Dear All,

One of my friend deposit 1.50 lakh in PPF in the month April-2020, he does not want to claim the same amount in f.y 2019-20 return , so question is that will he be eligible to claim in f.y 2020-21 return (next year) if he did not claim in f.y 2019-20 Return.

Thanks

SIR please advice me the tax liability for a pensioner who is retired in feb 2020 from a scheduled bank and recieve 16 lakh as gratuity 9 lakh for commuted pension 7 lakh for leave encashment (3 lakh exempted) 9 lakh as salary for fy 2019-20 ,. i am confused about the commuted portion of rs 7 lakh tax liabilty is 1/3 or 1/2 or full amount of commuted pension portion is exempted ? please advice for it.

Assess purchases of assest Rs:80,000/-cash mode depreciation not claimed in f.y 2018-2019.
Question:
Assess assest depreciation claimed allowed in f.y.2019-2020 and depreciation claimed on value Rs:80,000/-is correct under I.t. act.

A gst registered regular scheme dealer b2b invoices up load in gstr1.but some b2b invoices amount not reported in gstr3b in f.y 2019-2020.
Question:
Dealer difference some invoices amount reported in gstr3b for July,2020 return allowed.

Does below mentioned leave includes or excludes for counting of leave from 156 days
In Leave taken continuosly (i.e. exam leave) consisting of- sunday; Festival/ gazetted holidays; 2nd and 4th saturday off (Provided by Firm policy);1 day compenatory leave every month (provided by firm policy) are included or excluded for calculating leave..???
=>In my firm we work for 8 hours in a day excluding lunch and 1st and 3rd saturday are also working.

Hi,

Please tell me do i need to have a valuation certificate if i want to take FMV as cost of acquisition for capital gain taxes.

Please reply

Return for the quarter ended on June 2020 GSTR1 was to be filed upto 3rd Aug 2020. But it got late and return was filed on 20th Aug 2020.

Please tell me about the implications of Late fee and Interest. The turnover is less than Rs.1.5 corores.

Please help me in solving this query.

A private limited company is being voluntarily liquidated. The I.T returns for the FY 2019-20 needs to be filed.

It has a business loss. The reason for business loss is the liquidation expenses. Almost 90% of the business loss is due to liquidation expenses (like remuneration paid to liquidator etc.).

The company has also got some Foreign Exchange gain during the FY 2019-20 which is part of business loss.



My questions are as follows:

a. Whether the liquidation expenses are allowable as a business expenses?

b. Whether business loss arising from the liquidation expenses can be set off with the Foreign Exchange gain?

c. Also do let me know if there are any provisions and case laws in this regard.



Thanks in advance.

I.t. Assess sales of car received from profit capital gains applicable and profit amount shown in books in treatment.

Does HUF can make a prop firm and do bussiness same as one of the member of huf?