My client is registered under FCRA Act and has not received any income other than interest from foreign funds. Since, interest income is also treated as foreign contribution, audit report in Form 10B was filed for the A/Y 2023-24. But now, the institution has received a notice that Form 10B has been filed instead of 10BB.

Also, as per the new circular 2/24, CBDT has given a chance to rectify the form by 31st March, 2024, if filed vice-versa.
Kindly clarify if we need to file report in Form 10B or 10BB since there is no other income other than interest received on foreign funds.

Assessee has purchased unlisted equity shares of a company during the FY 2007-08.

As part of the buy back of shares by the company, the assessee has sold the stake in current FY 2023-24.

How to calculate LTCG on shares. Is Indexation applicable for calculating LTCG, as the shares are unlisted? Also, Is sec.112A applicable?

Please clarify with applicable section of the Income Tax Act.

Thank you

Dear Sir,

One of my client was having Long Term Capital Gain from Sale of Property which he has invested in Purchase of New Property to save Capital Gain Tax.

But while filing his Income Tax Return he gave me the wrong Purchase amount to exempt Capital Gain and paid some tax.

My query is whether there is any way (online or physical) to revise this Purchase amount in the return as the due date for revising the return is already gone. i.e. 31st December.

Please help me resolve this issue.

Thanks,
Divyesh Jain

ONE OF MY CLIENT WANT TO ACTIVATE THE DIN DUE TO DEACTIVATE OF DIN THROUGH SURRENDER OF DIN BY FILING DIR-5, NOW DIRECTOR WANT TO ACTIVATE THE DIN, CAN ANYONE SUGGEST WHAT IS THE PROCEDURE TO ACTIVATE THE DIN. CLIENT HAS TRIED TO FILE NEW DIN BUT THE DIN WAS GENERATED AND WHEN WE USE THE DIN IS SHOWS AN ERROR THAT THERE IS NO SUCH DATA OF THIS DIN.

Hello,

Assume a 4BHK house in an apartment complex has been bought in the FY 2021-22. It has become a self-occupied property starting from FY2022-23, where one of the rooms is being used purely for trading (business), rest for living.

a) Can depreciation at 5% be claimed here?

b) Assuming it can, will it be on the whole house or on proportionate basis (for one room)?

c) Assuming on proportionate basis, does this calculation make sense

Cost of house bought = 90L (say)

Room cost = 15L

5% depreciation for 1st year: 75000

Reduced tax liability = 22500 (30% slab)

This calculation is to just get a general sense.

Kindly help. Thanks.

Dear Experts,
1 A company is getting the DSC CLASS III for its Directors.
2 Getting the DSC, is a professional service or contract service
3 194C or 194J will be applicable?
4 Pls clarify

Sir/Mam,

We have purchased good from one party crossed above 50 Lakhs , now my doubt is our turnover both Fy 2022-23 and 2023-24 below 10 crores we have to deduct 194Q @0.1% Tds or not

TCS or TDS applicable plz clarify

Thanking yo,

I have filed GSTR 3B for the month of March 2019 on 3rd Nov 2019.

Now I have received notice stating that I cannot claim ITC of FY 2018-19 after the due date of Sep-19 i.e 20th Oct 2019 and pay ITC claimed in the Mar 2019 return.

Is there any remedy to this?

Sir I have registered articleship under old scheme and completed 11 months of articleship and I have terminated my articleship before 2 months and I am studying for my exams. After clearing my exams what is my articleship period if I register under new principal.

If my business is eligible to avail sec 44AD. According to the section, as per turn over I've to show the profit 8% (cash receipts) / 6% (Digital receipts, Banking Mode). But pls. clarify sale payment rec'd part via. Cheque & balance in TDS

Should I show TDS amount in 6% or 8% ?. Kindly explain