Assessee purchased on 15/12/2017 24786.219 units of HDFC Prudence Fund- Regular plan unit price 32.2760 costing Rs.800000. On 1/6/2018 Switched out (Merger) HDFC Prudence Fund NAV/UNIT 29.267 Amount in INR 725418.28.. On the same day switch - in (Merger) HDFC Balanced advantage Fund-Div NAV/Unit 30.4840 and units allotted 23796.689 amounting Rs.725418.28.
On 22/2/2024 Assessee redeemed all 23796.689 for Rs.907049.39 . I want to know Cost of acquisition , year of purchase & LTCG for asst year 2024-25

Sir/ madam,
With due respect, I ask a question about the income tax return old regime and new regime. My client is a salary person.His form16 has already issued with OLD TAX regime.But Now, he wants to file his income tax return under New tax regime And wants to claim refund of excess TDS . Now, Is it possible? please help me to get the answer.

A business man having a partnership firm can he open the name of the firm in hotel business ? Kindly give me the advice. Thanks & Regards.

Will employees of merged company get leave encashment exemption received from merged company.
Is Leave encashment amount taxable which is received from pending leaves which were credited to the employees on last salary pre merger.

Individual A is a majority shareholder in Company C, which is a privately held company. In Aug 2023, C issues fresh shares to another company X. At the same time, C also issues Convertible Debentures to X where the conversion ratio is fixed at 1:1. The shares as well as the debentures are of face value Rs 10 but issued at Rs 300 (i.e. premium of Rs 290). X now holds 60% equity in C on a fully-diluted basis. Both C and X are Indian companies and A is also an Indian national.

In May 2024, C converts the debentures into shares. Immediately after conversion, A buys 45% of the holding from X at face value i.e. Rs 10 as X fails to meet some of the covenants agreed upon at the time of the issuance.

Considering that the shares which were originally valued at Rs 300 have now changed hands at Rs 10, is there any tax implication of the transfer either on A, C or X?

HAME 44AD KE HISAB SE 8 PERCENT PROFIT DIKHA KE RETURN FILE KARNA HAI LEKIN JO DEPRICATION HAI VO YADI HUM PROFIT AND LOSS MEIN DEBIT KARTE HAI TO. HAMARI PROFIT RATIO 8 PERCENT SE BI KAM HO RAHA HAI ARROND 4 PERCENT TO ABH HUME DEPRICATION BI LAGANA HAI PROFIT BI 8 PERCENT RAHE USKE LIYE KYA KARNA HOGA

THANKS IN ADVANCE

My property is valued at more than 50 lakhs, and I am paying the builder in installments with a loan. The builder requires me to complete the 26QB form and make an advance TDS deduction on future installments, along with providing Form 19B. We are 2 buyers Can you advise me on how to proceed and guide me through the process of filling out the 26QB form for TDS?

Resolved and deleted.

Is their any way by which a CA in practice can do mutual fund business, either by creating a company, partnership firm or by making any other arrangement

Does institute grant permission for such

My brother has an NRI status and has received dividends from HDFC Mutual Fund for Rs 6531 u/s 196A and TDS @ 20.8%+ is deducted and deposited as per 26AS. As per my understanding this amount needs to be entered either in Sch - Other Sources (OS) or in sub-section 115A(1)(a)(i)- Dividends in case of non-residents under Schedule -SI (Income Chargeable at Special Rate). But in the AIS Summary the amount is shown in Schedule -SI (Special income) under 'Income received in respect of units of UTI purchased in Foreign Currency u/s 115A(1)(a)(iii)' which is leading to tax liability of Rs 1359 i.e., equivalent to 20.8% of dividend income.
My brother has total taxable income ( from dividend and saving bank interest) of Rs. 120,000 during the FY 2023-24 hence accordingly he should be eligible for full TDS refund but in this case his refund amount is getting reduced by the tax liability of Rs. 1359 occurred due to mutual fund dividend income reported under u/s 115A(1)(a)(iii) of Schedule -SI.
Please advise the correct way of reporting this particular income in ITR.
Thanks for your time and help.