If partners of a Firm want to create another firm with the same set of partners and same percentage of share of profits for convenience purpose, is it allowable? Will the income of both the firms be merged in the hands of AO??

It is said that in case of F & O transactions, the turnover for Income tax purpose, in such types of transactions is to be determined as follows:

(1) The total of favourable and unfavourable differences shall be taken as turnover.
(2) Premium received on sale of options is also to be included in turnover.

My query is that is there anywhere written in the Act that the - "total of favourable and unfavourable differences shall be taken as turnover" or is it as per the guidance note issued by ICAI. If it is as per the guidance note, is it accepted by the Income tax Department?

Please suggest.

Hi
My clients' Section 24(b) claim for interest on home loan has been restricted for FY 2016-17 by the department to Rs 2 lakhs , However the restriction has been imposed from FY 2017-18. Despite so many grievences and letters CPC is not responding and concerned ward is also not answering .
Please guide me.

My father is retired person and earning pension income and he has pension A/c. in Union bank but no TDS Deduction on his pension income.

As i know pension income should be treated as salary income sec 17(1)while filing ITR

at the time of filing ITR which employer details i fill in ITR form whether previous ( from where he is retired ) or Bank branch in which he has pension account.

Dear Sir,
I am working in private company from last six years. This year I have resigned from the organisation and whatever increment I get they have all the amount in my special allowance in order to reduce pf as well as gratuities.
My CTC is 13.8 lakhs without any variable and basic is only 34 000. Do we have some govt rule to challenge this?
Except me all other employees has higher basic even they have lower ctc.
My new company giving more than double basic around 66000 with annual CTC 16 lakhs.
Please let me know who is correct?
In my personal view my company is playing with my salary just to reduce my gratuity.
Please let me know if we have some rule by govt to define basic salary of any employee.

Regards,
Vineet
9960749149

Sir,

Following error occurs while filling rectification u/s 139.

"The gross total income should not vary with processed income tax return."

Please provide the solution for above problem so we can filed rectification.

Thank You in Advance.

I.t. assess sale of paddy to rice Miller. Cash received rs.270000/ from rice Miller.

Sec 269st applicable.

1.Challan no.281 tds paid for asst.year 2019.2020.but asst.year 2018.2019 wrong paid
Modify tds challan producure

2.Sec 87a rebate financial year 2018.2019 2500 is correct .

if Entire amount is given as refundable security deposit under lease agreement
and no lease rental is involved in the internvening years

How Income of the lessor will be determined for income tax perspective.

please clarify me

Assessee has purchased machinery after 1.10.2018 and did not claimed additional depreciation of 10 % in the year 2017-18. Now in current year 2018-19 ,he want to claim Balance (10 %) additional depreciation on the same machinery. is it allowable ?