Sir,
i have booked gain of 200000 in F&O and loss of 200000 in equity stocks. please let me know that can i set off this loss and gain to have income tax as ZERO.

Respected team,
requested to confirm whether Donation through JOINT NAMES to SRI BALAJI AROGYA VARA PRASADINI SCHEME run by Tirumala Tirupathi Devasthan for an amount of Rs.50,000/- by D.D. is entitled for 100% INCOME TAX REBATE under section 80G

Sir, One of my client Mr.A had paid Rs. 20.00 Lakh to one Mr.B as unsecured loan vide bank transaction during FY 2012-13. Can Mr.B file a money suit against Mr.A for recovery of said loan. If yes, what proof Mr.B will have to submit in the court ? Whether mere bank transaction will serve the purpose ? And what will be the cause of action for the suit ?

One of my client is Resident Indian and he received enhanced compensation from Compulsory acquisition of Land by State Govt. He wants to Gift the same money to his NRI Son.
1. Whether it is taxed as per Gift Tax or Income Tax act to Father or NRI son or Not Taxable as exceeding 50000/.
2. How the same money can be remitted to USA. Under LRS scheme.
3. Whether the same money be taxable in USA to NRI son or Not.
4. Whether gift to NRI relative exceeding 50000 is taxable to NRI in India or not.
Pl guide.

Hi ,
There are crores of people in India who have PAN. Most of them who are below or just above BPL line may not be knowing the overall importance of PAN. They might be holding it unknowingly as they would be having a bank account. Most of them might be unaware of PAN-Aadhaar linking on IT portal.
If Aadhaar and PAN are not linked there is fine of Rs.1000 and sooner if not linked, PAN will be inoperative.Fine of Rs.1000 might seem a small amount but would matter to these people and if PAN becomes inoperative they may come to know about it later while for trying some financial transaction or taking some government benefit.

What is the remedy for this ?
Can they still apply for a new PAN if it gets inoperative?

I WAS CONVERTED FROM CA FINAL (OLD) TO CA FINAL (NEW) COURSE. ALREADY I WROTE CA FINAL (OLD) COURSE SEVERAL TIMES AND CLEARED SECOND GROUP . ALREADY COMPLETED GMCS COURSE. IS IT COMPULSORY FOR ME TO COMPLETE ADVANCED ICITSS COURSE. WHILE APPLYING MAY 2023 EXAM IN EXAM APPLICATION IS IT COMPULSORY TO TICK " I AGREE" BOX CAPTIONING "SELF DECLARATION FOR ADVANCED ICITSS COURSE"

Q.5 The following figures of Ram Ltd are presented as under:
EBIT
Rs. 23,00,000
Less: Debenture Interest @ 8%
Rs. 80,000
Long Term Loan Interest @ 11%
Rs. 2,20,000
PBT
Rs. 20,00,000
Less: Income Tax
Rs. 10,00,000
PAT
Rs. 10,00,000
EPS
Rs. 2
MPS
Rs. 20
PE
10
The Company has undistributed reserves and surplus of Rs. 20 Lakhs. It is in need of Rs. 30 Lakhs
to payoff debentures and modernize its plants. It seeks your advice on the following alternative modes
of raising finance.
Alternative 1: Raising entire amount as term loan from banks at 12 percent
Alternative 2: Raising part funds by issue of 1,00,000 shares of Rs. 20 each and the rest by term loan
at 12%
The company expects to improve its Rate of Return by 2% as a result of modernization, but PE is
likely to go down to 8, if entire amount is raised as Term Loan.
Advise the company on the Financial Plan to be selected.

wrongly I added invoice in cash billing instead of B2B billing, now can I amend same on the name of BUSINESS invoice (gst)?
please advise with process
regards
Vikas

Dear Experts
My query are -1. Tax audit limit for a partner ship firm, the source of income of the firm is commision on sale of vegatable & fruits on consignment sale.
2. Any TDS liablity on freight paid on the behalf of consginer
3. Cash payment limit to consigner and transpoter against consignment sale of vegatable and fruits.

thanks to all experts for reply.

IF ENTITY HAD PAID MORE THAN 1 CRORE GST TAX DURING THE SAME F.Y,
THAN IS THERE ANY BENIFIT OF EXEMPTION UNDER INCOME TAX ACT ?