I AM A PARTNERSHIP FIRM DURING THIS YEAR FY 19-20 I HAVE CAPITAL GAINS WORTH RS 20000 AFTER INDEXATION WHILE MY BUSINESS LOSS IS 27000. IN THIS CASE WHILE COMPUTNG THE TAX PAYABLE HOW WILL THE COMPUTATION BE DONE.

Respected Sir,
My query is that i have a Gross Income is 878100 under New Scheme on which total tax is 58983.60 and on the other hand under old scheme Total tax is 80366.208 on income of 823876. My query is that while calculation tax on total income under new scheme is not considering Exemption and deduction. Such calculation is done by me at the beginning of april 2020 for F.Y 2020-2021 OR AY 2021-2022. My second query is that i opted new scheme while declaration of income for ay 2021-2022 but whether i can considered exemption and deduction e.g section 80c, HRA etc while filing of return if i opted new schme or calcuate tax as per new schme. Plz guide me sir

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What should I do now?

Is govt. Of India going to extend the due date for filling income tax return for the FY18-19? Due to out break of corona virus which leads to lock down of some of the states in the country.

A taxpayer is engaged in providing outdoor catering service.Can he collect IGST in his invoice if the location of recipient is situated outside the state of supplier?

It would be great help if you could clarify,regarding employees 10% NPS contribution,
1) Can the 10% NPS contribution to get the exemption under 80cc, 80ccd, 80cce (upto 1.5 lac) First ? and then,
2) Anything extral upto 50000 claimed as Additional contribution under sec 80ccd (1b)?
3) Can only be taken in either case, but not both?
Please clarify

Kindly provide sample letter of Condonation of delay u/s 119(2)(b) in filing of Form No. 10B for AY 2018-19 to CIT

Dear Expert , As wef 1-4-20 TCS is applicable on sales of goods above 50Lakh by the seller. There is another condition is that, no TCS
would be under sec 206H (1H) if a Buyer is liable to deduct TDS under any other provisions.

(I) want to know what is meaning of " if buyer is liable to deduct TDS.
(II) Is GSt amount would be added for calculating TCs or only basic amount.

Kindly reply

Assess source of income mentioned below.
1. Gross receipts income from professional income.Rs.21,00,000/-
2. Sales turnover from pharmacy.Rs.9,00,000/-

Assess return filed sec 44ada or sec 44ad applicable in I.t. act.

I am 66 year old pensioner. Done delivery, intraday and F&O transactions, purely on the advice of the dealer of the broking houses and have incurred a loss of about 5.00 lakhs. I want to know how to arrive at loss/gain in an F&O txn, on perusing the ECN, how to calculate the turnover and how to carry over the incurred losses and how to set off those losses in the coming years. I have got rental and interest income. I have been filing ITR-2 only for the past 12 years. Please guide me.