Sir, Whether deduction under section 54 can be availed in respect of amount received on compulsory acquisition of residential house property by railways, undertaking to buy or construct another house property. Also, when we undertake to buy / construct a new house property by availing the deduction under section 54 or 54F, whether the cost of site is also considered for new construction of house property or only super structure investment is to be considered. Thanks in advance and Regards.

Am falling under 30% tax liability with income of 30 lakhs
Will my STCG/LTCG attract income tax as per income tax liability of 30% or applicable slab of STCG/LTCG Slab?

I have a few earning from peer-to-peer lending platforms like IndiaP2P, Mobikwik Xtra. How to show these in ITR 3?

If any private limited company is incorporated in february 2024 and only have issued share capital
So Audit under section 44AB is not required under income tax So What is the return filing Due date for such companu?

Dear Sir,

If a person wants to sell his property and use the sale proceeds in pre-payment of an existing home loan then will he get capital gain exemption on the property he sold.

Please help me in this matter.

Regards,
Divyesh Jain

I need to file ITR 3 with No Account Case. I have a loss in intraday trading. However, in Part A - P & L > No Account Case > Speculative Activity, it does not allow me to enter a negative value. How should I show my losses?"

My father, a doctor, has been filing return under section 44ada since 2019. He had sold his old car last year (August 2023) for 97000. Total WDV on all cars (he had two cars) as on 1st April 2023 was 683000. WDV of the sold car as on 1st April 2023 was 42000. Prior to filing under section 44ada, depreciation had been availed on both cars.
My questions are: even though capital gain is not applicable in his case because he still has one car (block of assets exists and is non-zero), how to report profit on car sale ?(since WDV of sold car was lesser than sale amount). He is using no accounts case to file under section 44ADA.
Is it necessary to file details of the sale of car under capital gains on depreciable assets, even though there is no CG?

Rectification is processed with no demand and refund Updated return is still not processed Can we file appeal for discarding of Updated return. Rectification is filed prior to updated return

Error Description
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

HOW TO CLAIM TDS DED U/S 194C , 194BA AND 192 (WHICH ITR FORM TO FILL?)

I am part time lecturer in a college under contract basis. I have filed my itr 3 return for fy 2022-2023 on 15-07-2023.(Before due date). My total taxable income was Rs.3,68,100/-(TDS deducted Rs.3684/- under section 194C). I didnt get TDS refund . Later I found that something was wrong when i filling itr myself.(May be filled in wrong column). In ITR website under view filed returns, it shows like " Processed with no demand/refund, dated. July 29,2023 ". Can i file revised itr 3 return now to get tds refund ?. If yes, what is the procedure to follow. Is there any penalty or interest to pay?.
Kindly guide me in this regard.

(Note: I filed itr3 return for fy 2023-2024 myself and got tds refunded)