Easy Office
LCI Learning


Caanchal Rastogi
16 April 2021 at 15:25

DEDUCTION U/S 80D of Rs. 50000/-

An Individual can avail benefits of both sub section 2(a) and 2(b) of section 80D simultaneously. In other words total deduction of Rs. 50,000/- can be availed under above both sub section

Answer now

ARUN GUPTA

My rental Income is Rs600000. Will standard deduction of 30% will be allowed under new Tax regime. How will be rental Income calculated under new Tax regime.?

Answer now

Shilpa Lingayat

Dear Sir/Ma'm
I have filled Form 24Q Q4 for the FY 20-21 it got rejected immediately with the error description Invalid Chapter VI-A section ID (line no 207) so I checked text file line no 207 it was about sec 80CCG and the team member whos details were showing in text file fall under new regime so there were no investment declare by her. I did not understand what it actually means I called our TDS software support team then tin helpdesk but no use
I call efiling helpdesk they said to sent an email, I did that but no respond I received.
I need your help to understand this and what action I should take
Looking forwards to hear from you

Thank you in advance

Answer now

Reena

Dear Sir/Madam

We are running a Automobile dealer business. We selling automobile parts to the customers. we received a courier charges from customer to send parcel.

Please confirm the SAC Code

Thanks

Answer now

Amandeep Singh

Dear Sir

Sundry debitor has not given to us payment its more then 11 months many calls reminder but not responding please suggest in which head i crate the ledger for bad debitors written off and what is the entry in books

Answer now

DIVYESH JAIN
15 April 2021 at 13:02

Taking out money from Pvt Ltd company

Dear Sir,

I have a Pvt Ltd company which has a profit of roughly around 1 lac during the year. There is tds deduction of around Rs. 3 lacs which I want to take it out from the company.

How can I take this money out from the company. If I pay Salary to directors it will lead to loss of Rs. 2 lacs to the company. Is there any other way to take this money out from company.

Regards,
Divyesh Jain

Answer now

Amandeep Singh
15 April 2021 at 11:58

Annual Income

Dear Sir

In April 2020 I have Filed 15G form in Bank to avoid TDS on FDR. FD interest Rs. Less then 13000/- Where i mention my annual income Rs.180000/- ( Private School teacher Salary+ Tution fees) But my annual income increase due to tution fees school closed during Covide-19 So Can i face any issue Please suggest
Can i fill Income tax return earlier i have never filed income tax return

Answer now

mahan
14 April 2021 at 23:44

Advance tax assessment

For time deposit for one year period, interest payable on maturity, runnig across two financial years.
Then, as at March of first financial year, interest is not paid to depositor; there is no passbook for time deposit indicating accrued interest amount.
Qn 1. Then, how the depositor expected to assess his interest income for first year to pay advance tax.
Qn 2.is it ok if the depositor declares the interest income on actual receipt in 2nd year on maturity and pays tax only in 2 nd year

Answer now

V
14 April 2021 at 22:03

TDS on purchase of property -194IA

If purchase deed of December 2020 is registered in April 2021 and no consideration is paid before April 2021 then TDS liability will arise in December 2021 or will it arise in April 2021 as transaction will be actually enforceable after registration. What will be treated as date of transaction for TDS and filing 26QB, December 2020 or date of registration

Answer now

Vijay Mishra
14 April 2021 at 15:08

Increase in closing stock

Dear Sir,
Greetings !
Our stat auditor has increased the closing stock with 50 lac at the time of finalisation of balance sheet under Change in inventory. our books of account does match with that amount. Please advise which entry should be passed into our books of accounts to make the number same.
Thanks in advance.
With best regards / Vijay

Answer now