If the TDS is shown in the 26AS or AIS, that would be proof that tax was deducted. (read more)

If the payment is above ₹2 lakh, there may be construed to be loan between the buyer and the payer of the money which may attract section 269ST of the Income-tax Act. (read more)

No. If the trust is not registered under Section 12A, only the expenses incurred for earning the income can be claimed as a deduction. Expenses incurred for charitable objects cannot be claimed. (read more)

Yes. There is no bar to claiming 54F only against LTCG on some shares and c/f LTCL on other shares to next year. (read more)

The CIT(A) is supposed to be an independent authority with quasi-judicial powers. He is not "bound" by the remand report on the AO & is entitled to hold on merits that the AO's view is wrong. (read more)

The amount can be withdrawn after the stipulated period (3 years) by closing the account or making a partial withdrawal. The bank may require a certificate from a Chartered Accountant or a declaration that the amount was not used for the intended purpose. The Bank will report this fact to the IT Department. The exemption… (read more)

As far as I am aware, Banks normally offer a working capital limit of 20–25% of the annual turnover for MSMEs. They also consider profitability to ensure loan repayment. I suggest you Visit the nearest branch and speak to the relationship manager to confirm the exact OD limit, as it depends on the bank’s internal… (read more)

Generally speaking, Banks normally require monthly stock statements for OD loan against inventory or working capital. The exact margin and minimum stock value will depend on the terms of the OD agreement. (read more)

Prima facie, it appears that you, your aunt's son do not have a legal right to the property or its sale proceeds as it was your grandfather’s self-acquired property. Upon his death, the property devolved on your father, aunt and grandmother and they became the legal owners and were free to sell it. A claim… (read more)