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Ans: write an email to the ITO of your ward and explain this sitution with request to waive penalty for late filling . If the requested is accepted, then only penalty may be waived off.

Ans: Intraday trading is subject to specific tax rules and regulations. Here's how profits and losses from intraday trading are treated for income tax purposes, along with information on turnover tax and tax audits:

Tax Treatment of Intraday Trading Profits and Losses:

Profits: Profits made from intraday trading are considered as speculative business income in India. These profits are added to your total income and are taxed as per your applicable income tax slab rates.

Losses: Intraday trading losses can be treated in two ways:

Set Off Against Speculative Business Income: You can set off intraday trading losses against any other speculative income you have earned during the same financial year.
Carry Forward of Losses: If you are unable to set off the entire loss in a given financial year, you can carry forward the remaining loss for up to four assessment years. This can be adjusted against any speculative business income in those years.
Turnover Tax:

In India, there is no specific turnover tax on intraday trading. However, you may be subject to other charges and taxes, such as Securities Transaction Tax (STT), brokerage charges, and other regulatory fees.
Tax Audit:

In India, if your turnover from intraday trading exceeds a certain threshold, you may be required to get your accounts audited by a Chartered Accountant (CA) under Section 44AB of the Income Tax Act.
The limit is 1 cr for FY 2022-23. This limit may change over time.
Documentation and Compliance:

It's crucial to maintain proper records of all your intraday trading transactions, including contract notes, bank statements, and other relevant documents.
Ensure that you file your income tax returns accurately and disclose your speculative income, losses, and other financial details as required by the tax authorities.

Ans: file rectification as step 1.
if the issue does not gets resolved as above, file grievance and still it remains unresolved , file RTI

Ans: Gifts received by a person from his/her relatives who are lineal ascendants and lineal descendants do not attract income tax. So reply to both your questions is in affirmative. there is no upper limit in this case, to the extent that you may gift the amounts from the IT declared savings over the years.

Ans: Dear Sir, at the time of sale of your old flat, it is required for you to work out the capital gain tax implications. Since, you are investing another property ( presuming residential), you are eligible for deduction had this be in your name. But, since you plan to buy the new flat in your son's name, it would better for you to first buy the property in your name , which will help you to nullify your capital gain tax implications if any and then, you can gift the flat to your son. There would be stamp duty implication at the time of gift deed registrations, but that is still better, instead of directly buying the flat in your son's name directly, which may have higher capital gain tax implications.

Ans: basis the details you have provided, one in which you are residing may be considered as self-occupied and one which is let out . in both the cases, the deduction of the home loan interest paid to the approved housing finance company by banking channel and against certificate of interest issued by such company is available.

Ans: rectify the ITR

Ans: please send back your full question

Ans: request you to please send the question

Ans: no.

Ans: no

Ans: better you upload the altered copy on the AIS platform as well.

Ans: Converting agricultural land to non-agricultural use and subsequently selling it can have tax implications in India. The tax treatment can vary based on factors such as the holding period, the nature of the land, and the applicable tax laws

Ans: Considering that you have retired and you're receiving income from POMIS, FD interest, and dividends, it's important to assess whether the total of these incomes exceeds the basic exemption limit for income tax. the basic exemption limit for individuals below the age of 60 was Rs. 2.5 lakh per financial year.

If the total of your interest income and dividend income exceeds the basic exemption limit, you may be required to file an income tax return. Even though you don't have active salary income, your other sources of income could still make you liable to pay tax.

Ans: Both answer in affirmaive

Ans: In my opinion, Delisting might be considered a transfer for tax purposes, even if the shares themselves are not physically transferred. This means that capital gains or losses could be calculated based on the difference between the cost of acquisition and the value at the time of delisting.

Ans: follow the procedure as per the Rera, there is separate appellate body

Ans: Dear Sir, Need to understand more from fema point of view basis RBI regulations. whether the amount in her NRI account is her taxed paid funds? since she is the US citizen, she would be taxable for the global income into USA, but need to see if she was in India for more than 182 days during the previous year or not? Also, the quantum of amount, you wish to transfer is also required to be verified .

The reply can be framed after all the above information is received.

Ans: for the financial year 2020-2021, the interest earned on the EPF was tax-free up to an annual limit of Rs. 2.5 lakh.

