I am filing my ITR 2 under New regime. In the section HP and question 1h, I am able to enter the interest on home loan. The property is let out and net income is positive ( not loss).But the system is not considering this while calculating net income. It's showing 0 even when I have updated interest on home loan.

short deduction/collection amount is rs 346325 and intrest is 13844

Hi Experts,

Please let me know the tax treatment under new regime for interest earned on savings account of my minor daughter of Rs 536. Is the same exempt like in the old regime until Rs 1500 or is the same taxable.
Also what is the difference between Section 10(32) and Section 64(1A).

Also can I claim exemption under Section 10(32) for Rs 536 for my only daughter interest income as mentioned above.

Regards,
Manik Chand

professional having receipts of 9.60 lakhs and net profit rs. 4.80 , which is exactly 50% margin.

which itr form has to go?

is 44ada required or not?

BOOKS ARE MAINTAINED PERFECTLY.

my view--> no need of 44ada noemL IRE3 WILL GO. AM I RIGHT?

If someone have received joining bonus in fy 24-25 and that person leave the job in same fy and then the employer takes back the joining bonus again in next fy that is fy25 -26
But joining bonus is mentioned in form 16 so my basic question is whether I have to take for taxable purpose or not in this fy 24 -25 computation or not plz ans

Mr X Is having Intraday loss of 30000 and Dividend income is 150000. Loss shown in P&L account where books of a/cs not required to maintain and dividend shown in schedule Other Sources.
While submitting return following error occured if you required to prepare /maintain Books of a/c and dividend income reported in P&L please ensure consistency of amt of dividend income reduced in Sch BP. and dividend income reported in Sch OS . Please ignore if not applicable.
Please provide solution.

I am a psu employee. I had undergone surgery in Fortis Hospital in the financial year 2024-25 at CGHS rates. The medical expense was reimbursed by my employer. Is this reimbursement taxable?

INDEXATION IS ALLOWED ON GOLD IF SOLD BEFORE BUDGET??? AND WHERE TO SHOW IN ITR-2

Dear Experts,

One of my clients has recently incorporated a company in the UK and has offered me a full-time role as CTO. As part of the arrangement, I will be receiving :

15% equity stake upfront at no cost
Additional 10% equity over the next 3 years (vesting monthly, i.e., ~1% every quarter)

The purpose of this structure is to retain me and leverage my expertise and name.

Currently, there is no investment required from my side. The plan is that once we build a prototype, the company will look to raise funds.

I have the following queries:

Income Tax:
How do I disclose this in my Indian income tax return since I am receiving equity in a foreign company at no cost?

Will this be taxed as perquisite income (similar to ESOP) or only when I sell the shares?

Is there any requirement to declare it under the Schedule FA (Foreign Assets) of the ITR?

FEMA Compliance:

What FEMA rules apply when an Indian resident is allotted shares in a UK private limited company without consideration?

Do I need to file any intimation with RBI under LRS or any other FEMA regulation?

Future Funding:

Once the company raises funds abroad, will there be any additional compliance for me in India as a shareholder?

I want to ensure 100% compliance with both Income Tax and FEMA regulations from the beginning. Request guidance from the community on the correct approach.

Thanks in advance for your valuable inputs.

Hi,

If an Resident Individual having Self Occupied House Property, purchases an Under Construction House Property.....

Is under construction house property required to be reported under Income from House Property.