An assessee received notice u/s 139(9) for the asst year 24-25 through income tax portal. 14 days time was given to reply. But the assessee has not responded as the notice was not read by him. Now what is the remedy as in many cases assessees are unaware of such notices. Can the experts throw light on this issue as reply cannot be submitted after 14 days time given.

Resolved and deleted.

For Exhibition purpose stall taken from Organizer rate is as per sq ft.
Which sec. Tds to be deduct.

For exhibition purpose fabricated furniture, stall tent,
Table, furniture, etc. Taken. For this service sac code is 9989.

Which sec. Tds to be deduct.

I was setting up my ACH transfer with my USA bank account for paying my rent in USA. I notice now that for verification there was a small amount of 0.18$ ~ 15 INR to my US bank account. Do i show this as income in my india tax return? I shall need to revise my itr and add it in the FSI? I am a little worried because of the BMLA and penalties.

If the father receives money from his son and close relatives as gift ,what tax liability arise either party

Hello all,
I am facing a issue in new tax calculator available online on income tax portal.
When we put 3L income in the new regime under Short Term Capital Gains (Covered under section 111A) taxable at 15% Total (3rd row), same 3L in Long Term Capital Gains (Charged to tax @ 10%, other than LTCG u/s 112A) Total (6th row) and same in Long Term Capital Gains (Charged to tax @ 12.5%- other than covered u/s 112A) Total in (9th row).
Selecting the new regime for AY 25-26, even when taxable income adds to 9L it shows zero tax how is it possible? It would be great if someone explains.

PDF of calculation
https://drive.google.com/file/d/1E3B2dG-2gjDXrHcZCYgoh6DRCSbiNbsX/view?usp=sharing

Calc used:
https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Hi Team,
I am currently in Tax Bracket of 30% and recently started investing in FDs and found came across where it says if you earn income apart from Salary and tax liability is more than 10000 i need to pay Advance tax.

I have found out that my Yearly Interest income will be less than 40000.I am opting out for new regime .

1. Do I get the 40000 exempt from savings Interest for age group between 0-60 Years? If not then If I invest in Mutual funds instead and don't redeem then do i still have to pay advance tax ?
2. I am trying to understand if my company is calculating the TDS rightly on my Salary .It has below components
Suppose
BASIC SALARY -100
HRA -50
CONVEYANCE ALLOWANCE-40
CAA -10
CPD -10
Deduction are
Provident Fund -16
TDS-20

How do i calculate my TDS based on above ?

Appreciate your help.

Thanks,

What is use of form 71?

I resigned from services of private IT company in July 2024 and not employed anymore. I was given "Leave Encashment" (under that head itself) as part of Full and Final settlement, but company has included "Leave Encashment" FULLY as taxable salary in their tax computation sheet.
I am in New Tax Regime and my questions are :
1. Can I claim Leave Salary Exemption under Section 10(10AA) ? and to claim this do I have to fill in Form 10e prior to filing my ITR for AY2025-2026.
2. How to compute Leave Salary Exemption under Section 10(10AA) ? I was given Leave Encashment based on full salary of July 2024 for 45 days. As per company rules, every year we were eligible for 15 days Earned Leave which can be accumulated for "maximum encashable" 45 days and rest of EL lapses.
I am not clear on how to calculate the Leave Cash Equivalent in this condition, considering I have worked for 21 years in the same organization.

Appreciate help.

1) ASSESSEE INADVERTANTLY NOT CLAIM REFUND IN LAST YEAR FOR WHICH HE FILE FORM 71 BUT IN RETURN OF NEXT FINANCIAL YEAR TDS OF LAST YEAR NOT CLAIMED, SO RETURN OF THIS YEAR NEED TO BE REVISED, IF YES, THEN TDS REFUND NEED TO BE CLAIM OF BOTH YEAR IN SUCH RETURN OR NOT? ALSO, REFUND OF THIS YEAR IS ALREADY CREDITED BY DEPARTMENT.

2) IN FORM 71, REFUND NEED TO BE CLAIM IS OF A.Y. 2023-24 THAT CLAIM IN NEXT YEAR F.Y. 2023-24 (A.Y. 2024-25)
9. RELEVENT AY UNDER SECTION 155(20) IS 2023-24
11. SUBSEQUANT F.Y. UNDER SECTION 155(20) IS 2023-24

3) IF REFUND NOT RECEIVED THEN FORM 71 CAN BE WITHDRAWAL OR AGAIN CAN WE FILE SUCH FORM?