Hello friends... One of my relative has agriculture land in rural area since 1971 of Rs. 1500/-. Now he sold this land after converting from AGRICULTURE LAND to NON AGRICULTURE LAND in 2016-17 and sold out in Ten purchaser in small plot @160000/- Per Plot for use of residential purpose. it means it is a short term capital gain i just want to know that what is the cost of acquisition i will be taken for filling of income tax return. if it was fmv as on the date of conversion then from where i was get the FMV.

My email id is casunilagrawal@yahoo.com

During FY 2017-18, ITC was claimed excess in 3B than actually allowable, now what is ideal situation 1. Pay tax in cash through challan in annual return equal to excess amount claimed.(not to give any effect to credit ledger ) 2. reverse excess input tax credit in GSTR 3B (even if we reverse excess tax credit in than also we have sufficient tax credit so we need not to pay tax in cash i.e we have total itc of rs 200000 out of which if we reverse rs 50000 than also we have sufficient balance in credit ledger) ??

Is it necessary to give notice to assessing officer for changes made in the Partnership Deed due to change in the partner?

Thank you

There is hospital and medical store under the same PAN in the constitution of Private Limited Company and it has applied for GSTIN. The hospital is wishing to pay professional fees to their directors who are doctors by profession.
Then whether the company has pay GST on reverse charge basis on the professional fees?
If paid in reverse charge then whether it can be claimed as ITC ? or it has to proportionately used for taxable supply and exempt supply?

Mr. X was an employee in an organization for 3 years. He had an account with the EPF. After 3rd year X resigned and joined a new firm. X forgot to transfer his existing EPF account and he opened a new EPF account with the new employer. now X is working under the new employer for 2 year. so overall he is worked for a period of 5 years. (old+new employer). since its been 5 years of service, can x withdraw the accumulated balance in EPF account under his old employment. Is it taxable?

Hello sir

We (Partnership firm) have some expenses of conducting games for students while conducting we incurred like hall booking charges, lights and sound charges etc. we treating this as a donation in our books because it is apart from our business expenses, my question is do I need to deduct TDS for the this ? kindly help pls..

last date of claiming ITC for 2018-19 is September 2019. Can anyone plz explain me how to claim ITC in case of previous months' bills?

I have filed return of my mom last year
In the return i have shown building of rupees 700000
But depericiation not charged
But i have shown it in the block
But in real this building is not for business purpose
And we do not use this for business
In the py 2018-19
Sold date i e on 13-1-19
We sold the property for 1060000
Now how i should treat this

As a capital gain or as a pgbp (block)

If i take as a capital gain
Than no tax
Because of indexation

But if i treat this as a pgbp
There will be tax bcs my block become nil
How i should treat this.
I have no investment till now


Question

1 if i show as a cap gain
Whether chances of notice are there or not
2 whether to treat this as a cap gain or block pgbp
3 which itr i should file if my mother has 50000
Also business income
4. If notice come what was the interest implecation

Plz help me how to fill f&o loss in itr3. I got trading p&l statement from my broker. Added net positive figures 300000, filled in sale of services in ITR3. Added negative figures filled 500000 in purchases column. Arrived net loss. Am I correctly doing. Plz tell me any one.

Kindly guide me in this query.

While filing ITR for a partnership firm,
Total Sales – Rs. 25,00,000
Net Profit before interest and salary– Rs. 4,50,000
Interest on Partner’s Capital- Rs. 75,000 Salary to Partners- Rs. 250,000

Net Profit after Interest and Salary- Rs. 1,25,000

Criteria for 8% of turnover is net profit before interest & salary or after interest and salary ?

Kindly advice me on the same. So, since 1,25,000 is less than 8% , does it qualify for tax audit ?