Ans: according to Section 10(10AA) of the Income Tax Act, 1961, leave encashment received by a non-government employee at the time of retirement is eligible for a tax exemption up to a certain limit. As of my last update, the exemption is provided to the extent of least of the following three amounts:

The actual amount of leave encashment received.
The amount specified by the government (Rs. 3 lakhs in this case, as you mentioned).
The average salary of the last 10 months preceding retirement, multiplied by the number of days of earned leave at the credit of the employee at the time of retirement, divided by 30.
If your employer has not mentioned this exemption in your Form 16, it could be an administrative oversight. It's generally the responsibility of the employer to correctly calculate and mention such exemptions in the Form 16.

In case your Form 16 does not include the correct exemption for leave encashment and you are eligible for the exemption, you should contact your employer to rectify the Form 16

Ans: the interest earned on Employee Provident Fund (EPF) is generally considered tax-free.

Ans: Yes, you can file ITR-3 this year if you have income from both freelance teaching and share trading profits. ITR-3 is the income tax return form that is applicable for individuals and Hindu Undivided Families (HUFs) who have income from sources like business or profession, including income from trading activities

Ans: "Pagri flats" typically refer to properties where the tenant (in this case, you) pays a lump sum amount to the landlord (previous owner) as a security deposit, and then the tenant continues to live in the flat without any formal lease agreement. The ownership and legal status of Pagri flats can be complex and may vary depending on local laws and regulations.It's important to clarify the legal status of the Pagri flat in terms of its rentability. If Pagri flats are not legally allowed to be given on rent in your area, you might need to address this situation. In many cases, renting out properties in violation of local regulations can have legal consequences. From a tax perspective, if you are indeed receiving rental income from your Pagri flat, you should be reporting it in your income tax return. You can offset this income by claiming deductions on expenses related to the property, such as maintenance, repairs, and property taxes. However, if the property is not legally rentable, there could be complications in terms of both tax and legal compliance.
Your grandson claiming HRA (House Rent Allowance) for the rent he's paying you might raise concerns if the property is not legally rentable. HRA is usually claimed when an individual pays rent to a landlord other than a close relative. Since you are his grandmother, the relationship might fall under the category of a close relative.

Ans: If you have sold a property at a value equal to the purchase value and you've incurred a loss due to factors like inflation or other costs, you might be eligible to claim a capital loss.

Ans: In my opinion, you may be required to prepare an undertaking that the tax which is seen as advance tax was ment for SA tax for Ay 23-24 and you may mention to consider this as tax paid for AY 23-24. you may upload this declaration against reponse . Also rectification may be required with the above information. Both these steps are online.

Ans: The TDS (Tax Deducted at Source) of 1% on the sale of property exceeding Rs 50 lakhs is applicable on the full sale consideration. In your case, since the total sale consideration was Rs 5,973,000, the TDS of Rs 59,730 was deducted as per the guidelines. Based on the information you've provided, you might be liable for Capital Gains Tax. Capital Gains Tax is calculated based on the difference between the selling price and the indexed purchase price. The indexed purchase price adjusts the original purchase price for inflation over the holding period.
The tax on long-term capital gains is usually 20% (plus applicable surcharge and cess) after considering any exemptions or deductions available under Section 54 or Section 54F if you are not investing in another property or capital gains bonds.

To close the transaction and fulfill your tax obligations, you should consider the following steps:

a. Calculate Capital Gains: As explained above, calculate the capital gains based on the indexed purchase price and selling price.

b. Pay Capital Gains Tax: If you decide not to invest in another property or capital gains bonds, you will need to pay the applicable capital gains tax. You can do this by filling out the appropriate sections in your income tax return and paying the tax amount.

c. File Income Tax Return: Ensure that you accurately report the capital gains in your income tax return for the assessment year.

d. Keep Documentation: Maintain all relevant documents related to the property sale, purchase, and tax calculations for future reference

Ans: file rectification

Ans: better to get the salary slip modified and then to claim

Ans: If an individual's total income, including income from stock trading, exceeds the threshold specified under the Income Tax Act, then a tax audit is required.

Ans: if not verified correctly , if taxes are not paid but opted to pay later and then not paid

Ans: require more details to reply this query

Ans: no

Ans: you may file as representative assessee for FY 22-23 and may file till the pension was received in 23-24.
you may inform department about the demise and apply to cancel her pan card.

