Hi All

If existing private company issue shares at face value (even though FMV is higher than FV), what are the income tax implications of the same in the hands of transferor and transferee?

Thanks in advance.

Hello Everyone. A client approached me to appoint me as an Auditor for his recently incorporated PVT.LTD company. He has already appointed a CA as his company's auditor at the time of incorporation and now he wants me to replace that CA appointed earlier. Now, i want to know the process of removal of an auditor and appointment of another auditor during the first year of Company Incorporation.
Please guide me regarding this.
Thanks in Advance

Hi sir

I have inherit a land on 01.08.2023 which was purchased in the year 2001 , sold the land on 15.12.2024. should i calculate holding period from 2001 or it is from 2023? and can i get deduction u/s 54 against this land

if income is :-
1 lakh income from other sources
2 lakh short term cap.gain from sale of equity share via listed exchange
49 lakh long term cap.gain from sale of equity share via listed exchange
----
52 lakh total income

how tax will be in (new regime for individual below 60 years) because, Long term cap.gain will be sepserately taxed at 12.5% plus surch + cess, right?

also, what is order to absorb within basic limit? 1st short term then long term righT?

my view:-
there will be surcharge but confused, as non-long term cap. gain is less than 50 lakhs.
(strangely,tax calculator after logging in income tax efiling is not showing quick links).

Me and my wife have purchased land on 17.09.12 by Rs. 23.32 lacs and 23.17 lacs seperately and sold it by Rs. 55.88 lacs & 54.57 lacs on 23.12.2021. By the amount of Capital Gain we have Purchased a Residential property Jointly in the name of my wife and myself amounting Rs. 68.24 lacs and claim exemption u/s 54. But in the assessment CPC Bangalore rejected the claim u/s 54 without any reason and issued demand notice to both of us. Would u pls suggest , what should I do now ??

Two partners running a partnership firm from 5 years, recently they open another company which is Pvt Ltd.
They both withdraw amount from partnership firm in form of salary every month.
Is it necessary to show director remuneration in books of accounts of Pvt Ltd because it cannot pay now?

sir i have mistakenly filled the wrong gender and i tried to correct it by basic profile update but its not working and i also mailed them but they don't response please resolve this issue

I have purchased a land on 17.09.12 by Rs.23.00 and sold it by Rs. 53.88 lac on 23.12.2021. By the amount of Capital Gain Rs. 19.00 lac I have Purchased a Residential property Jointly in the name of my wife and myself amounting Rs.34.00 lacs and claim exemption u/s 54. But in the assessment CPC bangalore not excepting the claim u/s 54 and issued demand notice. Would u pls suggest , what should I do now ??

is remuneration to partner of LLP is allowed under section 40B?

I am a US citizen with OCI card living in USA. If I move to India as a resident will my interest income in USA be taxable in india. Can I get double taxation exemption. My income is quite low for USA standards so after standard deduction I have almost zero tax to be paid there. But that same amount in Indian rupees puts me in a high tax bracket. It seems unfair that one has to pay a high percent tax if I don't get Double taxation exemption. Please clarify how that works.