Dear sir,
I have one doubt regarding Deduction U/s 80D.
As per income tax act TDS on salaries will be calculated on Estimated basis/actual basis.
At the time of calculation of TDS some of employees are submitted medical insurance premium payment Receipts for 2 years for Rs 86000 including parents (Ex:01-04-2019 to 31-03-2021).
But at the time of calculation of total income of employee,what amount should be considered for deduction u/s 80D.
whether we take deduction of Rs.50000(25000 self+25000 parents) or (86000/2=43000 because policy applicable for 2 years i.e 21500 self+21500). please tell me the Relevant Provision or Notification.

Thanks in advance,
Regards,
Bheema Reddy.

Dear Sir,
letter regarding demand u/s 50 is being received by assessee for the period of Oct 2017. Amount equal to interest amount is available in cash ledger in the head of interest. Now I wish to ask that how debit interest amout from cash ledger. Whether it would be done by DRC 3 or any other way for it.
Please advise me.

Sir Hello
I want to take one advise from experts. Commercial Shop in 1996 but the conveyance deed done in 2015. My question is: Can I take the purchase date as 2015 for indexation purpose? It is sold in 2019. Is it treated as long Term or Short Term. Pl reply asp as I have to deposit advance tax.
Pl advise.
Regards.

Dear Sir,

I have one query , Can you please confirm the cash sale limit to Registered & Unregsitered person in a day (per invoice). under the GST Act & Income tax act.


Kindly revert on the same.

Dear Experts,

One of my client while filing GSTR1 in the Financial Year 2018-2019 and 2019-2020 uploaded the invoices details with wrong GST No. and correct party name. Is there any amendment option in the GST portal to rectify the wrong GST No.?

Your valuable guidance/suggestions will be much appreciated.

I have filed return u/s 44AD for F.Y. 2018-19 declaring profit @6% of turnover and my turnover was 1,10,00,000 (1.10 crore).

For F.Y. 2019-20 do I need to deduct tds u/s 194A?

Am I liable to deduct TDS for F.Y. 2019-20??

Respected Sir,

Due to heavy rain, buileding poll down it effect huge stock has been damage. around 2000 Packet.Insurance company cover very less value. Please suggest to me how to pass the entry in books of account which not effect my Gross profit.
Please advise

In 2018-19 financial year , i wrongly clained itc of igst in cgst and sgst of Rs 4500/- . I realise it while filing annual return now . How i to rectify it ? or i have to pay cgst and sgst and igst lappsed ? . kindly , guide me.

Are the signatures of the person under whom we are undergoing ca articleship required on the form 112 before getting it stamped by icai or the signatures of the student and principal of the college enough? Also plzz let me know, are we required to fill the page of recommendation of the employer in the form?

Can experts please clarify my below query with regard to LTCG, capital gain bond investment and basic exemption limit?
A person sells a house and have got 10 Lakh as capital gains. He doesn't have any other source of income except for FD interest of Rs.10000 in the current financial year (2019-20). As per Sec 54EC, if he invests the capital gains into capital gain bonds, he need not have to pay tax. In this case, after adjusting income from other sources (Rs.10000) from basic exemption limit of Rs.2,50,000, he still has balance of Rs.2,40,000. As such, can he only invest Rs.7,60,000 in capital gain bonds after adjusting against the balance Basic exemption limit to reduce his tax liability to 0? From what I understand, this was allowed but someone said this adjustment is no longer available from AY 2020-21 as part of FY-19 budget proposal. Please advise if this adjustment is still valid for current FY.