A trust wants to make a donation to another trust,; both trusts having registration under section 12aa. What is the procedure to be followed. Can the experts throw some light on this issue please

Dear Sir/Madam,

I shall be grateful if you can share your opinion on the following facts:

Our's is a Pvt Ltd Company and we purchased a car for business travel purpose on 01.01.2018 for Rs. 8,46,500/- including GST, we did not claim any ITC on it.

We sold the vehicle for Rs. 4,80,000 on 04.11.2023, as per the last audited financials the WDV as on 31.03.2023 is Rs. 1,20,177/- and WDV as on 04.11.2023 is Rs. 97,761/-.

My questions are as following:

1. Do we need prepare an invoice on the sale value of car or on the profit of the car, what shall be the GST on it?
2. The profit or loss on sale of car and GST liability is determined in this case as per Companies Act or Income tax Act.

Request to kindly provide your valuable inputs to us.

Thanks in advance
Mohith

What will be the consequences if Part D in 15 CA is issued instead of Part B

Sir,

Please solve my below query:
My one of the relative is filed ITR 2 return and selected New system his TDS deducted amount of Rs. 69000/- and he earn capital gain Rs. 20000/- including long term & short term he also paid caiptal gain tax.
but lack of knowledge he submitted return without deduction like HRA deduction, medical parents etc.
this effected to his return he did not any refund.
Now recently he received CPC order against return submitted their is no demand and refund but now he want he submit again return claiming the deduction like hra, medical expenses for senior parents etc.

Kindly guide whether he can file again revised return then how to file and what option to choose.

Thanks & Regards.

Is TDS applicable on Processing fees and other charges (Documentation Charges, Visit Charges, etc) paid to NBFC's for Borrowing Loan. If yes under which section and rate of TDS please inform.

Sir,
A Doctor maintained a dental clinic and selling of medicines in pharmacy Stores turnover rs:50 lacs below opt presumptive scheme itr returns filed.but assessess selling of medicines transaction professional service used purpose income treatment in itr returns allowed or not

I made a partnership deed and included both these terms:
Is there a requirement for specidic wordings or would what I've included suffice?

1.That interest on capital shall be payable on the amounts standing to the credit of the Partners’ accounts at the rate of 12% p.a. Such interest shall be considered as an expenditure of the firm and shall be debited to the Profit & Loss Account of the firm before arriving at the divisible profit or loss.

2. The salary shall be paid to working partners as mutually agreed by them. The remuneration payable to the said working partners shall be computed in the manner laid down or deduction under section 40(b)(v), read with Explanation 3 of the Income-tax Act, 1961 or any other applicable provision as may be in force in the income-tax assessment of the partnership firm for the relevant accounting year.

Whether a partnership firm (newly formed during FY 2023-24), can declare his income U/S.44AD , if total turnover is less than 2.00 crore (Entire bank transactions) ?
If yes, Whether Interest and remuneration paid to partners may be deducted further from the declared income ?

Individual having turnover of Rs. 6 crore in very first year than it is compulsory to deduct TDS in first year also at applicable rate on various payment related to TDS


he has paid rent above 50000 DURING THIS YEAR THAN SECTION 194I applicable OR 194IB, As in section 194IB it is mentioned that in case of individual and HUF covered under audit than provision of 194IB will not become applicable.

Dear experts,

Individual is selling a residential property in Sep 2024. This is bought in the year 2006.

Now as per recent amendment, option is available to seller :

- 20% on capital gains with indexation

OR

- 12.5% on capital gains without indexation

which ever is beneficial to the seller

Is the above interpretaion correct?

Also different exemptions available after further investestment in assests exists? irrespective of option undertaken?

Pls advice

Regards,