Respecting Sir/Madam,

"Sale of Agricultural Land in Rural area is not a Capital Asset" so no capital gain tax is applicable.

But,
1) Whether Sale consideration is accepted in the mode of 'cash' ?
2) if, in case " mode of cash is acceptable", Whether he can Deposit the cash in Bank?
3) The client wants to sell his 5 acres of agricultural land in rural area @ Rs.15,00,000. but stamp duty value is Rs.10,00,000.

Whether he can Deposited in Total amount of Rs. 75,00,000. in his bank account or he can only Rs.50,00,000. and also is there any tax complications.

4) Whether he can Receive Total amount of Rs.75 Lakhs in a mode other than cash WIthout any tax impacts.

Please give me proper advise.

Sir/Madam

I have one query regarding credit card transaction.
One of my friend in insurance business and he paid insurance premium via his own credit card and insurer are pay him or credited in credit card account.

How to treat this type of transaction, if income tax department demanded clarification about these transaction? It is valid transaction or not?
Is insurance premium receipt is valid documents as a proof to income tax dept.??

thanks in advance.

RESPECTED SIR
HIGH VALUE TRANSACTION ALREADY INCLUDED IN ITR RETURN FOR AY 23-24 AND RETURN ALREADY PROCESSED. IS IT NEED TO RESPONSE E CAMPAIGN NOTICE? ASSESSEE IS A LIC AGENT. IN E CAMPAIGN NOTICE IT IS MENTION THAT IF HISH VALUE TRANSACRION ALREADY ACCOUNTED IN ITR THEN IGNORE THIS MASSAGE.

Dear Experts,
Some ITC which was miss in F.Y. 2022-2023. Same miss ITC takin in April 2023. Now I had mention this ITC in table 8C but not mention in table 13 in GSTR-9.
Now any problem in this case ?
Please help me.

We filed returns correctly for the A.Y.2023-2024. But, we got below mentioned error for every Educational Society / Trust claimed exemption u/s 10(23C)(iiiad) for the A.Y.2023-2024. Please suggest us.


Income due to disallowance of exemption under clauses of section 10 entered at Sl. No. 1(e) of Schedule OS is less than the difference between the "Gross receipts" in Sl. No. 3 of Schedule IE-4 and exemption claimed in Part B2 of Part B TI. Hence, the amount mentioned at Sl. No. 1(e). 'Income due to disallowance of exemption under clauses of Section 10' in Schedule OS is recomputed accordingly.

Plot of land purchased in FY 2008-09 and sold in FY 2020-21. The sale receipts were deposited in capital gain account and Sec 54 deduction was claimed. Subsequently the assessee dropped the idea of constructing the new house and it was decided to withdraw the amount from capital gains account in FY 22.23, necessary capital gain tax is paid. Now how to show this amount in return of income.

In the case of cooperative societies the deduction claimed U/s 80P(2)(a)(vi) is not allowed to be processed to be filed return of income for the AY 2021-22 when filed U/s 139(8A) shows error as " Caught Error description is null".is any solution for this issue?

Hello,

Below are facts of my situation:

1. I booked a under construction property in FY 2018-19 jointly with my wife.
2. Loan in joint name.
3. Total purchase price is Rs.1 cr. Funded through - bank loan Rs.30 lacs, myself Rs.50 lacs and my wife Rs.20 lacs.
4. Property registered in FY 2022-23.
5. TDS for payments to builder from FY 2018-19 to 2022-23 are reflecting only in my income tax account.
6. Both of us received e-campaign email. For both of us it shows transaction amount as 1 cr and number of parties as 2.

Questions:

1. Should we correct the transaction amount for self as Rs. 50 lacs. Add another row, select 'information belongs to other pan', update spouse's PAN and mention Rs.50 lacs for spouse? Do this in the account of each of us?
2. or should confirm that information is correct for both us? But in that case, will it not duplicate the amount. Also my wife's ITR is smaller than me.

Greatly appreciate your help.!

I have paid tax through DRC 03 in response to a SCN. Now I have to submit reply on portal intimating the payment. What is its mannual

ONE OF MY CLIENT RUNNING PETROL PUMP. HIS TURNOVER IS ABOVE 5 CR. HE IS SELLING ONLY PETROL AND DIESEL AND NOT SELLING AND TAXABLE ITEM. WHILE FILING GSTR9 IT GIVES ERROR THAT HSN WISE SUMMARY IS MANDATORY FOR BUSINESSES HAVING TURNOVER MORE THAN 5CR.
1. IS THERE ANY HSN CODE FOR PETROL AND DIESEL
2. IF I FILL ANY HSN FROM CHAPTER 27 THERE IS NO HSN HAVING 0% TAX RATE
PLEASE PROVIDE SOLUTION .
THANK YOU