If unspent amount of LTCG is not deposited in Capital Gains scheme before date of filing return , whether any chance of claiming exemption u/s 54 etc ?
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when second asset enters a block of asset, is it necessary that both should be put to use for claiming deprecation ? how far it contradicts basic criterion for claim of depreciation ?
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Land purchased in 1990, for Rs 1,00,000, has been sold in FYE 31-03-2022 (AY 2023-24) for Rs 25,00,000. As per valuation report obtained from an Authorized Valuer, the FMV as on 1-4-2001 is Rs 7,00,000. In the New Form 2 for AY 2023-24, under the Schedule for Computation of “Long Term Capital Gains’’, in two of the relevant columns, taxpayer is required to fill-in, - “Cost of Acquisition” and “Cost of Acquisition with Indexation”. Expert is requested to kindly advise as to how to fill-in the mentioned two columns having regard to the stated facts?
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As per section 199 read with sub-rule (3) of rule 37BA, credit for tax deducted at source and paid is given for the assessment year for which such income is assessable. Accordingly, TDS needs to be claimed in the ITR based on income offered to tax in a financial year irrespective of the fact credit is appearing in future years in Form 26AS. The query is how TDS credit will be given if the same is not appearing in 26AS, for example the income was offered in FY 22-23 but the TDS credit is appearing in 26AS for FY 23-24. …
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Can AO ask any details of sales in cash below limits u/s 269ST ? any case law
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Firm take PAN under AOP status wrongly can file ITR under ITR 5 as Partnership firm and can claim the same benefit as partnership firm i.e tax rate of 30%
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Sir my father sold land on 2016 and paid TDS, he was died on 2017, we got 148A notice now 2023, he was undergone cancer treatment during year 2017, 20 lakhs was spent for treatment remaining he closed all his debts, we dont have any documents regarding that. How can we handle this
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Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. AO has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. …
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SIR In my case I applied for approval of a legal heir after six months they have not approved. now notice has been issued on son with non-pan who has only informed that my father has expired on dated ........ . IS this proceeding correct when we have already applied as legal heirs in the mother's hand? no proceeding is done on the mother
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Sir, The return was Originally Processed U/s 143(1). Time limit for revision has elapsed. There were some dis-allowances in the Intimation Order, against which the assessee filed online rectification U/s 154. The Rectification Order u/s 154 was passed after more than 60 days of the date of the Intimation Order U/s 143(1). In the rectification order also no relief was granted. Aggrieved the assessee wants to file appeal before the CIT(A). My Question is:- Against which Order will the appeal arise whether against Order U/s 143(1) or Order U/s 154 ? If U/s 143(1) then the time limit of filing…
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capital gains scheme