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Sampath
Hi.
I have a doubt regarding my gross qnual income. ii am an emplyee working with a private company. if annual gross salary is 750000. and i have profits from shrt tem capital gains 100000 and losses in intra day shares -16000 and losses from business/ options trading is - 145000 then what will be my gross annual income??
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Your gross income will be 7.5 Lakh+(1 Lakh-1.45 Lakh) = 7.50 Lakhs. Speculative loss of Rs. 16000 will be carried forward along with business loss of Rs. 45000. For Income Tax filing you can connect with us ca.pujasharma@outlook.com or +91 94615 28592
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Madhusudhan Shetty
Is capital gains applicable for sale of agricultural land in karnataka? (Dalimba village, Sathanur Hobli, Kanakapura Taluk, Ramanagara District, KARNATAKA) Purchased in 2012 for 4 Lakhs...selling at 8-10 Lakhs
Agricultural land is not a capital asset if it satisfies the conditions. agricultural land in India, not being land situate—
(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or
(b) in any area within the distance, measured aerially,—
(I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh.
Explanation.—For the purposes of this sub-clause, "population" means the population according to the last preceding census of which the relevant figures have been published before the first day of the previous year;
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Thrishala
I've resigned from the current company and is eligible for gratuity. I recently got promoted which is effective from 1 Dec. My last working day is on 27dec and I'll get delayed salary due to final settlements. In gratuity form am asked to mention last drawn basic salary, I'll be losing 20k if I mention my nov basic. Is there any way to provide new basic and any in how many days post my last working day can I submit the gratuity form
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Muki
Mr. X is employed with Rs. 50,000 per month as salary in Chennai. In the relevant previous year, apart from the
normal salary, X received one month pay as bonus commission. The scheme for accommodation in the company is
to opt between an HRA of 10,000 pm or a rent-free accommodation owned by the company in the same city itself.
X approached you to decide which option would be beneficial from a taxation perspective. Advice Mr. X.
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Aakanksha Sethi
My ITR for AY 2019-2020 is invalidated due to incorrect filing and I have missed the communication about the same, also the chance to rectify it though notice 139(9). Need help on how to file ITR for Ay 2019-2020
you cannot file your IT return for AY 2019-20 because the extended date to file the return was 30th Nov 2020 which have already passed.
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