Hon’ble experts, The buyer deducted  TDS at 1%  u/s 194IA of the I.T. Act on Stamp value. The PAN number furnished by the seller was inoperative at the time of filing the from 26QB. Department deducted the TDS u/s 194IA at the rate of 20% due to non furnish the PAN card and issued the imitation order along with notice of demand. PAN card and Aadhar Card linked successfully. But, Pan and Aadhar card linked status is not updated in TDS Traces portal. Kindly help me out from this situation, With Regards, MOHAMED ALI Tax Practitioner.

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My Mother had a Flat (460 sq,ft) on Ownership basis since 1984. Building went into Redevelopment in the Year 2014. Builder paid Stamp Duty only on Construction Cost Rs 1760/ sq.ft.(as the Law Prevailed in 2014), whereas Fair Market Value & Stamp Duty Value was 8600/ sq.ft Now which Value I Have to Take for Capital Gain Tax Calculations I have sold the Flat in  August 2023. from 2001 as base rate or stamp duty paid value or market value as on 2014 (agreement yr)

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whether AO  made addition as business receipt in A Y 2017-18  on the ground that unsecured loan accepted during the year by account payee cheque is not reflected in the bank account of the assessee and disclosed in the Balance sheet and cit a has confirm the same as unsecured loan u/sec 68  on the ground that assessee though has submitted confirmation , PAN  , bank statement , however the depositer has not filed the ROI , assessee has not explained the source of money of depositer . whether it is permissible under income tax act 1961 ? Whether addition can made on the ground that depositor has not filed ROI ?. Pl guide

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Assessee is trader of the steel and also registered under the GSt. Books of accounts are audited U/SEc. 44AB of the Act. In the assessment proceedings for A.Y. 2021-22, A.O. has asked the details of the purchases and on the basis of those details he has sent the Notices U/SEc. 133(6) to various parties. Two parties have not responded to the Notice U/SEc. 133(6) of the Act.  AO has issued the SCN to assessee as to why the purchases of these parties should not be disallowed U/SEc. 37 of the Act since they have not responded to Notice U/SEc 133(6) and form data available with the department they are non filer of Income Tax Return. Assessee has submitted the detailed reply along with the copy of Bill, copy of E way Bill, Delivery Challan, Bank statement indicating the payments are through Banking channel, details of quantitative record, details of sales effected against the goods purchase from these parties . However the AO disallowed 100% purchases from these parties   U/SEc. 37 of the Act since they have not responded to Notice U/SEc 133(6) and form data available with the department they are non filer of Income Tax Return. whether the action of the AO is correct ? what are the remedies available to assessee. pl guide

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SIR, My doubt is if The Trust Registered U/S 11 and 12 of Income Tax Act got the  voluntary contributions from public and utilized for the purchase of the fixed assets for the trust  does it treat application  of income u/s 11 of Income Tax or not and otherwise shall we show it as a corpus donations please clarify and Trust having 12 A Registration when 85% funds utilized from the Gross Receipts for development remaining 15% can we carry forward in cash or bank form please clarify. Thanking you sir.

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ITO HAS FILED PROCEEDING U/S 279 RWS 276 OF I T ACT IN LOWER COURT. CAN WE APPLY FOR QUASHING THE SAME TO HIGH COURT U/S 482 OF CRPC IF YES, ANY DRAFT REQUESTING APPLICATION FOR THE SAME -CA KAMLESH JAIN +91-9820012145

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SIR, I already filed the before the CIT  the notice u/s 147 r.w.s 144 but after that department has issued rectification u/s 154 r.w.w147 because of computation error in their assessment order so that my doubt is whether I have again to file the before CIT with new rectification order issued by the department u/s 154 r.w.w.147 or I have to file the rectification to the already filled  appeal form 35. or I have not to take any action please clarify. Thanks and regards Gopal S  

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if a body corporate purchase a land and pay some consideration in monetary term and balance in kind in form of floor in the constructed building so how can we determine the value of sale consideration for TDS applicability under section 194IA ? please give the case reference also

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A professional having receipts less than 75 lakhs (AY 2024-25 onwards) can avail of section 44ADA of the Income-tax Act, 1961 whereby the assessee has to offer only 50 per cent of the receipts as income under the head PGBP.    

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We have converted the rural agricultural land into non agricultural land in 2020 for the purpose of sale. I have received cash advance 300000 from the purchaser of land in the year of 2018( before convertion of agriculture land into NA land). Whether section 269ss or any other sections for penalty is applicable for cash advance of 300000. I’m in opinion that, advance cash received before conversion will be treated as advance against agricultural land which is not a capital asset. If I would have received advance cash after conversion of land, section 269ss or other sections for penalty will applicable.

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