Assessee bought land on 09.05.2019 for 20 lacs. House constructed & completed on 01.06.2020 for 45 lacs

Sold for 72 lacs on 20.07.2021

How should we treat the capital gain. Land as long term gain & construction as short term or both as short term.

what is penalty for Not Generating E-way Bill.

Dear Sir/Madam

Previous year 2020-21 We filed ITR under 44AD Profit 8% But in Financial year 2021-22 Assessment year 2022-23 Turnover is Rs.7300000/- and profit is 6.20% Can we go for tax audit if yes which section please suggest

Sir/Mam,

What is EGM , How many days take to Update in Shipping Bill Status After receiving Shipping bill and BL

Please kindly explain

Thanking you,

One of my relatives have purchased NSC from Post office and as per the understanding from the postal NSC rules, the NSC yearly accrued interest is treated as reinvested along with the principal amount till 4 years, hence, eligible for tax deduction as per 80 C. The last year (5th year) accrued interest will be applicable for tax lability as per the individual slab rates.

Sir, query is that whether the yearly accrued interest of NSC upto 4 years need to show as income under 'income from other sources' when this interest was not claimed as deduction under 80C of that year or show only the 5th year accrued interest(not all the years accrued interest) as income under "income from other sources".

Your valuable advice is sought for clarifying our query on the above matter, Sir.

Please help us.

Thanking you, Sir.


Raman Kumaran

Hi Everybody!

i hv a Q that if a resident individual having a micro business with A.Y Turn over appx 15L and income from business less than 1.5L and invest in equity then can he opt presumptive income under column 61 and can opt 44AA for being a small tax payer which is not listed in 44aa(i)

RK
Delhi

Sir

NRI individual opts not to avail special scheme of provisions contained in Sections 115C to Sections 115H by not availing it under Section 115I and files of IT Return u/s 139(1) i.e with in due date.

He has interest income from Bank deposits & Post Office deposits. Deposits were made in Indian Rs. Under that situation following query arise.

1. Whether interest on deposits in Bank and Post office are covered in definition of ' Interest received from Govt or Indian concern on moneys borrowed by Govt or the Indian Concern in foreign currency , as given in Section 115A(1)(a) or not covered. ?
OR
2-- Section 115 A (1) (a) will not be attracted at all , since he has exercised option under section 115I to not to avail Scheme of sections 115C to Sections 115 H as provided in Chapter XIIA of Itax i,e Special Provisions relating to certain incomes of NRI. ?

3. Will he be taxed on interest income from Bank Deposits / Post Office interest @ 20% ?
OR
4. He will be taxed as per slab rates applicable to resident individuals becoz he exercised option under section 115 (I) by not availing special scheme available for NRI certain incomes. ?

5. Whether by not availing scheme from sections 115C to Section 115H does NRI compulsorily falls in Section 115AQ(1)(a) OR not.
Please clear this path on above points.

Sir,
It assessee purchase of mutual fund (sft-18) ICICI mutual fund rs:10,000/- and ICICI mutual fund rs:10,499/- show as per AIS information
Question:
Assessess purchase of mutual fund show procedure and taxation in books and it returns in f.y.21-22.

It is said that the new provision of section 139(8A) to file updated return is applicable to person. Whereas I found that an AOP wish to file updated return left with no option under the new provision who normally assessed at the Individual tax rate. Here it means that the person means only individual and does not includes AOP. Is there any possibility for an AOP to file updated return Under 139( 8A).

Hello,

Post office has reported all 5 years of interest in AIS on maturity of NSC.
I have been reporting on accrual basis for the last 4 years.

I have submitted AIS feedback and it was processed and the derived value in TIS is now correct.

Will the tax department consider the derived value in TIS while processing my return or the original value(which is incorrect)?

Thanks