Hafiz
23 February 2024 at 16:41

Claiming Deduction under 80IAC

A Private Limited Company took startup recognition certificate in April 2023 and DIPP number also received.
Company Incorporated in December 2021
Q1:
Now Company wants to avail tax exemption under 80IAC from FY 2023-24 onwards.
What are the further procedures to be followed by Company to avail said deduction?
Whether separate registration required for availing tax exemption other than startup recognition?
If so, what is the time limit for applying the same to take exemption from FY 2023-24.

Q2:
If Company intent to avail registration after two years (ie, from FY 2025-26 onwards), if I apply now for 80IAC tax exemption whether exemption will applicable from FY 2023-24 or Can I take exemption later for any 3 years consecutive years in the 10 years?


satish kumar Chauhan
23 February 2024 at 15:35

GRANT FROM GOVERMANT OF PUNJAB

R/Experts

We have received a grant of incentive from Government of Punjab under Fiscal incentive scheme on the basis of Investment in Plant & Machinery of New Unit. Unit in production since 2017. Incentive received for the period 2018-2021 in FY 2023-24.

Query is the incentive should be credited to Plant & Machinery A/c or Credit to Incentive A/c ( as a income)

Thanks



Amandeep Singh
23 February 2024 at 15:27

Income Tax Retun Share Market Transcation

Sir

Please educate to me i have purchase some stocks from Share market through delivery.
I have hold it and sale after 3 Days and some time i have hold it One month. My profit and loss statement from Grow app show many transactions where i have done one Interaday Transaction . So please suggest One interadaay transaction can i show in Capital gain. As information available Interaday transaction is the part of business income. Earlier years i have filed ITR-1 income from Salary and interest from Bank.


ABHI KUMAR
23 February 2024 at 14:41

INCOME TAX SECTION REGARDING 43 B (1) H

OUR FIRM UNDER 44AD
BUT SOME VENDORS ARE MANUFACTURER
.... SO INCOME TAX THIS RULE APPLICABLE OR NOT
THANKS IN ADVANCE


CMA Pravat Kumar Parida
23 February 2024 at 11:04

Adjournment to Notice

Sir,
How can i proceed for Adjournment of notice for the first time.


Bhai
23 February 2024 at 10:38

Salary TDS for Inoperative PAN

Dear Sirs,

While checking few PAN of our employees, some were inoperative.

How Is it possible for checking all employee PAN.

Since we have calculated salary tds on regular basis, what will happen if we file the returns based on regular working without knowing inoperative status.

Whether we will receive notice for lower deduction of TDS.

Kindly advice.

Thanks.


Jerin Joseph
23 February 2024 at 10:35

TDS u/s 195 or 194 J

Dear Experts,
A company has taken technical services from a foreign company from kazakhstan. But since the foreign company has PAN number through their establishment in india. Should tax be deducted under 194J or 195.


JYOTI GOEL

SIR
THE CASE WAS WITH JURISDICTIONAL ITO AND THEN HE TRANSFERED THE CASE TO FACELESS ASSESSMENT UNIT AND INTIMATION WAS ALSO RECEIVED FOR TRANSFER OF CASE. PROCEEDINGS ARE STILL GOING ON WITH FACELESS ASSESSMENT UNIT. NOW NOTICE ALSO RECEIVED FROM NEW JURISDICTIONAL OFFICER ON SAME MATTER REQUIRING SAME DOCUMENTS. CAN JURISDICTIONAL OFFICER SEND NOTICE IF CASE IS PENING WITH FACELESS ASSESSMENT UNIT AND NO TRANSFER INTIMATION/ORDER IS RECEIVED FROM FACELESS ASSESSMENT UNIT ?


Tamanna Kapoor
22 February 2024 at 18:55

Mediclaim premium deduction under 80D

1. 80D allows deduction upto 25k for mediclaim of assessee and family and 50k separately for senior citizen parents of assessee. Now often many assessees take single mediclaim policy covering both in one policy, where separately amount for parents and family is not available. How to take deduction for the same?
2. Also if apart from these if assessee has another policy as well in which only family is covered and not parents, what limits would be applicable?


jayesh shah
22 February 2024 at 18:22

TDS ON PAYMENT NRI

Ours is a digital media company.
one of our client is in Australia for whom we are doing work of digital marketing.
for doing the work of this client, we have appointed 3-4 freelancer in Australia, who is working as per our instruction and they billed to us at our India Address and we have to pay them in US Dollar.
my query - is TDS deductible on payment made to the said freelancer if yes at what rate & under which section.
Thanks in Advance