Person 'A' has 6 vehicles & gross receipts is more than 1 crore. Can we file IT return u/s 44AE or do tax-audit?

Hi,

Does anyone know what "Amount as adjusted on account of taxation u/s 115BAC(1A)" is about in Schedule CFL?

I have F&O loss brought forward from last assessment year (old regime) that I want to offset with F&O profit this assessment year (new regime).

Can I leave that column blank?

स्वयं, पत्नी और बच्चे के लिए पति द्वारा भुगतान किए गए स्वास्थ्य बीमा पर पत्नी छूट का दावा कर सकती है The main policy holder is husband , amt paid by husband . Self , wife and children covered the same policy.

1) Father holding commercial property earning rental income paying higher tax due to huge rent
no he is planning to gift some portion of property among family member and want to distribute rental income among family member is that possible then how??

2) which document we need to prepare ??

Land owner is "A", construction on it is done by "B".After the completion of construction, A's share is purchased by "B" & payment of same is below 50lakhs.

Does it attracts any TDS deduction liability on part of "B"?

Does the basic tax exemption limits (slabs) cover taxes under special rate ? Do you have to pay tax if your basic income is 50000 and LTCG income is 120000 , wherein the LTCG taxable is Rs 20000/- @ 10% (Rs 2000 tax).

Dear Experts,

The assessee has derived long term Capital Gain u/s. 112A on listed equity shares on different dates during the FY 2023-24 and reinvested in residential house eligible for section 54F. In the return of income, while claiming the deduction, date of transfer of original assets is to be filled in. Here, there are 8-10 scrips sold on different dates. Which date is to be put in the column? Or each and every scrip is to be put in the column calculating gain on each scrip?

Please advise.

Thanks and regards,

I wish to show Equity and ETF Short Term Delivery based Trading as Business Income as client is doing Stock Market Trading Buisiness in All Intraday, Delivery, F&O & ETF Trading. As his Turnover of exceed above 1Cr but lower than 2 cr, I need to show his Turnover & Purchase Cost of Short Term Delivery Trading & ETF in proper column as this turnover is reflected in AIS & need to matched with ITR Figures (For Intraday there is specific column in PART A-Trading Ac point 12 & for options Turnover need to be reported & only profit/loss shall be reported as per my analysis). Also in last year I filled his ITR US 44AD with Professional Medical Buisiness & not shown his trading income/loss anywhere. His this yr income is below 2.5 (it is in loss) from all above activities hence I think Audit is not mandatory. Kindly Suggest is I m correct on my view and how to show this.

Dear Sir,

He has only salary income and trading income of ₹14,000 from the Indian stock market in FY 2023-24. Which form should he use to file the income tax return? He filed ITR-1, but received a defective return intimation under section 139(9). Should he have used a different form?"

Sir,

I want to have some clarity regarding the provisions of rebate under section 87A of income tax Act 1961. As per the relevant provisions, if a person opting for new tax regime, he/she can avail rebate of Rs. 25,000 or amount of tax whichever is lower if total taxable income does not exceed Rs. 7,00,000. But in Case of an individual whose taxable income was Rs. 6,80,000 out of which Rs. 35,000 was short term capital gain taxable @ 15%. Total tax liability comes to Rs. 24,750.So, as per the rule whether the person can claim rebate under section 87A. If we fill the details in the ITR form online mode, Rs. 5,250 was shown as tax liability. Is it correct