Sir one of my client sold his residential property to Builder (65L) in july 2023 and he deduct tds US 194IA and after couple of month his purchase another residential property (1.2cr)
he has done all transaction of sale and purchase from saving account
now please suggest how to make entry in ITR
please do as soon as possible
regards

Any compensation paid to employee after legar hearing is allow as expenditure in income tax? under which head expenses should book ???

Pls answer

US Company having branch in India issued US Equity ESOP without consideration in FY 22-23 AND FY 23-24 & Also added this as Perquisites in salary income of Rs. 8,00,000 and 8,00,000 and deduct tax in each year from salary. Client have quite that company in FY 23-24 and company sold all shares in her behalf for Rs.10,00,000 and paid that amount in her bank. As there is Rs.600000 loss in this transaction....shall I show it as Short Term loss (Holding Period 24 Month) from Unquoted Shares or shall I claim such loss as exemption from perquisites of Rs.8,00,000 paid for FY 23-24.

Is it correct if purchaser issue debit note to return material?

an investor has three demat accounts with different brokers
in demat acc no 3 he buys 100 shares on 1.7.2024
in demat acc no 1 he buys 100 shares on 15.7.2024
in demat acc no 2 he buys 100 shares on 31.7.2024
same company investment
now if he sells 100 shares from demat account 2 on 10.8.2024
then sells 100 shares from demat acc no 1 on 16.8.2024

please guide how will the profit be calculated
will it be demat account wise or FIFO method
as per income tax rules
thanks

I filed my ITR .But later some more interest on FD was reported by Banks in AIS. INR 11000/- is the difference increase. There is no tax on my filed ITR. after I file revised ITR also there will be no tax. As the income will fall below INR.7 lakhs as per new regime. I am a senior ciitizen.
So do I really need to file a revised ITR?
I find wrong figures (less) entered in my AIS for equity trading and dividend etc. even if I am honestly reporting correct figures in my ITR as I do not attract tax (below 7 lacs as per new regime).I am a senior citizen. Do I need to update AIS, which is very tedious to do for every trade ?

I need some guidance on a tax matter. We made a provision of Rs 23 crores in March 2021 for differentiated salary payable to employees. We're now planning to reverse this provision. Could someone please explain the income tax liability associated with this reversal? Specifically, I'm interested in the treatment under the Income Tax Act and the applicability of interest under sections 234A, 234B, and 234C.

I am writing to seek your expert advice on a matter related to the sale of a house located at my native place. This house was built by my late father approximately 40 years ago, and I do not have information regarding the cost of acquisition. ( may be 2 lakh ) The sale agreement has been made at a value of ₹30 lakhs.

There are three legal heirs, including myself, and each of us will receive ₹10 lakhs from the sale. The final sale agreement is scheduled to be completed in the second week of August.

As per the latest budget provisions, indexation benefits are available for properties acquired before 2001. I have a few specific questions and concerns that I would like your guidance on:

Fair Market Value (FMV) of 2001: How should I determine the FMV of the property as of 2001? Additionally, I incurred renovation expenses of ₹4 lakhs approximately during 2002 to 2005, for which I do not have any bills.

Calculation of Capital Gains: 1) How do I calculate the capital gains for all three legal heirs?

2) Tax Burden and Legal Options: What will be the tax burden, and what legal options are available to minimize our tax liability?

Transfer of Proceeds to HUF Account: I have a Hindu Undivided Family (HUF) account and would like to transfer my share of ₹10 lakhs to this account. However, the buyer is issuing the cheque in my individual capacity and is not willing to issue it to the HUF account. How can I handle this situation?

I would greatly appreciate your prompt advice on these matters.

Thank you for your assistance.

KG Shah

Suppose I missed paying TDS for an invoice dated 12-03-2024 and made the payment through a challan on 07-05-2024. Should I revise the Q4 return of the previous year, or can I include this in the Q1 return of the current financial year?

I have sold shares in fy 2023-24 and profit of Rs.400 was earned...i selected ITR2 to file but Schedule CG is not showing there...what to do?