Dear Sir

Kindly advise for entry in book of accounts. Proprietor has been death in Feb 21 His capital value Rs.3421000/- in shown in books. Rs.642000/-in March 21 adjusted with fixed assets and rest RS.2779000/- transferred to his A,B, & C, Under( HUF account) sons equally. in current year Son Mr.A is the proprietor of same form. But in books of account in which group i create the ledger of Sons Mr.A,B,C

My relative filed ITR for AY 21-22 one month back as per 26AS. He is supposed to get refund of around 25K. He was checking this new AIS (annual information statement) yesterday. AIS has interest from income tax refund about 4K (which he received for AY 20-21) which is not there in 26AS. So, should he file revised return now including this interest on income tax refund or leave it and wait for any notice from income tax department?

B purchases residential plot from C less than Govt Stamp Duty value ( i.e Purchase Consideration Rs 40 Lakh & Govt Stamp duty Value Rs 50 Lakh )
1) Then as per U/s 56(2) (VII) Diff of Rs 10 Lakh will be added in other income in the hand of B ?
2) If B Show such transaction as stock in trade instated of capital assets , then U/s 56(2) (VII) provision is applicable or not ?

A is father in law of B.
If B Sold same residential plot to A less than Govt Stamp Duty Value( i.e Sale Consideration Rs 40 Lakh & Govt Stamp Duty Value Rs 50 Lakh ).

3) Then as per U/s 56(2) (VII) Diff of Rs 10 Lakh will be added in other income in the hand of A ? can A take benefit u/s 56(2)(X) relative ?

4) Also As per U/s 50C - B has to pay any capital gain ? Because B purchases such plot to Rs 40 Lakh &sold of Rs 40 Lakh but as per u/s 50C Govt Stamp duty value Rs 50 Lakh will be considered as sales consideration .

sir please explain

If my turnover is 65 lakh all receipts in the bank can I show 6% profit

HRA and standard deductions are available for deductions from salary income;what about exempt allowance sec 10(14)2;my pay slip does not mention car allowance,transport,mobile allowance;transport allowance but I use my personal car to travel from home to office daily fuel expenses per month 5000,and annual car maintenance charges 10000 per year:can I claim these under section 10(14)2;is daily allowance fully taxable

Income of Senior Citizen as follows
Salary income after std dedn Rs.16,228/-
Speculation Profit from shares Rs.18,475/-
Long Term capital gains on sale of shares Rs.34,789/-
Short Term capital gains on sale of shares Rs.1,24,212/-
Income from other sources Rs.4,79,325/-
Gross Total Income Rs.6,73,029/-
Less : U/s 80C Rs.1,45,000/-
u/s 80TTB Rs.50,000/-
Total Income Rs.4,78,029/-

My question is whether there will be any tax payable or will be fully covered u/s 87A ?

Hi Experts,
My query is wrt A.Y.2020-21. I am a salaried employee and filed my return claiming refund for Rs.45k. After processing of return, I was given refund only for Rs.25k. On checking intimation u/s 143(1), i found that HRA and Uniform allowance exemption have not been allowed to me. Though my employer allowed both these after verifying and taking relevant documents, which are genuine documents and not manipulated/fake. Based on this intimation, I submitted first for rectification and after than a grievance wrt this rectification stating all the facts and sharing all the relevant documents at the income tax portal. Still both the rectification and then that grievance got declined by CPC and no changes were done in the return details processed by them. Hence I am deprived for a less refund and don't' know how to proceed further after all this. Request you to kindly advise what can be done after this, as this is first time I was denied HRA/Uniform allowance exemptions by IT office.

Good Morning Experts this is a query related to Gratuity.
I have 2 concerns. First is the term 5 years of service, does this mean 5 year of service with same employer? or can i take it as 3 years with 1st employer and remaining with the subsequent employer.?
Secondly, if I have received gratuity post 2 years of service, at the time of my resignation, can i take the benefit of section 10(10) of IT act1967.
Looking forward for your response.
Thankyou in advance.

A person has let out his property to another for storing agricultural products. Kindly clarify, whether this is letting out immovable property or for warehousing. Also clarify whether letting of immovable property for storing agri. products attract GST.

Sir,
A doctor maintained a private nursing home some health services provided and different doctors working in hospital.
Example: fees collections from health services for different doctors rs:20 lacs after bill sanction amount nursing home bank account credited.
Question:
1.fees collections amount another doctors (consulting and treatment charges)payment through on cash mode allowed in it act.
2.food and pharmacy and travelling expenses amount of payment through on cash mode allowed in it act.