The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20).

bank fd interest accrued was not considered while filing the return, what should be done and what procedure to be followed?

Hi,
We have received a notice under Section 148 for our tax filing for the FY ending 31st March, 2013 a few days back. But as far as we know, we only have to keep the tax filings for the last 7 years. Then how can the government send a notice of more than 7 years ago? Also, what will happen if we don't have the records for those years? (In the lockdown last year, we removed all the records which were more than 7 years old). Please help and advise. Thanks in advance.

hello team,

if we have a company (pvt ltd) and make profit of 1 crore and give salary to 2 directors (5 lakh each). so my questions are:
- what happens with funds of 1 crore in bank account?
- if needed can that 1 crore be used by any director personal purpose? with permission of course.
- are there any strict limitations related to usage of company funds?

please answer and help, thanks a lot.

Hi,

I just got a hike in my salary and I pay rent to my mother who files ITR. I have been paying rent from past 7 months and due to increase in salary i want to pay more rent to my mother and declare it to my employer thus reducing my tax liability. Will it be a problem to increase my Hra amount, is there any such issue with increasing the HRA amount more than 10% which is what is said to be the amount that can be increased by the owner every year or two. Could you guide me on this, if it is justified to do this.

SO SIR IS INTEREST ON DRAWINGS LEVIED BY BUSINESS...

Sir, I have TDS deposited challan as on Q4 FY 2019-20, the challan not claimed and not used FY 2019-20, i have decide the unused challan used in Q4 FY 2020-21, Is it Possible? in TDS, Is it Correct sir?

sir in sole proprietorship, we say interest on capital. but as business and businessmen are same as per law, so why to allow ioc, salary, I'd, and other as these get deduced form profits and get added to capital. in a way profit is added to capital. sow hy to reduce profit from these expenses and then add it to capital in way if it is not deduced it will go to profits which will ultimately increase profit.

Sir,
Income tax sec 148 notice issued in f.y.13-14 even after 6 years.

Hi

I am purchased Agriculture Property in 2001 . Now I am going to develop property and Sale as a Individual Plots. How I can reduce my capital gain or I can re invest some other property to reduce capital gain. Please suggest

Dear All

Please let me know if Section 80CCF & 80CCG is still applicable FY 21-22.