We have Purchased Assets of Rs. 100 Crore on credit at the begging of Financial Year and at the end of FY we sold all purchased assts as a slump sale for cash consideration of Rs. 100 crore. What will be tax liability?

Apparently it should be zero but when we calculate capital gain as per the provisions of Rule 11UAE we have capital gain because FMV2 is Rs. 100Crore and the Net worth is Zero.

Can any one solve this puzzle? If so i will be obliged

MY RELATIVE WORKED IN A HOTEL IN TRICHY 10 YEARS BEACK. HE WAS DEDUCTED PF FROM HIS SALARY. AFTER THAT HE HAD WORKED WITH TWO OTHER COMPANIES. HE HAS THE SAME UAN FOR THE LAST TWO COMPANIES. HE WANTS TO WITHDRAWN AMOUNT FROM EPF.
BUT WE ARE UNABLE TO WITHDRAW BECASUE IT SHOWS THAT ONE MORE UAN IS LINKED WITH BANK. THE ISSUE IS THAT IT MAY BE OF THE HOTEL'S UAN NUMBER WHICH IS NOT FUNCTIONING NOW.

NOW LET US KNOW HOW TO SORT THIS ISSUE

IF WE LOGIN IN THE UAN IT SHOW THE FOLLOWING

THIS BANK ACCOUNT LINKED WITH THIS ACCOUNT IS ALSO LINKED TO ANOTHER UAN

HOW TO SORT THIS ISSUE\

THANKS AND REGRDS
SURESH R

Hi,
I already have one income tax account but mistakenly create another account with same PAN number. Now I don't want that account. How to remove the second created account?

When a major plant is fully depreciated but is still running and capital spare item are replaced then will it be accounted as per the plant life(0) or according to the individual asset life as per IndAs

Dear Sir/Madam,

Mr A had a flat in a building in Navi Mumbai that was not in good condition. So the Flat fetched a lesser price (Rs. 23 lakhs) than the market value as per stamp duty valuation (Rs. 29 lakhs). The condition of the building was really not good and also had many municipality and water problems.
My query is as follows:
1) Is there any transaction limit for reporting the sale of a flat in ITR even though it fetches a lesser price? I mean sale price is just Rs. 23 lakhs and there is also no capital gain then is it necessary to file the return?
2) Will Mr. A get a notice from the IT dept as the sale price is less than the market value as per the registrar?

Kindly guide.
Thanks & Regards,
Suraj

If a videography is taken for appraisal of class taken by Lecturers, under which section the tax will be deducted at source from the payment?

And what will be the nature of such service?

I would like to know whether MBBS doctor or dental doctor is liable to get GST registered after crossing the threshold limit of Rs 20 lakh or fully exempted.

Hi,

If a company is calculating TDS for a contractor who qualifies for Section 44 ADA, should one check the tax slab after applying the allowed deduction of 50%? Background -- We need to pay professional fee to a Doctor who is eligible for presumptive taxation under Section 44 ADA. The contract is in the nature of Employer-Employee relationship because there are several restrictions on the Doctor's ability to work elsewhere. This means that TDS should be calculated under Section 192. (https://taxguru.in/income-tax/payment-independent-consultants-liable-deduction-194j-192.html )

Kindly guide.

Regards,

Hi,

I filed TDS return for FY 2022-23 (Q4)on 31st may'23, it is processed with defaults later on filed TDS correction return. Correction return status showing as rejected at efiling without intimating any error. two times done still same status, How to proceed?

Is it mandatory to deduct TDS by flat owners for the payment done to a party from their collective bank account?. They are registered under 'Association of person'.

Collective Bank account in the sense, all the flat owners transfer their maintenance amount to a single bank account which opened under flat A/c and from there the payments are made.

Eg: If they pay an amount of Rs.110000/- to a contractor for garden maintenance. Does the flat owners need to deduct TDS.