A Became owner of property in April 1996
A died 14.01.2018 living behind legal heir wife two sons and daughter
Both sons and daughter Relinquished their rights in favour of mother on 30.01.2018.
Therefor mother become sole and absolute owner of the property.
Mother sold the Property on 10.09.2020
Question? Whether it’s a long-term capital gain or short-term capital gain

Dear Sir,
A Individual filled his IT in 44AA for the past 2 year Ass yr 2018-19 & 2019-20.
Can he fill IT in 44AB in Ass yr 20-21 . If so what will be consequence. Please clarify
Thanks

My company received an advance for some work. The payment was made to me after TDS deduction. TDS return has also been filed by the paying company. Now I am returning the money as I could not complete the job. The paying company is asking for full refund also the money which they have deducted as TDS. I am asking them to revise their return and utilize the same with their future transactions with some other payments. They are denying.
Please advice can tds return can be revised ?

Dear Sir,

I am having 2 types of Income i.e. Contract Income of Rs. 15 lacs on which TDS is deducted @ 1% and Professional Income of Rs. 3 lacs which I receive for providing various taxation and other consultancy services. On this professional income no tds gets deducted but I have to show in Balance sheet as my income.

I wanted to know will there be any query raised by Income tax department in future if I show 2 types of Income in my file and whether it is now right if I file the return U/s. 44AD as I used to do it previously when I was having only Contract income.

My total turnover doesn't exceed Rs. 20 lacs in the entire financial year.

Please suggest me in this matter as I have to still file my return for F.Y. 2019-20.

Regards,
Divyesh Jain

i am filled ITR F Y 2017-18 and 2018-19 form ITR 3 but i want now i fill ITR form 4 any problem if i am filled ITR form 4 FY 2019-20 . if i fill ITR 4 now income tax department send me notice ? please help me about my above problem.

Hi Please tell anybody this doubt

My client was filed income tax return u/s 44AD for AY 2018-2019 & AY 2019-2020.

Now for AY 2020-2021 I want to file regular return without tax audit (i.e. not u/s 44ad) and i will show the profit more than 44ad calculation (i.e. more than 6% for other than cash sales and more than 8% for cash sales ) now i am declared the profit according to sec 44ad(1) in regular return.

is this eligible? correct or not?

I opt from 44ad before 5th year but i show the profit according to sec44ad(1) in the present year.

Please answer to this...

Assessee sold a residential Flat-A on 09-10-2020. He had already purchased Flat-B on 11-12-2018. Can cost of Flat-B be deducted from the sale value of Flat-A for the purpose of exemption under Section 54 of Income Tax Act? Kindly help.

Assess Rs:1 lacs rental income from own property.but Assess bank account credit rs:25,000/- remaining balance Rs:75,000/-(25,000× 3 ) assess relatives bank account credit.
Questions:
1.Above transtration allowed in i.t.act.
2 assess rental income rs:25,000/- or 1 lacs per month in i.t.act.

What is the due date of filing Income tax return for F.Y. 2019-20 (A.Y. 2020-21) ?

How much tds rate and limit rent on commerical building in I.t. act.
service tax applicable for rent on commerical building.