12 November 2019 at 08:49

Loan repayment schedule

While availing any Loan, will the repayment be as per borrowers wish or as prescribed by lender


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12 November 2019 at 07:46

Prohibition of benami transaction act

My client has received notice from assistant commissioner of income tax under the above act.actually he purchased property jointly and paid cash from his source which amount to 106000. Meager amount. How this happened. Is there any limit to get notice


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11 November 2019 at 22:43

Premium on redemption of debenture

Whether tds liability will arise on premium paid on redemption of debenture, if yes then under which section and case law reference, if any.


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11 November 2019 at 21:17

Chit business and its taxation

Hello,
Can someone tell me in detail how Chitfunds operate and their taxation both from chit fund co. point of view and the person who is investing in chit fund


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11 November 2019 at 18:21

TDS

DEAR EXPERT

ASSESSE BUYING LAND FROM NON RESIDENT INDIAN. TDS DEDUCTED AT 20% AS THE NRI SELLER DOES NOT HAVE PAN. HOW TO FILE THE ETDS FORM 27Q WITHOUT PAN


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10 November 2019 at 22:14

Revision application u/s 264

How to apply for revision of order (assessing officer’s order u/s 154) under section 264?
Please guide me on the procedures and documents to be submitted for revision application u/s 264 of income tax act 1961.


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10 November 2019 at 13:46

Demand

Sir, I got Income tax demad of Rs 19000/-for the AY 2019-2020 for ITR 3. Demand tax has been paid.
Sir, how to check whether demad has been removed


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10 November 2019 at 10:25

2 businesses + Presumptive Tax + Tax Audit

An assessee has 2 businesses, one which qualifies for presumptive taxation U/s 44ADA and another being trading in derivatives. For AY 2019-20, Assessee has shown 90% profit on his professional receipts amounting to Rs 8 lakhs and there is derivatives loss of Rs 20 lakhs. The turnover limit for tax audit in derivatives business is not crossed, but in ITR3 due to set off available, the total income is negative to the extent of Rs 12 lakhs. The presumptive profit gets wiped off against derivative loss. Should the assessee get his accounts AUDITED. Please respond with reasons, since, turnover limits in derivative business have NOT CROSSED the Threshold limit, even the combined turnover of professional receipts and derivatives trading is below the threshold limit. The net income has turned negative only because of provisions of Set off of business income and not because of any other reason. Further does Derivative Trading business qualify for under Presumptive taxation scheme, more especially when there is no practical selling or there is no transfer of goods or services under Sale of Goods Act, 1930.


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Ex gratia paid on voluntary retirement under special scheme (its a company specific for premature vrs by employee) is taxable, premature retirement, please clarify


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09 November 2019 at 17:21

26QC on rental property.

Dear sir,

Should proprietor's whose rent is exceeding 50,000 p.m. should file 26QC retur?

Note: Rental premises is used for business as well as personal use.

If it is only for business purposes, should he file 26QC or 26Q.

Kindly confirm.

Kindly confirm.


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