Dear Members,

I have a query regarding Purchase and Sale of a Residential Property and would be very grateful if you all could put some light on to it.

Ours is a family business and my father is buying a home worth 4.5 Cr in which we would take a loan of 3 Cr from the bank.
At the same time we would sell the house in which we are living at a rough price of 1.5 Cr within a period of 1 year after purchasing the new home.

This amount of 1.5 Cr we would want to use in our business after a span of 1 year but as per our CA this 1.5 Cr would be applicable for Capital Gain.

My question is that when we are already buying a residential property and taking a loan of 3 Cr and selling a our exiting house within a span of 1 year then why will Capital Gain be applied to the 1.5 Cr what we will get after selling our existing home. Pls suggest

Sir I am lifetime chairman of a public charitable trust and there are another three settler trustee in trust while registering I was declaired lifetime that I shall be lifetime chairman but my co -trustee passed resulution that we amended in trust bylaws and remove me from chairman can registrar can amend in original trust deed

Dear Sir
We are an educational institute and running one English medium and one Hindi medium school. Our gross receipts in total are 26 lacs. and our Exp is 21 Lacs at the time of filing of ITR for A/y 2017-18 in utilization we put 5 lacs and filed the return. In the return it showed a total income of 21 lacs and tax under self-assessment was calculated and the ITR was filed without depositing tax and this point also did not came to our notice. Now the ITO is telling us to launch prosecution against as we have not deposited the self-assessment tax. We are requesting him that we are an eductional institute and claiming exemption u/s 10(23C)(iiiad) as our receipt are below 1 crore.and it is clerical error which has created a liability. I want to know whethe he is right in initating prosecution. can he not treat our return as defective and treat it as invalid on account of non payment of self assessment tax.

Sir/mam
I am a taxpayer can I know that without.CA help I can do my account work and Income tax work etc for small trades work.

Dear Experts,

If GTA is currently registered under RCM and not charging GST to the customers. Accordingly, does not avail the input credit. Now, GTA want to opt for Forward Charge mechanism as per the notification 20/2017 dtd 22-08-2017. Whether such option cane be availed from any date or is it mandatory to opt for such option at the beginning of the financial year?
Once option is selected, whether it remains irrevocable?

SIR I WANT TO GET MY ATC CERTIFICATE, AFTER SO MANY SEARCH STILL I AM NOT CLEAR ABOUT PROCEDURE OF WITHDRAW MY ATC CERTIFICATE.
KINDLY HELP ME OUT WITH THE CLEAR PROCEDURE DETAILS ALONG WITH PROPER LINK..

REGARDS
NAMRATA

Can you guide me what is the accounting entry for 1)Parent to a subsidiary sales, purchase, loan 2)subsidiary to parent sales, purchase, loan. What should be accounting entry if the parent provides part of margin money to obtain a bank loan, is margin money should be treated as a loan to subsidiary by parent and vice a Versa?

Can ITO Levy Penalty U/S 234F in revise Income Tax Return?

I have Submitted Income Tax Return A.Y.-2019-2 on Dt. 31.08.2019 showing Income Rs. 317000/- and e verified on 24.12.2019. Thereafter I filed a revised I.T. Return on Dt. 24.12.2019 and showing Income Rs. 340000/-. Thereafter I got Intimation U/s 143(1) on Dtd. 13.01.2020 showing Penalty U/s 234F of Rs. 1000/-. I want to Know that an ITO can Impose Penalty U/s 234F in Revise Return or not ? Please Answer anyone
Thanks & Regards.

DEAR SIR/MADAM
INCOME TAX RETURN FILLING COMPULSORY IF FILED IN ASSESSMENT YEAR 2018-19 AND ASSESSMENT YEAR 2019-20 HAS TAX FREE INDIVIDUAL INCOME ????

PLEASE REPLY THE SAME.

DEAR SIR/MADAM
HOW MUCH TURNOVER APPLICABLE FOR GSTR-9-C FOR FY 2018-19??