One of the brother receives land as gift from Brothers wife.

Will it be liable to Income tax

Do we need to file Tax audit report and ITR for company incorporated on 26th Mar 23 on 30th Sep 23 or 30th Sep 24. As per companies act financial year ending for company incorporated after January 23 is next Mar 24. ? Is the interpretation correct and should I file Tax audit & ITR under income tax act..

Sir i have stocks in my demat worth 10 lacs which I have taken as delivery for cash.
When I started margin trading, the stocks started getting added to my portfolio but show as pending for delivery. My query is do I need to account for my margin trading stocks worth 20 lacs(portfolio shows 30 lacs) in my books of a/c or ok to report only the profit made in short term capital gains & speculative income & also where do I account the interest paid on the margin trading stocks

Dear All,

We have received general grant from the State Government for setting up a sorting plant.

We will have to refund the same grant to the Government after Five Years.

What is the tax treatment of such grant? Can We keep the such amount as reserve & surplus in balance sheet or we need to deduct such amount from fixed assets for calculating depreciation?

Thanks & Regards
Nirmal Dave

Dear Sir,

If a salaried person is getting petrol allowance and he uses his personal car for travelling from home to office and also submitting petrol bills to the company.

Can he get TDS exemption on Petrol allowance if he uses the car only for personal use.

Please help me in this matter.

Thanks,
Divyesh Jain

Form of application to be submitted to high pitch assesment committy / samadhan.faceless.assessment

Dear sir/Madam,
We are a registered company in GST in kolkata. We want to transport some material to our Chennai office which is not registered under GST yet.
So, kindly advise how to transport material from kolkata office to Chennai office.
Regards
VIKASH PATHAK

WHETHER TDS WOULD BE ATTRACTED ON THE EXPENSE RELATING TO PLANT PREMISSION FROM LOCAL AUTHORITY?

Dear Sir,

I was filing a return U/s. 44AD from A.Y. 2020-21 where turnover was Rs. 20 lacs and showing profit as 8% . Now for A.Y. 2023-24 his turnover has increased to 1 cr and actual profit is coming to Rs. 5 lacs after adjusting all expenses.

I want to know can I switch back to preparing normal books of accounts and show profit of Rs. 5 lacs as selecting 44AD for filing return will result in higher profit.

Please help me in this matter.

Regards,
Divyesh Jain

One person met with a road accident and lay motionless for ten years and expired subsequently. On death he was awarded enhanced compensation on which interest an amount @20% as TDS.

Three high courts have opined that the interest on compensation is part and parcel of the compensation itself and is not chargeable to income tax since both compensation as well as interest thereon are capital receipt.

I have a similar case where the first award was received the return was filed by the assessee and refund obtained.
Now On the enhanced compensation, received later, condonation was applied for and received.
Can the assessee demand refund on the analogy that the interest is of capital nature and demand the entire tax deducted on interest?