hi
I loss my 1.25L INR new mobile by pick packet theft at patna. I registered a complaint in patna police station and have the FIR copy. can I eligible for tax exemption for this mobile amount in the head of property loss? if Possible, then let me know in which section.

Does tax audit is mandatory for a partnership firm having turnover Rs. 1,14,00000/- (One crore fourteen lakhs) for the financial year 2023-24 or we can OPT presumptive taxation u/s 44AD


Please suggest, thank you

Hello Sir/ Ma'am,

I am a salaried employee and invest in stocks.My salary is 30 lacs.In FY 23-24 I have sold shares worth 80 lacs.14 lacs ltcg and 13 lacs stcg. Please advise an efficient way to reduce tax.ie opening llp/company etc.

Also do I need to register for GST in the above case?

Anticipating your reply!

Thanks in advances!

PURCHASE INVERTE BATTERY FOR OFFICE USE
AND ALSO PURCHASE AIR CONDITIONT FOR OFFICE USE
WHAT IS D RATE OF DEPRICIATION IN BOTH ITEM

THANKS IN ADVANCE

Dear Sir
Today I filed my IT return successfully. But I received message for the department that my IT return is defective u/s 139 (9) of IT act. I filed IT return by choosing ITR1 Form. Please note I have income from under Sec 194C Rs.131000/- & TDS credited Rs.1310/-, as per 26AS.
Following are the message received from the department. You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.
Now I request you to guide me how to rectify my. IT return.
Thanks & Regards
M Vinaykumar

MY CLIENT HAS PAID PROPERTY TAX TILL FY 2018-19...NOW WHILE FILLING CHALLAN FOR FY2024-25 PREVIOUS YEAR DUES ARE NOT SHOWN...WHETHER FOR EACH YEAR SEPARATE CHALLAN IS TO BE FILLED?
AND SURPRISINGLY FOR FY 2018-19 ITSELF TAX PAYABLE IS SHOWN IN THE CHALLAN WHILE IT HAS ALREADY BEEN PAID..

There are two sister concern companies. Company A & Company B.
One Vendor have given credit note in Company A, hence the amount is receivable from vendor.
The same vendor balance is payable in Company B. Hence the amount is payable to vendor.
So in this case can we pass internal Journal Entry from Company A to Company B, rather to take refund of credit in Company A.

Please suggest as per Income Tax Law and Companies Law.

Dear Sir,

If we have an Indian company, and not paid any Equalisation levy tax during the year FY 2023-24

it is mandatory or required to file NIL Return of Equalization Levy Form No. 1.

or any option available on portal for file NIL return.

Please suggest.

Can Interest be claimed on borrowed capital u/s 24(b) on let out house property up to Rs.2.00 lakhs under new Regime tax for the AY 2024-25.

I have received demand from income tax department due to one challan as overbooked.
There were total three challans in the return. Out of which two are matched and consumed and one is mentioned as overbooked. However I have entered all the details of the challan correctly. Can someone please guide how to deal with this demand