A partnership firm was formed by 2 partners. However there are no transactions of sale and purchases till now. Industrial Land was purchased by the partnership firm and a small shed is built with power & water facility. Now the firm and is planing to sell the land for which I feel there will be capital gain tax in the hands of firm. The 2 partners may get into a new partnership and start a new business in the services or trading area. My Questions are:

1) I would like to know the type of taxes (Capital Gain Taxes & any other taxes) applicable on the sale of industrial land. How the tax liability in the hands of the firm can be reduced to the minimum?
2) Can the partners invest their shares in residential property and claim exemption u/s 54F

who will deduct TDS , What is limit to deduct TDS under section 194Q and under section 206C(1H)

GST purchase of service entry in tally (Under Direct expenses (Labour) or indirect expenses) & If indirect under which head

Is the issue scn u/s 144 of income tax act in nov 2023 is valid if the escaped income of capital gains sale consideration is more than 50l and after taking the indexed cost of acquisition is less than 50L for the AY 2016-17. Notice u/s 142 is issued in MArch 2023 and is not responded. Kindly clarify

Thanks in advance

My gst is showing error system is checking drc-01c please wait

What is accounting group of income tax paid on demand or GST.

Hi Sir/Ma'am,

I have downloaded the Form 26 QB justification zip but it's password protected. Could you please help me with the password. I have tried pan card, dob etc. It didn't work.

Thank you in advance

DEAR SIR,

I COULD NOT CLAIM ITC IN THE MONTH OF MAY 2023, CAN I CLAIM ITC IN THE MONTH OF NOVERMBER WHILE FILING GSTR 3B. THE SELLER FILED GSTR 1 WITH DUE DATE OF THE RETURNS.

IF IT ANY PROBLEM WHILE CLAIMING ITC IN THE NEXT MONTH SHOWING RED CIRCLE.

REGARDS

whether Pre-Operative Expenses(documentation/Licence/Intrest/GST) should be capitalized.

whether depreciation is charged on Capital work in Progress.