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Salaries
Direct Taxation
answered on 02-May-21 17:38
For allowances like children education and hostel allowance would the exemption of 100 and 300 be allowed if such allowances are received for such expenses incurred outside India?
latest answer
Plz send question including answer
Priyanka Udeshi
CA Final
★ 14K+
13
495
PGBP
Direct Taxation
answered on 29-Apr-21 19:09
In rule 6DD payment on day when banks are closed is not there in module but it is there in our IL notes so is it valid for Nov 21 attempt or not
latest answer
If already seen no need to see youtube videos.
Priyanka Udeshi
CA Final
★ 14K+
7
363
Section 44AD
Direct Taxation
answered on 27-Apr-21 15:06
As we know once an assessee has opted presumptive taxation method, if he decides to exit such within 5yrs, then he cannot go back to presumptive untill further 5yrs, Sir now my doubt is after continuing 2 years with the presumptive taxation method, if my turnover is greater than 2 crores for the third year=normal computation, is my 5 year streak assumed to be broken? If i have less than 2cr turnover in the 4rth year can i choose presumptive?
latest answer
ITR 4 must be filed for presumptive tax return. If normal return has to be filed for business or profession, we have to file ITR 3. If there comes a break in ITR 4 with in 5 years for what ever the reason, ITR 4 is not applicable to the assessee for next 5 years.
TarunGopi Katragadda
CA Inter
★ 135
1
366
Partnership Deed.
Direct Taxation
answered on 29-Apr-21 12:20
In connection with the admission of a new partner in a firm, the partners are writing their deed for the first time. Since the deed is preparing after 6 years of commencement of business, how could mention the clauses describing the futurity of the firm? Is there any problem preparing the deed of an existing firm in a newly attested deed? Is there any way we can change the terms into past tense?
latest answer
Pls consult a practicing CA/CS As communicated earlier, we do not provide consultancy services.
Balamurali Unnithan M S
CA Inter
★ 3K+
3
401
Salary Arrear
Direct Taxation
answered on 27-Apr-21 08:30
If salary arrear received. That is taxed at the time of receipt or at the time of due.?
latest answer
Okei Thank You Sir.
Balamurali Unnithan M S
CA Inter
★ 3K+
3
353
Interest Paid on Hundi will be allowed as Deduction?
Direct Taxation
answered on 27-Apr-21 17:16
Amount borrowed on Hundi and deposited in the bank. Interest received on such deposit has been reduced by interested paid on Hundi....! Will this be allowed as Deduction?
latest answer
Interest paid on Hundi will not be deducted from the interest received from deposit from bank
Muqueet Ahmed
CA Final
★ 185
1
447
Sec 32(1)(ii) Depreciation Block
Direct Taxation
answered on 26-Apr-21 12:20
What is meant by Books which has 40 percentage depreciation. Can Tax magzine included in books
latest answer
You can go through Appendix 1 of the Income Tax Act
Gayathri K V
CA Inter
★ 12K+
10
379
Section 44AD 44ADA & 44AE
Direct Taxation
answered on 26-Apr-21 11:36
If an assessee incurred losses and declared his income under presumptive sections, will he be eligible to carry forward those losses?
latest answer
If the assessee is following presumptive basis, it is deemed that all the deductions were taken into account for calculating the income. Hence, if we declare the income on presumptive basis, we cannot carry forward the actual loss to the succeeding years.
TarunGopi Katragadda
CA Inter
★ 135
2
465
IFOS
Direct Taxation
answered on 04-May-21 11:12
In IFOS the startup amendment is not given in module so do we need to remember all the condition and the notification and practice the sum based on it?
latest answer
Not required
Priyanka Udeshi
CA Final
★ 14K+
5
438
Income From House Property
Direct Taxation
answered on 26-Apr-21 00:13
Sir, in Problem 8 why should we multiply 12500*12 for expected rent? - Cant we just mention it as No info in the Solution? and for calculating actual rent in the first 6 months 60% is self occupied(deemed let out) nd 40% is let out u have calculated 5000*6 nd for the next 3 months 100% is fully Self occupied(deemed let out) nd yet u have calculated 5000*3. Instead shouldn't it be (5000/40%)*6 and (5000/40%)*3 respectively or just 5000*6 nd 0 respectively Didn't get the logic for these calculations
latest answer
Actual rent received. First 6 months - 5000 per month. Means 30000 Next 3 months - no rent was received Last 3 months - 12500 per month. Means 37500 It must be noted that 5000 per month rent is only for let out portion.
Nishanth Krishna
CA Inter
★ 0
1
381
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