Ans: you can invest in eligible investments u/s 80 C and 80CCC , take health insurance in name of your parents and yourself ( Sec 80D) and NPS - national pension schme for additional Rs. 50 K deduction.

Ans: rent paid to parents may be allowed only if paid via a valid rental agreement. In this case, you may have to create rental agreement in name of your mother, once the property is transferred to her as class 1 dependent as per hindu succession act.

Ans: once demand notice is paid, you may have to enter the BSR code, challan no details in the relevant column, which will match the amount with the outstanding demand. Revised return is not required.

Ans: Sir, you may be required to comply with applicable RBI regulations, prepare gift - deed in favour of your daughter, need to check , of which country your daughter is the citizen basis legal provisions of that country.

Ans: Appopriate financial planning may be made , after studying bit more your individual finances, but broadly, you may take max home loan and put max of your own funds in FD. Service the home loan interest from FD interest. This stream will ensure interest service on one hand and housing loan repayment on the other, making the FD available as free after some years. Tax liability will be lesser than other availing 60% of the loan, if the loan is availed in joint name.

Ans: This is very general question, but i am trying to reply to the extend , basis information, you have provided.
Apart from Sec 80 C and 80 D, deductions can be availed by investing in National pension schemes of additional Rs. 50,000, deduction of saving bank account interest is available under Sec 80TTA and housing loan interest if loan is availed to buy a house , for upto Rs. 2.00 lacs . These are apart from other deductions, which you may be able to claim.

Ans: if you have deductions to claim, it is better to file under old regime and visa-versa.

Ans: Respected Sir,

you may file either ITR- 1 or ITR-2 depending on the complexity of the income. Yes, the lock in period of 3 years applies on ELSS schemes and if withdrawn before that it would attract taxability. Please look at the below a detailed note, which would be helpful to you. Withdrawal from Tax Saver Mutual Fund: If you made a withdrawal of Rs. 65,000 from your tax saver mutual fund, it's important to note that withdrawals from equity-linked saving schemes (ELSS) are subject to tax implications.

- ELSS investments have a lock-in period of three years. Withdrawals made before the completion of the lock-in period are considered as short-term capital gains.

ITR Form: Since you are a teacher by profession, your income is likely from salary and other sources. If you do not have any business income, you would typically file your income tax return using ITR-1 (Sahaj) or ITR-2, depending on the complexity of your income sources.

ITR-1 (Sahaj): For individuals having income from salary, one house property, other sources (like interest income), and total income up to Rs. 50 lakh.
ITR-2: For individuals and Hindu Undivided Families (HUFs) not eligible to file ITR-1 and having income from salary, house property, capital gains, and more than one house property, etc.

Ans: no.

However, there were certain benefits available for homebuyers under the Income Tax Act that could potentially help reduce their tax liability. These benefits were in the form of deductions and exemptions related to home loans, interest payments, and principal repayments

Ans: yes

Ans: you can write a letter explaining the situation and address this letter to Head office - legal team of the bank. If you get suitable reply to your satisfaction, else, you can escalate under the RTI act to authorized officer of the bank and side by side write to Central Board of Direct taxes under copy to the concern Income - tax officer who handles your case.

The authorities may direct to take suitable alterations in this regards to the concern.

Ans: As per the provisions of the Income Tax Act in India, if you have made a capital gain from the sale of a residential property and wish to claim exemption under Section 54F by investing in a new residential property, the following rules apply:

- You can claim exemption on the capital gains if you invest the entire amount of capital gains in a new residential property. In your case, the total capital gain is Rs. 15.00 lakh, and you have utilized Rs. 9.00 lakh to purchase the residential plot. To claim the exemption, you must utilize the entire Rs. 15.00 lakh amount for the construction of the new house.

- If you are unable to invest the entire capital gains amount before the due date of filing your income tax return (usually July 31st of the assessment year), you can deposit the unutilized amount in a Capital Gain Account Scheme (CGAS) before the due date to claim the exemption. In your case, if you haven't utilized the entire Rs. 15.00 lakh for purchasing the residential plot and construction has not yet begun, you must deposit the unutilized amount of Rs. 6.00 lakh in the CGAS.

- In your Income Tax Return for AY 2023-2024, you need to show the capital gains from the sale of the residential property, which is Rs. 15.00 lakh, and then claim the exemption under Section 54F for the amount utilized to purchase the residential plot and construct the new house (i.e., Rs. 9.00 lakh). Additionally, you should mention that the remaining Rs. 6.00 lakh is deposited in the CGAS for the purpose of constructing the new house to claim the complete exemption.

