1. U/s 199 & Rule 37BA, TDS credit can be claimed in the assessment year in which the corresponding income is assessable. Since the advance received in FY 2024-25 is not recognized as income until the goods are supplied, the TDS credit should be claimed in AY 2026-27. 2. Credit will have to claimed in… (read more)

Since you are paying the installment to the builder, the total value of consideration (property value) to enter in Form 26QB is the original Builder Buyer Agreement value of 13,914,000. (read more)

The suggestion to file u/s 264 is more of a procedural nudge. You can ignore it as there is no loss of revenue and no adverse consequences upon you. The only minor benefit is that the record will be corrected. However, if a discrepancy is raised in the future, you can explain it at that… (read more)

It appears the online options has not been enabled yet. Please file it offline. Since adding the rental income doesn't result in any additional tax liability, this strengthens your case for approval, as the revision would correct the record without revenue loss to the department. (read more)

There is a controversy over the taxability of leave encashment. The CBDT Notification No. 31/2023 (dated 24 May 2023) which increased the exemption limit for leave encashment on retirement for non-government employees (including PSU bank employees like SBI) from ₹3 lakh to ₹25 lakh, is effective from 1 April 2023 (AY 2024-25 onwards). Though, it… (read more)

The partition can be by mutual consent in which case a Deed of partition or Deed of Family Settlement can be executed. This will have to be registered with the sub-registrar's office after payment of stamp duty. If parties are not agreeable, a partition suit will have to be filed in the City Civil Court.… (read more)

Under Section 270A(6), no penalty can be levied if you provide a "bona fide explanation" as to why the ₹1.5 Cr was not offered even though TDS was deducted and it was shown in GST. In other words, you will have to explain on what basis you regarded the amount as a refundable advance. Also,… (read more)

Yes, it is legally possible to split your 4BHK flat into two 3BHK flats (one in your individual name and one in your father's HUF name) during the redevelopment process. This will require approval of the Society and the Builder and also the BMC. The split will not attract any tax implications as it will… (read more)

The partners will have to give notice of their retirement. A deed of reconstitution will have to be prepared. The assets of the firm will have to be revalued and the retiring partners will have to be given their share. U/s 45(4) of the Income-tax Act, if revaluation leads to crediting gains to partners' accounts… (read more)

You will have to Contact the NFAC/PCIT by using the Income Tax Helpline: 1800-180-1961 (for queries) or 1800-103-4455 (grievances). Email: webmanager@incometax.gov.in (attach appeal details, PAN, AY). You can also file a grievance on the portal: Dashboard > Grievance > New Grievance (select "Appeal Delay"). You can also raise a grievance petition with CPGRAMS. That usually… (read more)