Answers On Category: Income-Tax
Seller has received Advance of Rs.10 Crores from Buyer on 29-03-2025 as advance against supply of goods. On the said sum Buyer has deducted TDS of Rs.95000 u/s 194Q.The said amount of TDS is appearing in 26AS of Buyer. 1-Whether Seller can claim credit for TDS in his ITR for Asst. Year 2025-26 when goods are supplied in next financial year i.e in April 2025. 2-Whether Seller can claim credit for TDS of Rs. 95000 in his ITR for Asst. Year 2025-26 when the whole amount of Advance (net of TDS of Rs. 95000)is returned to Buyer in April 2025…
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I have purchase a under construction apartment from a buyer (second party) at total consideration of 15950000 ( including 662605 GST). In Builder Buyer agreement value of apartment was 13914000 (including 662605 GST) I have paid Rs 8993000 to first party. Balance I will pay to builder in installments. Today I paid 3350000 installment to builder. I need to 1% as TDS on property. My query is what amount I need to put in TOTAL VALUE OF CONSIDERATION (PROPERTY VALUE) while paying TDS on installment amount. Will it be 15950000 OR 13914000 ??
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Sir, I have been asked to file application u/s 264 against my grievance. The portal has no option to file the same. Since even after adding additional income my tax outflow is nil after 87A. What if I ignore 264 and don't file application.
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Sir I have received a response from income tax against my grievance of omitting rental income for AY 24-25 asking me to file an application u/s 264 to jurisdictional PCIT online. But I am unable to find option to file application u/s 264 in online portal. Also it is stated that even after adding the omitted rental income there is no outflow of tax after 87A exemption . Please advice me.
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I retired from SBI on 30.11.21 Can I claim exemption now upto 2500000 by filing revised ITR
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what are the consequences of penalty for income escaped in 23-24 accepted by tax payer while scrutiny assessment u/s 143(2). Facts: The taxpayer is an artist and has verbal contract for performance for 23-24 and 24-25. The taxpayer has received total rs. 4.5 cr (1.5cr as advance ) in 23-24 and TDS has been deducted and GST also has been paid for the same and by mistake advances were shown as B2B invoices and hence GST turnover is shown as 4.5cr. While filing Income tax return it has been observed and the said 1.5 cr advances has been removed from…
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We own a 4Bhk flat under two names Mine and my father's HUF, Building is to go into Redevelopment and 79 A will be signed, Wanted to understand is it possible, advisable, Tax efficient to split the flat into two 3Bhk flats One in each name , what will be the tax implications for the same ?
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WE HAVE A PARTNERSHIP FIRM WITH 9 PARTNERS AND 6 WANT TO RETIRE , WE HAVE VERY LOW CAPITAL ACCOUNT BUT FIRMS HAS THE ASSET WHICH HAS HIGH FMV AND GRV HOW CAN WE RETIRE THE PARTNERS ,HOW MUCH SHARE VALUE CAN BE CONSIDERED AND ON WHAT GROUNDS
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OURS IS A ESTATE OF A DECEASED INDIVIDUAL. ITAT HAS PASSED ORDERS TO RESTORE THE APPEAL TO CIT (A) IN 2022. WE HAVE STILL NOT RECEIVED ANY COMMUNICATION FOR HEARING OR REPLY. SIMILAR APPEAL WAS PASSED IN OUR FAVOUR BY ITAT FOR OTHER YEAR ALSO. CIT(A) ALSO PASSED ORDERS IN OUR FAVOUR. ALL THE YEARS HAD SIMILAR GROUNDS OF APPEAL HOW DO WE FOLLOW UP FOR THE APPEAL AS ITS WAS UNDER NFAC PLEASE ADVICE AND GUIDE THANKS AND BEST REGARDS
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Credit of TDS deducted U/S 194Q of I.Tax Act 1961