As per section 11, even capital expenditure will be allowed as application of income and fulfills condition of 85% utilization/application of income.

My query is:
1. If capital expenditure is allowed as application of income then whether we need to show this in income & expenditure account (Expenditure side) or in balance sheet (fixed assets)?
2. If shown in balance sheet then income expenditure account will show huge surplus and then how we will show that 85% condition has been met.

Hi,
A Housing loan is taken by Husband and wife jointly and both are co-owner in the property. In this case if wife wants to claim full interest and principal amount then is it possible. Wheather employer need to take any declaration from employees in this regard.
Please answer my problem.
Thanks & Regards
Rajesh Sharma

Dear Sir,

Please help me to understand NPS Contribution from Employer.

1. If One employer need to contribute NPS to their employees, what needs to be done for this ?
2. How to decide contribution amount ? Is there any limit ?
3. If one employee CTC is 5 Lakh, then Contribution amount is taken from 5 Lakh ? or Company contribute ?
4. Same will be reflect in Payslip ? I mean , this will show any component like NPS (Both earning and deduction side)
5. Tax Eligibility

Please help me to understand steps by steps.

Regards
Ratheesh

Sir,
Sec 40A(3) 40(A)(3A)and sec 40(A)(ia) applicable on the expenses at the same time in it act.

i have invested in mutual fund in year 2010 and paid 50000/- premium for 3 years i.e Rs 150000/- in three years, now the policy get matured in February 2020 and fund value as per market i received rs 252600/- i have already filed the ITR1 and not shown the amount in itr filed
so should i revise the return?
And then which ITR form i should use for file the revised return , as i have also the salary income
and it is necessary to revise

An assessee received Notice U/S 139(9) Erorr Code- 1022 as folowing :
"The return of income filed by you as per the above details is considered as defective with-in the meaning of section 139(9) of the IT Act for the following reason:
Reason
Probable Resolution
Taxpayer is offering Income under the head Profits and gains from Business or Profession. Hence, as per the provisions of Sec.44AA, the taxpayer is required to maintain books of accounts. As seen from the return of income filed, the taxpayer has offered regular business income in addition to Presumptive Income. However, Part A of the Profit and Loss Account and Balance Sheet are not filled, in respect of the regular business income.
The correction of this defect has to be made by filing a corrected return. In the corrected return of income, the Balance Sheet and Profit and Loss account have to be filled, to show the basis on which regular income from business has been computed. Please note that the books of accounts are required to be audited, if the regular business income disclosed in the return is less than the limits prescribed under the presumptive taxation provisions of the Income Tax Act. Accordingly, books of account are to be maintained and the report of audit has to be furnished. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid."
My Quarry is is the Commission agent is require to maintain Books U/S 44AA or not ? Please resolve my Problem. Please say how i can reply this Notice., Thanks & Regards

My age is 34 now it will be 14 years I am trying . Is it beneficial for me to do it now will I get a reputed job with some handsome salary

In previous year (fy 20-21) crossed Rs 10 and till now my total turnover is 1.50 Crore , but till now have not crossed limit of Rs 50 lakh total transaction from any single party .

Does I have to collect TCS under section 206 C

Two parties (Say A & B) have deducted GST TDS for the same Tax period. However, only one of the parties (A) has filed GSTR 7 for that Tax period and thus only part amount (TDS deducted by A) is available while filing details for TDS credit received claim. Can we claim TDS paid by another party (B) at later date when GSTR 7 will be filed by B for same Tax period ? would that entry will be available for acceptance while filing TDS details for subsequent tax period or we have to wait for both the entries and file the TDS claim once all entries are reflecting ? Please suggest any other alternative available to claim TDS amount reported by A without waiting for TDS details from B, as it will block working capital unnecessarily and also causing unwanted delay in compliance required.

Dear Sir/Ma'am,
Which documents do we need to keep as a record if sources of income is short term short trading,
Contract Note,
Daily Margin Statement or anything else?

Also, which documents are used to calculate profit and loss in short term?