Dear Sir,

One of my client is giving salary of Rs. 50,000 each to two of the directors since there was not much profit earned by the company during the year.

I want to know when the directors file their income tax return showing salary of Rs. 50,000 each, can they claim standard deduction which will result in zero taxable income from salary.

Please advise in this matter.

Regards,
Divyesh Jain

What will be considered as the Date of Purchase of the New Asset (Residential House) which is required to be purchased 1 year before the Sale of Original Asset (Residential House) as per the requirement of Section 54:

1) Date of Agreement of Sale.
OR
2) Date of Possession of the Flat.

Husband gifted one apartment and one plot to his wife {She is house wife.) in good time. Also helped financially to purchase a plot on her name. Also helped financially to build a house on gifted plot by her. Now Wife is owner of One apartment, one constructed house {Ground +1 flour on 40 X30} gifted plot, and one plot that purchased in her name but financed by her husband. Currently no movable or immovable property is in husband's name. Both are senior citizens. Husband retired and working part time for lively wood. House is running on husband's earnings only. Two daughters are married. Husband's PF/Gratuity /Insurance money used for daughters’ marriage expenditure. Now wife not treating husband well. Planning to sell one of her properties {Gifted) for her own security purpose. Husband is not agreeing. Now what is the rights of Husband/Wife?

After name change of a private limited company which are all the documents (eg: letterhead, stamp, Visiting Office Board etc) the old name also needs to be specified?
For example : XYZ Pvt Ltd ( Formerly known as XY Ltd )
Is it mandatory to disclose former name and if yes for how long ?

Accesses has turnover more then 5 CR then E invoice under GST is mandatory ?

in February 2023 turnover reach 10 crore then e invoice is mandatory for which financial year ?

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Respected Sir/Madam,
My First Ques is, Person providing software regarding services to specific company abroad whether there is need of GST No.?? Turnover less than 20 lakh annually..

And My Second ques is, Same person providing above same services to specific company abroad under employer - employee contract, whether treated as under Salary income or business income?

Is GST registration required for on sale of developed plot business?

1. Sold plot on 15-04-2021
2. Capital gain amount deposited in bank on 23-09-2021
3. Utilized full amount less than two years, balance is zero as on date
Ques:
1. Is it necessary to close the account with the approval of AO
2. What are document to be submitted with Form G for approval by AO

Dear Sir/ Madam,
Our Company has a CC account so every month we have to provide a stock statement for margin of working capital. They fix margin 25% for Stock and 50% for Debtors balance. We have an idea to make a Short-Term Fixed Deposit for a sum and as it will be more liquid than Stock and Debtors, there won’t be without margin and can be taken 100% value in calculation of CC Limit.
Our query is
1) Whether we can make a short term fixed deposit and calculate CC limit on 100% value of FD?
2) On what reasons will the bankers not allow to calculate on FD value?
Kindly advise us whether this idea is work out.
Thanks in advance,
With regards,
Bazeer L