Sir I purchased a property and constructed some floor and sold within 1 year. I have never mentioned cost of construction in my sale agreement. So my property is in capital gain tax so can I claim cost of construction as expenses in capital gain coloumn. Is their any documents required to show the expenses in it return

Sir as my father is dead due to chorona he has 80 lakhs bank balance and some properties till he has never paid any income taxes. But now we want to add his property and bank balance among three brother by filing first time income tax return can we pls suggest.

Hi, If our partnership firm has earned appx Rs.30 Thousand as profit for previous financial year with sales of 9.8 Lakhs. Can we pay tax on presumptive basis ? Also which ITR forms we need to file if we earn small profit or losses ? Other income is only income from savings in form of interest on FD.

Also in case of small profit or losses of partnership firm, if i don't opt for presumptive taxation and get my balance sheet certified by a Chartered Accountant , do i need to go for a tax Audit also?

Regard
Monika

Can a non CA use &Associates for a tax advisory firm by non CA's

I have submitted form 109 on ssp portal around a week ago for termination of my articleship in the beginning of my third year. Within what time does icai communicate their approval for acceptance of the same as I need to join somewhere else.

Hi Experts,
Pl. advise:
Accounting entries for an asset destroyed during the year:
Op. Gross Value as on 01Apr2019 – Rs. 1,00,000/-
Op. Accumulated Depreciation as on 01Apr2019 – Rs. 60,000/-
Asset destroyed due to accident on 31Jul2019
Scrap value realized Rs. 2000
Thanking you in anticipation
Ramesh

      I have substantial balance in Accounts Receivable a/c in my personal account as on 31-3-2019 which I had shown in Assets side of the Balance Sheet.
      Now my party is unable to give the interest amount which I had accounted as accrued income in Accounts Receivable a/c .
      How to make accounting entries for this loss of Party Interest Income and how to show the loss in Income Tax Return ?

I've forgot to book RCM in march'20 and return has been submitted. what will be the correction procedure ? How can i deposit the RCM amount ?

Respected Sir/Madam,
Assessee is filling his income tax return regularly. Now, he is died because of an attack. So, can he or his legal heir get any kind of benefit from government for regular filling of income tax return?

Thanks in advance
Jignesh Selarka

Dear Experts,
If debit note is raised by purchaser against credit note of seller should purchaser show it in gstr1
Again saying should purchaser should it or not?