Dear experts
One of my whose total income 9 lacs . After considered the necessary exemption value and deduction value the taxable come to 135000.00. In this same financial year he had purchased a property and paid 2lacs . So my question is
1) Can it exempted from income , so that the taxable value become zero ?
2) If it exempted then Where I'll show in ITR 1?

Note - It's not a agriculture land.

Kindly guide me .
Thank you

Is Gstr-9C filing Compulsory?

A firm was in the business of wholesale & retail trading. It was having an immovable property in its block of assets for the purpose of depreciation as per Income Tax Act. The firm has discontinued its business activities & given the immovable property on rent. In this situation;

1) Whether the firm can set off depreciation on the immovable property against rent income ?
2) If firm wishes to sale the property & buy a new property within same year then whether the company can claim benefit of concept of block of asset, i.e. can the new property be added to the block of assets & hence no capital gain would arise as there is still positive balance remaining in the block after deducting selling price of the old property.

FY 2021-22 Firm Total Turmover Rs.60.00 lakhs and Net Profit Rs.1.25 lakhs less than 8% or 6% (i) Can Return be filed without Tax Audit of the Firm under clause (d) & (e) under section 44AB of the IT Act [as per u/s Section 44AB(d) or Section 44AB(e) as the case may be].

Hi,

We are registered company mumbai based. We have received service from Gujrat vendor for license fees for 1 year. They have charge us Local gst on Tax invoice due to supply of service is in Gujrat location, but we dont have any place of business in gujrat. Hence what will be the Gst - Whether IGST Or CGST-SGST will be charged as per gst law. Vendor is denying to raise invoice under IGST.

Kindly help in clearing this doubt.

Thanks

Dear sir I am asking a query about ordinary Insurance proceeds but which fall outside section 10(10D). This is not a ULIP. The proceeds are taxable just because annual premium exceeds 10% of the sum assured. The doubt is whether we can treat this as capital gain under section 112 and pay tax at 10% without indexation or 20% with indexation whichever is favourable. Pls show me the correct method if I am wrong Thank you - Peter Matthai

Dear All,

Whether GST is applicable on sale of RoDTEP scrip (Remission of Duties and Taxes on Export Products)?

If Yes then at what rate GST should be charged?

I want like to know about, how to file TDS Correction Statement against TDS demand Notice received for department.

journal entry of adjustment of output and input at the end of month, what entry should be passed.

TCS NOT CLAIMED IN PREVIOUS YEAR, BECAUSE TCS AMOUNT WAS NOT UPDATED IN 26 AS AT THE OF FILED RETURN . BUT NOW THE TCS AMOUNT HAS UPDATED IN A.Y. 21-22 AND SHOWING IN 26 AS (A.y. 21-22 26AS) ON DATED 13/05/22 (TRANSLATION DATE WAS 01/02/21). A.Y. 21-22 HAS FILED WITHOUT TCS CLAIM. SO , NOW HOW TO CLAIM THE ABOVE SAID TCS AMOUNT ?