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DharaDhara asked 4 years ago

Doubts in tax audit –

  1. Cash expenses limit to Rs. 10000 . is it daily expense limit or individual expense head limit?
  2. In clause 29B , Stamp duty value taxable is exceeding Rs. 50000,so if the difference is 10 lakhs so whole amount is taxable or Rs. 50000 should be deducted?
  3. In clause 29A , sum forfeited should be taken as taxable amount ,so the question is if the agreement made between parties that sum will be forfeited if not went by agreement conditions, then also amount would be taxable as it was mistake of the buyer ?
1 Answers
RaviRavi Staff answered 4 years ago
  1. Per party per day limit of 10,000
  2. 50,000 should be deducted 
  3. Yes even if its buyer’s mistake, seller earned money now pay tax, tax is not for mistake it is for earning income

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