The assessee is a Company engaged in real estate business. It holds a few apartments purchased as its stock in trade. One such apartment has gone in for redevelopment. The assessee (company and not an individual or HUF) has received an amount as corpus as part of the redevelopment process.

Questions:
1) is the amount received a capital receipt or revenue in nature?
2) can this amount received be adjusted against the cost of the flat (held as stock in trade)
3) from a tax perspective - is this a taxable receipt or tax free receipt?
4) if it is a taxable receipt under which income head should this be reported?
5) can the usual treatment of reducing the cost of acquisition by this amount for computing capital gains (in a typical redevelopment case where assessee is individual and asset is a capital asset) be applied (i.e. reduce cost of stock in trade) even in case where assessee is a company and asset is classified as stock in trade.

Opinions welcome

can a private ltd company gift its own property to its existing director ??
can a hsg society register the director as owner/member of the society ??
effect on the tax angle of such gifted property -- in income tax/gift tax to
both the pvt ltd company and as a individual as director
thanks
pls note gift deed is registered/stamp duty paid

In case of a person earns an income exceeds 15 lakh in india, is the global income earn by him is taxable in india?

Dear Sir,
Your kind advice required for the below matter:
As one of our client has not availed of ITC for the year 2020, as we have uploaded GSTR1 for all months for the year 2020. Our client erroneously missed one ITC amount.
Now they have taken that invoice in the current year 2022-23, and insisted us to upload the same during the current year.
But our CA said that we can't take the entry in the current year as it is time barred.
Please let me know what is the solution for the same.
Please clarify asap
Thanks
Prakash Menon

can someone please guide how to do monthly closing of books of accounts? In our org annual closing only is there so i have no idea of monthly closing..

Dear Sir,

Our accounts team had prepared bs in IND -AS last year , but now due to applicability of schedule III they have changed it to AS (CI) . Is it correct? Our xbrl processing person is of the opinion that mostly companies dont change to AS when they have shifted to IND-AS. When the AS & IND AS are applicable. Kindly clarify urgently.

Also that our companies are subsidiary companies but the listed entity has been liquidated.

Sir/Madam

Let me inform that is deduction u/s 80 C , 80D are available for NRI in the fy 2021-22??

Please provide any sources of section provision.

Thanks

A PARTNERSHIP FIRM REACHED/CROSSED TO A TURNOVER OF 1 CR ON JUNE MONTH, NOW AS PER LAW AUDIT WILL BE APPLICABLE AND TDS ALSO. WE WANTED TO KNOW " FROM WHICH DATE THE TDS LIABILITY TO DEDUCT TDS IS APPLICABLE ON OUR FIRM? " FROM THE STARTING OF THE FINANCIAL YEAR OR FROM THE MONTH ON WHICH WE CROSSED THE TURNOVER.

Is e-way bill and delivery challan is compulsory for laying of hot mix Asphalt (which transport from hot mix Asphalt plant to road construction site for laying)

Under work contract of road construction

I have received Consultancy fees for rendering services to Asian Development Bank(ADB).
I want to claim exemption from Income Tax.
So can I claim exemption under United Nations (Privilege and Immunities) Act 1947 as it overrides whole Income Tax Act and the UN Act grants exemption from Income Tax on salary and emoluments received from UN nations.
Headquarter of ADB is in Philippines and it is a member of UN.
So can I claim exemption under UN Act 1947?