Hello Friends,

For a client, for whom I have been filing tax returns for more than a decade without any issue, the Date of Birth is wrong (by one day) in new Income Tax portal and there seems to be no way to edit it either on the portal or in the ITR. Please guide how to resolve. Thanks.

“A company will be treated as an NBFC if its financial assets are more than 50 per cent of its total assets (netted off by intangible assets) and income from financial assets should be more than 50 percent of the gross income. Both these tests are required to be satisfied as the determinant factor for principal business of a company.”

Would like to know if income from F&O trading without pledge of any securities is considered as income from financial assets as per the above rule?

Dear sir,

Please let me know whether sec 9(4) is applicable for rent paid for the FY 2017-18.

Thanks in Advance.

I understand schedule112A of ITR-2 is required for shares/units bought before 1-2-2018 and requiring grandfathering.
Where to enter LTCG on equity shares/units bought after 1-2-2018 in ITR-2 AY 2021-22 ?

can i stop filing income tax return when i am partner in a shop? what is the procedure?

Dear All,

Is FLAIR _2021 due date extended..? if not any chance of extension..

I have an FD against which bank has given me OD facility of 90%
how do I pass the payments made against the OD account, will this affect the normal current account.
The bank will charge me interest only on the amount utilized.
Please help me in creating the heads of account in the books and its effects

Dear Sir,

A company is registered with PF and ESIC in Maharashtra. For the month of June 2021, the company will not be able to make the PF and ESIC payment through challan within the due date i.e. 15th July 2021.

I want to know will the PF and ESIC expense will be disallowed for June month as per Income tax Act since payment was not made within due date.

Please suggest.

Regards,
Divyesh Jain

Sir,
Two it assess brothers
1st person house property exchange to 2nd person transferred
2nd person house property exchange to 1st person transferred
Question:
1.Two assess exchange of properties capital gains tax applicable in it act
2 above transactions treated in both assess books.

The finance minister has introduced the TCS on FX remitttances under LRS and advised all the FX dealers to act and deduct 7% beyond Rs.7 lacs.

In this connection kindly clarify whether if the sale proceeds of a property is duly accounted and filed ITR thus claiming Capital Loss on the property sold. Subsequently if the proceeds are to remitted will attract TCS as there are no tax dues and any liability to the government.

Here the amount to be remittted is tax free amount.