I have below queries w.r.t capital gain deposit account scheme.

Sale Price of Plot: Rs. 25 Lakhs
Purchase price after indexation: Rs. 10 Lakhs
Capital gain: Rs. 15 Lakhs
Amount to be deposited in capital gain account: Rs. 25 Lakhs.

In the above case, if I am not able to purchase the house within 2 years or construct the house within 3 years. i.e. the total amount left in the capital gain deposit account is complete 25 lakhs after 3 years.

1. Is AO's signature mandatory for closing the capital gain account in this case?
2. Will the applicable tax needs to be paid while closing the capital gain deposit account?(or) while filing Income tax for the year in which the capital gain account is closed?
3. Since the complete sale consideration is deposited in capital gain deposit account under 54F and the complete amount is unused even after 3 years, where/How can I declare the amount to be subjected to taxation in ITR?

Please help with information on this.

Dear Team,
Company got incorporated on 22nd March 2023,while filing NIL income tax return SH1 (Shareholders details) has to fill where date of allotment has to be given.
Here actual amount received and date of allotment is 18th April 2023.
Which date has to consider in SH1 for return filing..? As return is not considering 18th April 2023 saying date should be one or before 31st March 2023.

Paid for friends education and travel expenses in early 90s, now the person wants to repay the amount.

How to account this while filing income tax?

I have registered as legal heir and filed ITR AY2023-24 for my deceased mother successfully and awaiting credit of refund amount. However all the bank accounts for ITR refund has been closed prior filing which were associated with her PAN and Name. How do I proceed with getting the refund to my bank account where I have received my ITR refund? Whenever I am raising a refund reissue request from portal its getting failed automatically because my mother's PAN is not linked to my bank account.

Sir/Mam,

One person doing job in Architect designs, Outside he is doing Architect Designs works partime, below 5 Lakhs he want to open separate firm name and Bank CA for outside works

Plz guide what registration required for outside work firm name under sole proprietor and how to open Bank CA

Thanking you,

A partnership firm, which has never opted for Section 44AD before, and had a tax audit for FY 2021-22, can opt for Section 44AD for FY 2022-23 if its turnover is below 2 Crore

Dear Experts,

I have declared Following figures in GSTR-3B & GSTR-1 of FY 2017-18

SALES RS. 90,20,495/-
OUTPUT CGST & SGST RS. 24,18,868/-

INPUT CGST & SGST RS. 24,25,270/-

But later on It came to my notice that Actual Figures are less than that declared in GSTR-3B and GSTR-1. So I have filed annual return as per actual figure which is as follow:

SALES RS. 68,31,803/- OUTPUT CGST & SGST RS. 18,32,370/-

INPUT CGST & SGST RS. 18,38,774/-

Such difference is arise due to duplication of sales and purchase bills.

Please guide me whether any further action is required from my side to comply with GST Law? Do I need to reverse Input Tax Credit wrongly taken? If Yes than in such case how should I deal with Excess Output Liability declared wrongly?

Thanking You
Nirmal Dave

Sir,
I have purchased goods on sep 23 ,credit is showing in GSTR 2A but not showing in GSTR2B or ledger balance .
Can i take credit as per GST2A ? Why it is not showing in GST2B ?
PLEASE HELP

MR A ALREADY RECIVED LOAN FROM MR Y ON DATED 15-4-2023 BY NEFT AMOUNT OF RS 150000 AND MR A WANTS A NEW LOAN FROM MR Y BY NEFT

CAN HE ACCEPT NEW LOAN FROM MR Y BY NEFT

Is my below understanding correct, when partial deposit in Capital gain account w.r.t 54F is done?

Total sale price of plot = Rs.25 Lakhs
Purchase price after indexation = Rs.10 Lakhs
Capital gain = 15 Lakhs
Amount deposited in Capital gain deposit account = 20 Lakhs (Instead of 25 Lakhs).

1. Amount subject to capital gain in current year = (15*5/25)Lakhs = Rs. 3 Lakhs.
2. After 3 years, if an amount of Rs.20 Lakhs in Capital gain deposit account is unutilized, then capital gain will be 12 Lakhs (i.e. 15 - 3 = 12)?
3. After 3 years, if an amount of Rs.10 Lakhs in Capital gain deposit account is unutilized, then the capital gain will be 6 Lakhs (i.e. 12 * 10 /20)?

Please let me know, if my understanding correct for the above scenarios 1, 2 and 3?