DEAR SIR,

RECEIPTS FROM VIRTUAL DIGITAL ASSETS U/S 194S IS BUSINESS INCOME OR OTHER SOURCE OF INCOME BECAUSE MY CLIENT IS DOING CONTRACTOR ONLY RS 9478/- SHOWING IN 26AS AS WELL AS IN AIS REPORT WHEATHER IT SHOULD BE CONSIDER BUSINESS RECEIPT OR NOT NOW MY CLIENT IS STOP TO DOING THIS.

REGARDS

THANK YOU

Hi Sir/Ma’am,

In the AIS, instead of showing as Purchase for a property transaction, it is showing as Sale of property. The purchase was done in last financial year and I need to file the ITR. What should be done in this case?

Thank you

My client is a builder and signed a joint agreement with a landlord to build a commercial building over a particular land. A total of 10 shops were constructed, out of which the landlord gets 6 shops and the builder gets 4 shops to sell. The registry/sale deed will be in the name of the landlord and the buyer. So my client sold all 4 shops for Rs. 1,11,34,000 which he received in the bank. All of this was done in FY 23-24. Now he came to me to file his Income tax return.
Now, please let me know how to file his income tax return (under which head), also was there any GST liability on the builder(my client)?

Company had capitalised some Assets in past years & claimed depreciation on the same. However, during physical verification of fixed asset in subsequent year, it was found that the assets have never entered to premises of the company. The purchase manager has fraudulently produced invoices, took the delivery of the assets & absconded. The company is now writing off those assets in the books. What will be the treatment of this fraud in the depreciation as per Income Tax Act? Whether the company can claim depreciation as the cost of those assets is a part of the WDV.

FY 2023-24...csr expenditure was required to be incurred but not incurred...then what is the remedy to this? Is there any provision that if expenditure can not be incurred then transfer the amount to any fund specified in schedule VII of companies act 2013?
Is there any such provision that CSR activities can be done through direct expenditure on CSR activities or transfer to fund specified but after completion of financial year only fund transfer can be made?

Is the cited subject in mandatory as of now?

Opting for a new tax regime sec 115BAC filed return of income by ITR-1 or ITR-2 during the ASST year 2024-25. Can we switch over subsequent Asst Years 2025-26 Old tax regime?

last year balance sheet was made first time for an individual considering all assets investments and liabilities and on this basis capital arrived but one investment of rs. 20 lac was not entered in BS .So question is can we include the investment of 20 lac in current year BS and increase the capital by 20 lac.

I have recieved foreign dividend income directly to my account on 17 March 2024. In my case dividends are directly credited to bank account by the custodian and not to the custodian or brokerage account. Further custodian does not maintain ledger.

In my ITR do I show the date of receipt of dividend I.e, credit to my bank account on 17 March 2024
Or
I reflect the date of AGM I.e., 10 March 2024.

Thank you to all who have answered my previous queries, very helpful.

My client received LEAVE ENCASHMENT & SEVERANCE PAY & EX-GRATIA from employer (PRIVATE SECTOR) as part of Separation Agreement of for discontinuing/termination of employment due to Lay-off due to general Global economic Slowdown. He can join any other job after separation. In from 16 Employer deducted Tax on all salary including above terminal payments. In salary Slip for that month its shown as "LEAVE ENCASHMENT & SEVERANCE PAY & EX-GRATIA" without mentioning whether its exempt or not. Shall I take this as exempt in a salary & if yes then under which section.