Retention Bonus paid to employee in the financial year 2020-21 and recovered back from full & final settlement in financial year 2021-22 as the condition of not leaving the company for one year was not met. Can the amount recovered back be claimed as deduction by employee?
Request for an advice in terms of the position under Income Tax Act!

I have 49 lakhs as professional income (194jb) in my traces and 4 lakhs as salary income(192).
Can I use presumptive taxation so that my gross income will be 24.5 lakhs+4. Am I required to keep a book of accounts.

An individual sold his residential property for Rs. 90 lacs and his capital gain amount is Rs 45 lacs after indexation. The time period for depositing money in capital gain account is the last of filing ITR which in this case if July 31, 2022. However he has already initiated a purchase transaction for buying a land from development authority (Govt body). He has paid about 15 lacs which is 10% of the new property. The remaining amount is to be paid within next 2-3 months.

Does he still need to deposit amount in capital gain account.

If my Net Taxable Income solely comprising of Capital Gains is more than 2.5 lakhs but less than or equal to 5 lakhs then is tax liability Nil due to Rebate u/s 87A? If Tax liability is Nil then do i need pay Advance Tax on any of the installents if income earned is upto 5 lakhs??

Dear Sir,

One of my client is having a land in his village and he gives this land on contract basis to others and earns bulk amount as income in 3 years time for using his land.

The income is deposited in my clients relative's bank account who stays in village and then the relative transfers money to my clients account.

My query is whether this income is taxable to my client as he is the owner of the land.

Please help me in this matter.

Regards,
Divyesh Jain

Sir,
My client is engaged in providing and supplying of grill , railing etc. He submit ITR 4 for his business ,salary and other sources of income. He received cash INR 10,00,000 from a sources and invested in KVP in Post Office during FY 2021 -22 time to time. This investment is shows in AIS of the IT site.
How to manage this Income in ITR? Is I include this income with business income and pay tax on 8% profit or more or declare this income as other sources? If I show this income as other sources then the taxpayer will bear a huge tax amount Experts, Please show me the right way Thanks

Sir,

what is the depreciation rate of laboratory machiners such as ultra sound,biochemistry analyser,hematology analyzer,aqua electrolyte analyzer etc.

Sir,
I filed ITR 2 for AY 2022-23 under old regime for income under salaries,other sources & capital gains aa a esident Individual.
I wish to file the revised return now under NEW REGIME for same AY as i have realised that the same is more beneficial.Is it allowed?The original return is still not processed & last date of filing is still away.

Dear Sir,

One of my client has come with his Form 16 where he has claimed Rs. 1 lac extra HRA in Form 16. Now he wants to declare actual HRA amount and file Income tax return.

My query is can I declare his correct HRA amount as if I do that the amount will not match with Form 16. Will his return get accepted by Income tax.

Please help me in this matter.

Regards,
Divyesh Jain

what is Password to open PDF for AIS ( Annual Information system) and TIS.( Taxpayer Information summary)