L-1.0L=2.5L. Then 2.5L at 10%=25000). But when i tried to avail 24(b) benefit (deduction for the interest paid towards home loan repayment). it seen that the rs.2,00,000/- is getting deducted from the LTCG. What i mean is when i add loan interest repayment, the rs.2,00,000 is getting deducted from the rs.3,50,000/- for LTCG. LTCG thus becomes rs.1,50,000/- and therefore i think my LTCG tax should become rs.5000/-.

My question is.....is it possible to get 24(b) availed wherein rs.2,00,000/- is deducted from total income (ie from my professional income of rs.25,00,000/-). ?

I do have a CA. But it seems he came across this problem for the first time and is unsure about how this all works. I mean he says, interest repayment is getting deducted from LTCG....because thats how the "system"(ie the software he is using for IT return filing) is autocalculating! He however is unsure as to what would have happened if I did not have any LTCG. He is not aware as to the provisions (if any) that mandates that 24(B) deductions would be made from only LTCG. Further he assures me that the problem is NOT with the software.

The relevant rule he quoted was this:
Section 71 of the Income Tax Act: Set off of loss from one head against income from another:

(1) Where in respect of any assessment year the net result of the computation under any head of income, other than “Capital gains”, is a loss and the assessee has no income under the head “Capital gains”, he shall, subject to the provisions of this Chapter, be entitled to have the amount of such loss set off against his income, if any, assessable for that assessment year under any other head.

(2) Where in respect of any assessment year, the net result of the computation under any head of income, other than “Capital gains”, is a loss and the assessee has income assessable under the head “Capital gains”, such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head “Capital gains” (whether relating to short-term capital assets or any other capital assets).

As it can be seen "house property loss" can be set off against any head including CAPITAL GAINS. The rule doesn't mandate any order to set off. It appears as though you are free to choose any head. That being said the "software" is automatically setting it off from CAPITAL GAINS and there is no apparent way visible to redirect the set off from any other head!!!

I am therefore putting these questions here for clarity.

These are therefore my questions:
1)If there is LTCG and other incomes.....is there any rule as to from which head would the rs.2,00,000/- deduction would be made?
2)In my case, is there any way i could deduct the rs.2,00,000/- from the total income (and not from LTCG)?
3) In case your opinion is that house property loss can be set off against ANY HEAD, I must ask you why the software used by my CA is automatically setting off the loss against capital gains rather than allowing me to set it off against other heads? Does any of you have had prior experience of being able to set off house property loss from professional income when the assessee has CAPITAL GAINS?

dear sir, i am small traders in retail business but still gst dept.send me notice with list of 27documents to keep ready for verification.in the name of gst-adt-01
this is gst

Sir,

I have sold goods @ 12% to a customer at Rs. 1000+GST(1120) prior to 18-07-2022. The same Goods was returned on 30-07-2022. But after 18-07-2022 the tax rate changes to 18%. Now as per law I have to take return of goods at Rs. 1180. How can I deal with the situation. Here, suppler have an credit of Rs. 60 on account of ITC (Tax paid Rs. 120- Tax on Return Rs. 180). Please reply Immediately Sir..

Dear All,
Assessee has intra day turn over 6819 and loss therein is Rs. 6/- minor loss only one transaction was done.

Whereas Professional Income exceed basis exemption limit...

I'm confused turnover is below 1 CR but speculative loss is Rs. 6/- total income exceed basis exemption limit... What to do of audit..... Pls suggest, how to show this speculative loss of Rs. 6/- without Audit also without further litigation.

Pls suggest urgently....

Thanks
Laxmi