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| Exemption of tax on leave encashment | |
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| Excerpt of query: | I RETIRED ON JULY 2015 AND RECEIVED LEAVE ENCASHMENT OF RS 638000/- PLUS AND GOT EXEMPTION OF TAX ON RS 300000/- AND PAID TAX ON BALANCE. AS PER CBDT NOTIFICATION THE LIMIT ENHANCED TO RS. 25 LAC HENCE NEEDS TO BE REVISED AND REFUND. PLEASE LET ME KNOW WHETHER I AM ELIGIBLE TO CLAIM IF NOT PLEASE PROVIDE THE DOCUMENTARY REASONS. AS MANY OF THE ITAT CASES DECIDED IN FAVOUR OF THE PENSIONERS. REGARDS GULSHAN ARORA CONTACT 9811922049 MAIL gularora123@gmail.com |
| Query Under Income Tax Act Penalty Proceeding | |
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| Excerpt of query: | The addition made in the assessment order arises solely due to a difference of opinion regarding the applicability of Section 44AD vis-à-vis Section 44ADA The Assessing Officer proposing notice for initiation of penalty proceedings under Section 270A Any case laws referring Sec 270A sec 44ADA Sec 44AD |
| family arrangements | |
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| Excerpt of query: | 1] how many generations can it cover ? 2] will 56[2] x affect family arrangements since cousins are not falling under defn of relatives 3] will it attract stamp duty |
| Credit of TDS deducted U/S 194Q of I.Tax Act 1961 | |
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| Excerpt of query: | 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 and thereafter there is no dealing between Seller and Buyer.What will be the fate amount of TDS. |
| TDS ON PROPERTY | |
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| Excerpt of query: | 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 ?? |
| Application u/s264 | |
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| Excerpt of query: | 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. |
| Sec 264 of income tax act | |
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| Excerpt of query: | 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. |
| Leave encashment on retirement | |
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| Excerpt of query: | I retired from SBI on 30.11.21 Can I claim exemption now upto 2500000 by filing revised ITR |
| How Is Ancestral Property Partitioned? | |
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| Excerpt of query: | How Is Ancestral Property Partitioned? |
| PENALTY PROCEEDING u/S 270 AFTER ASSESSMENT U/S 143(2) | |
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| Excerpt of query: | 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 Gross Receipts and the return was filed U/s 44ADA offering 3 Cr as Gross income and tax has been paid. Now the assessment u/s 143(2) has been initiated and the assessee is ready to offer the same as income in the submission and with interest to avoid penal consequences. what are the consequences U/s 270F and 271F for the same |