Whether he has withdrawn the money or not is irrelevant. U/s 44ADA, 50% of the gross receipts is deemed to be income. As regards, s 44AD, there is a turnover limit of ₹2 Cr which is breached. (read more)

In K.C. Mohanan v. CIT (2023), the Kerala High Court has held that an order under section 148A(d) is an order amenable to revision under section 264. If the revision is rejected, you may file a writ petition to challenge the revision order. Alternatively, you may file an appeal against the 148A(3) order. (read more)

The only way out is that you have to draft an agreement (MOU) between the landlord and the tenant, setting out the circumstances of the case, and stating that the landlord will pass on the net income to the tenant and that the tenant will offer the gross income and claim credit for the TDS.… (read more)

Section 44ADA of the Income Tax Act, 1961 applies to "professionals" engaged in specified professions listed under Section 44AA(1) such as medical practitioners, lawyers, engineers, etc. As your activity is limited to logistical support without performing diagnosis, analysis, or consultation, it will not qualify as a "profession" under Section 44ADA. There are a number of… (read more)

If the individual providing the consultancy is not professionally qualified (like a CA), he is eligible to offer the presumptive income u/s 44AD. In Vishnu Dattatraya Ponkshe vs. Central Processing Centre [ITA No. 1570/Mum/2023], the assessee, with only a 10th-standard education, earned income from a consultancy business related to stamp duty and registration and declared… (read more)

Sorry about the situation you are in. It must be emotionally troubling. You may consider making a detailed representation to the Krishna District Women & Child Welfare Department about the situation and request to be appointed legal guardian of the child. If a positive response is not forthcoming, you may consider filing a writ petition… (read more)

You can file a belated return of income u/s 139(5) offering the correct income to tax. Alternatively, you can file a rectification application u/s 154 pointing out that the demand has been erroneously computed. The penalty & interest is consequential. If the income is computed at Nil, the penalty for concealment & interest for advance-tax… (read more)

The society’s insistence on a court-issued legal heirship certificate is not correct as a valid nomination exists. Under Section 30 of the MCS Act and Bye-law No. 34, the society must transfer shares to nominees upon fulfilling bye-law requirements. The Society can insist on documentation such as indemnity bond, affidavit, proof of heirship & newspaper… (read more)

Yes. The surrender of a residential flat to a developer under a redevelopment agreement is a "transfer" under Section 2(47) of the Income Tax Act. Under Section 45(5A), the gain is assessable in the year the certificate of completion is issued for the redeveloped property. Exemptions u/s 54 and 54F will not be available. Section… (read more)

The landlord can transfer the net fees (₹9,00,000) to the tenant’s bank account, issue a letter clarifying that the income belongs to the tenant, and ensure proper documentation. The tenant should report the income and claim TDS credit in their ITR, while the landlord should exclude it from their income and address any AIS mismatch… (read more)