In case of an assessee who has income from business/profession if opts for new tax regime whether he/she will be allowed following deductions:
Whether business losses and Unabsorbed Depreciation can be carried forward?
Whether deductions under 54 etc. will be allowed in case income from capital gains?

Taxpayers Information Summary(TIS) for (Rs 189000) shows a entry of foreign currency purchase on portal. My client purchase currency for his brother foreign travel.
what to do with such a entry? Need to show in ITR If Yes where?????
regards
Vikas

Is the Composite transfer grant to Central government employees on retirement tax exempted

WHETHER FNO TRANSACTION AND INTRADAY CAN BE SHOWN UNDER CAPITAL GAIN HEAD ?

If a minor files his separate ITR showing income earned from his own skills, then whether his parents can claim 80C deduction for the tuition fees paid by the parent for the minor in his (parents) ITR.

IS FUNDS TRANSFER BY WAY OF CASH POSSIBLE BETWEEN TWO PRIVATE LIMITED COMPANIES WHERE IN BOTH THE COMPANIES THE DIRECTOR IS THE SAME PERSON WITH MAJORITY SHAREHOLDER.

TRANSFER OF FUNDS BY WAY OF CASH IS REQUIRED TO MEET URGENT BUSINESS PAYMENTS IN ONE OF THE COMPANY AND BOTH THE COMPANIES ARE ENGAGED IN THE SAME TYPE OF BUSINESS.

QUERY IS :

1. IF YES , HOW TO RECORD THE TRANSACTION IN THE BOOKS OF ACCOUNT ?

AND

2. WHAT DOES THE INCOME TAX ACT SAY ?

PLZ ADVISE.

My daughter has an NRO account which was converted from her resident account after her status changed to NRI.
After that the NRO account has been credited with dividends from Mutual Funds, SB interest and payouts from Life Insurance maturities and survival benefits. Last year 2023-24, HDFC mutual funds worth Rs 159692 were bought. Her status in HDFC MF is also in NRI status.

While filing for income tax for AY 2024-25
( i) I could see an amount of Rs 46772/- under the heading Dividend Income' (chargeable at normal rate) -
which is correct and this is showing in AIS/26AS
(ii) I could see an amount of Rs. 46772/- again under the heading 'Any other Income chargeable at special rate'. The actual head shown is 115A(1)(a)(iii) - Income received in respect of units of UTI purchased in foreign currency ? This is not shown in AIS.

Is amount under (ii) correct or this is a mistake from ITD in auto filling?

We have purchase some Table Fan & Revolving Chair to our COMPANY NAME with GST number for Office & Factory use purpose.

Can We take ITC for this Capital Goods.................

Company A Private Limited had an NPA loan in FY 23-24 for which the Bank gave OTS (one-time settlement) time limit of which was supposed to end in April 2024, but the company paid a 50% portion in FY 23-24 and took extension of 90 days and paid entire loan in the month of June 2024, i.e. FY 24-25. The loan amount was Rs.5 crores, settled at Rs.4 crores. How to deal with this as per AS 4 Event occurred after the balance sheet date.

One of my cousins is running an NGO (women’s welfare) WCD – under- PFMS. As per the instructions of Government of India, she has opened FCRA account to receive donations from foreign. If any amount is received in this FCRA account, what is the procedure to withdraw this fund? She has another current account of same NGO in to which she receives local donations. Is it permissible to transfer funds from FCRA to local account and then spend from that account?
R S Sai Kumar