Sir/Madam

I have one query regarding credit card transaction.
One of my friend in insurance business and he paid insurance premium via his own credit card and insurer are pay him or credited in credit card account.

How to treat this type of transaction, if income tax department demanded clarification about these transaction? It is valid transaction or not?
Is insurance premium receipt is valid documents as a proof to income tax dept.??

thanks in advance.

In the case of cooperative societies the deduction claimed U/s 80P(2)(a)(vi) is not allowed to be processed to be filed return of income for the AY 2021-22 when filed U/s 139(8A) shows error as " Caught Error description is null".is any solution for this issue?

WE HAVE 3 EMPLOYEE( 2 OF THOSE ARE DIRECTORS) IN OUR PRIVATE LIMITED COMPANY, I PAYING 50K NET SALARY TO EACH
MY QUESTION IS:
1) CAN I PAY 50K SALARY TO EACH EMPLOYEE WITHOUT DEDUCT TDS BCZ FOR 7L SALARY NO TAX AFTER TAX REBATE RIGHT?
2) CAN I PAY SALARY WITHOUT PF ONLY 3 EMPLOYEE ON THAT 2 OF THOSE ARE DIRECTORS RIGHT?

If Professional person Opts for 44ADA in income tax then in second year of filing of Income Tax Return can he opts out ? In business, person opting 44AD in one year has to follow the same system for next 5 years. Is there any clause like this in professional person ?

What are the Income Tax Implications if the plot of land is owned by the Husband and commercial building/shop is constructed by his wife from her own funds? The Land is situated in Karnataka.
Property Registration Queries
A) Is the separate registration required for the building (under The Karnataka Registration Act, 1961), the purpose of the building is commercial shop and to fetch rental income?
B) What type of documentation is required to have legal and separate ownership of Land and Building of commercial property?

Dear Sir,

If a person has received an amount more than Rs. 15 lacs in cash from his neice and that cash is deposited into bank then what will be the taxability in such case while filing income tax return.

Please help me in this matter.

Thanks,
Divyesh Jain

Dear Sir,

Is NRE account required to be reflected in Income Tax Return in India? This is in view of the fact that Assessee is filing the return in the country of residence abroad and also in India for income arising in India.

Kindly Advise!

Thanks & Regards

Dear Experts,

In case of HUF , turnover = 30L approx and net loss around 2L. Will tax audit be applicable for FY 23-24?

Regards,

Mr A's Return has been defective for not verifying return within 30 days. Whether there is any option of withdraw the same return and file new return ?

or any other procedure to make such return valid ?

Dear Experts,
1 A company is remitting the payment to the private insurance company towards the policy premium for its vehicles.
2 Pls explain the TDS implications on this payment?