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.

Assessee is having Salary income and also has engaged in Intra day trading in shares (Speculative transaction). The details are as follows:-
1. Salary Income - Rs.6,50,000
2. Speculative transaction details:-
Sale value - Rs.3,98,995, Purchase value - Rs.3,99,374. Speculative Loss - Rs.379.
Turnover - Aggregate of the Positive and Negative difference - 2462.
Turnover has not exceeded 1 crore. Turnover less than 1 crore and profit less than 6%.
1. Whether this transaction will be liable to Tax Audit on account of profit less than 6%?
2. Suppose the assessee is willing to declare 6% profit, then on which amount this 6% is to be calculated? Whether on Rs.3,98,995 or Rs.2462 (i.e aggregate of the Positive and Negative difference)

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

I lost my job 2 years back. I did not withdraw my EPF (Employee Provident Fund) corpus then, thinking it’s my savings for retirement.
Meanwhile, EPF office has credited interest for FY17-18 in December 2018 with transaction date as 31-March-2018.
Since it was way after filing my last year’s ITR, I could not mention it while filing last year’s ITR.
I am well aware that I need to consider interest earned on EPF account during non-contributing period is taxable.

My questions are;
(1) Should I show the EPF interest earned for FY17-18 in this year’s ITR (as the amount was actually credited in December 2018)?

(2) If not, how should I handle this?

(3) As per my observation, typically EPFO credit interest for last financial year in the second quarter (Oct-Dec) of current financial year. So I cannot show it in the current year’s ITR (as due date is 31-July). Can I show it next year’s ITR?

(4) Is Interest earned on both Employee contribution and Employer contribution is taxable OR do I have to consider interest earned only on Employee contribution.

Anticipating your expert guidance. Thank you.

I prematurely withdraw my FD in Vijaya bank in April 2019 for 5 Lakhs tenure less than a year. Bank paid me 22500/- as interest after penalty.But in form 26AS, Bank showing 29002/- as interest paid. Bank informed me that the difference is deducted as tax and will reflect in FY 19-20. How to claim refund for this TDS in my next return FY-19-20 . where there will not be any interest against vijaya bank TDS deducted in form 26AS.
My total income is below Rs.2,50,000/-.I want to claim refund next year.

Is the limitation period of 6 months relate to filing of MA for rectification of mistake or to the disposal of petition by ITAT?

Respected sir

we are in the business of promoting goods and services of others by distributing coupons .promoting the goods and service of others through discount card programme.

when any customer have balance of 500 points , they can make payment by 500 points only and no cash required.
that 500 points will be credited to freedeem cash a/c along with 5% extra .
for ex:- if customer reedeem 500 points , businessman will get 525 freedeem cash.

that can be used by businessman in two ways :-
1) they can topup their prepaid account
2) they can ask for payment from us.

i want to know whether any GST & TDS ARE APPLICABLE ON THE SAME .

PLEASE SUGGEST HOW ABOVE TRANSACTION RECORDED IN BOOKS