Please note that to avail of the exemption under Section 54F, you need to fulfill all the conditions mentioned in the section, such as not owning more than one residential house (excluding the new one) on the date of transfer of the original property and not purchasing any other residential property within a specified time frame.

Ans: You can bifurcate the rental income into the ratio of ownership ( yourself and your spouse). The very purpose of providing AIS to tax payers is that , they may report errors if any to the department and it can be rectified. you can report the error, if any through Compliance portal.

Ans: You can file revise return and report this information to tax authorities. I do not think that it may create any issue, if this information is provided in revised return.

Ans: I understand that you are facing financial difficulties in providing educational funds for your daughter's studies. It's commendable that you are seeking assistance to support her education. Here are some options you can explore to seek educational fund donations:

Scholarship Programs: Research and apply for scholarship programs specifically designed for students pursuing higher education. These programs often provide financial assistance to deserving students based on their academic performance, financial need, or other criteria.

Non-Profit Organizations: There are several non-profit organizations, foundations, and trusts that provide financial aid and scholarships to students in need. Look for organizations that support education and inquire about their scholarship or grant programs.

Corporate Sponsorships: Some companies offer scholarships or sponsorships for deserving students under the applicable CSR schemes applicable as per the present companies act. Research companies in your area or within your field of work and check if they have any educational support programs.

Government Schemes: Inquire about government-sponsored scholarship programs or educational grants available for students from economically weaker sections. Contact the relevant government departments or education authorities for information and assistance.

Crowdfunding Platforms: Consider utilizing crowdfunding platforms that allow individuals to create campaigns and raise funds for specific causes. You can create a campaign highlighting your daughter's educational aspirations and financial constraints, and share it with friends, family, and social networks to seek support.

Local Community Support: Reach out to community organizations, local charities, religious institutions, or social welfare groups in your area. They may have programs or funds dedicated to supporting students in need.

When seeking educational fund donations, it is important to present your case with honesty, transparency, and authenticity. Explain your situation and provide relevant documentation to support your request. Additionally, make sure to follow any guidelines or application procedures specified by the organizations or programs you approach.

Remember, it's always advisable to conduct thorough research, be cautious of potential scams, and verify the credibility of any organization or program before sharing personal or financial information.

I wish you the best of luck in finding the necessary support to help your daughter continue her education!

Ans: When considering investment options for senior citizens under the age of 75 with good tax savings options, there are a few options worth considering:

Senior Citizen Savings Scheme (SCSS): This government-backed scheme is specifically designed for senior citizens and offers attractive interest rates. Investments in SCSS are eligible for tax deductions under Section 80C of the Income Tax Act, up to a maximum limit of Rs. 1.5 lakh per financial year.

Pradhan Mantri Vaya Vandana Yojana (PMVVY): This scheme is offered by Life Insurance Corporation of India (LIC) and provides regular pension income to senior citizens. It offers a higher interest rate than other fixed-income instruments. PMVVY offers tax benefits on the pension received, and the investment amount is eligible for tax deductions under Section 80C.

Tax-saving Fixed Deposits (FDs): Many banks offer tax-saving FDs with a lock-in period of five years. The interest earned is taxable, but the investment amount is eligible for tax deductions under Section 80C.

National Savings Certificates (NSC): NSCs are issued by the Indian government and offer a fixed interest rate. The interest accrued is eligible for tax deductions under Section 80C. However, the interest earned is taxable.

Tax-saving Mutual Funds (ELSS): Equity Linked Saving Schemes (ELSS) are diversified mutual funds that invest primarily in equities. They offer the potential for higher returns over the long term. ELSS investments are eligible for tax deductions under Section 80C, up to a maximum limit of Rs. 1.5 lakh per financial year. However, please note that ELSS investments are subject to market risks.

It is important to consider your risk appetite, financial goals, and investment horizon before making any investment decisions. I would recommend consulting with a financial advisor who can assess your specific circumstances and provide personalized investment advice based on your needs.

Ans: the F&O loss of 10 lakh can only be adjusted against any F&O gains you may have. It cannot be set off against your long-term gain of 20 lakh or short-term gain of 15 lakh.