GOVERMENT HAS INTRODUED GST TDS ON SCRAP FROM 1ST OCTOBER 2024 @2%.

SCRAP PURCHASE VALUE RS. 52,00,000
CGST RS. 4,68,000
SGST RS. 4,68,000
TOTAL RS. 61,36,000

GST TDS AMOUNT WILL BE RS. 1,04,000(52,00,000@2%)
NOW 194Q IS ASO APPLICABLE TO US SO QUESTION IS 194Q IS BECOME APPLICABLE ON WHICH AMOUNT RS. 52,00,000 OR 50,96,000 (52,00,000-1,04,000 GST TDS ON SCRAP) @0.10%

EMPLOYEE OF A COMPANY VISTI A CLIENT IN PUNE, STAYS IN A HOTEL GET BILL IN EMPLOYEE NAME WITH COMPANY NAME AND ADDRESS AND GST NO. THE SAME IS REIMBURSED TO HIM BY CO. IN THROUGHOUT YEAR DIFFERENT EMPLOYEES OF THE SAME CO. STAY IN SAME HOTEL AND THREESHOLD LIMIT OF 194I IS CROSSED, WILL COMPANY BE LIABLE TO DEDUCT TDS ON RENT, HOWEVER NOT A SINGLE PAYMENT IS DONE DIRECTLY BY THE COMPANY, TOTAL PAYMENT WAS REIMBURSED TO EMPOYEES, BILL JUST TO GET GST CREDIT

We had to make payment in indian rupees to NRE account for land purchase in india. What is rate of TDS? Whether 15CA is required?

Dear Experts. I have seen / heard conflicting comments on this issue. Hence bringing it up to the CA experts here. Appreciate if more experts share their views on the below

1. EPF: As per EPFO rules, a salaried employee can continue his EPF membership without any restrictions. However if no contribution is received in the account for 3 consecutive years, after 3 years no interest will be earned. Income Tax Act says EPF withdrawal upon retirement is tax free. Given this situation, in case of an employee who works with a company for more than 5 years, retires at age 60, does not withdraw the EPF accumulation until age 63, will the interest earned between age 60 and 63 be a tax free income or is it taxable?
2. NPS: Upon retirement at 60 years, a subscriber can withdraw 60% of the corpus as a lumpsum, which is tax free and has to take an annuity for the balance 40%. PFRDA has recently introduced a new withdrawal option “Systematic Lumpsum Withdrawal (SLW)”. Under SLW, a subscriber can make the withdrawals in a phased manner instead of a lumpsum. Withdrawals can be made monthly, quarterly, half yearly or annually upto age 75. If a retiree opts for SLW, are the returns earned during the deferment period tax free? Deferment period refers to time from age 60 upto period when SLW ends, max 75 years.

Hello experts,

From next year, the tax slabs have been increased to 12 lakhs.. i have invested a good amount in debt funds on my spouse name in July 2024 and planning to redeem it august 2025.. she is not working right now.. the expected profit gains from redemption is around 11 lakhs.. should i pay any tax on the profits ? the debt funds are held for 13 months only..

During the FY 2024-25 my Capital Gain - Long term is Rs.410,000 and Short Term Rs. 80,000. My Query is:
1. what is the exemption available on LTCG and STCG.
2 What is the rebate available u/s 87A for LTCG and STCG (Referring to the recent High Court Matter on claiming rebate u/s 87A for Capital Gain)
3 What is my Tax liability on the above both Capital Gain income.
4. Does my above earning fall within or outside the slated income tax slab.
5. Should i pay advance tax now ie in Feb 2025 as the earnings has been mostly during June-Dec 2024.
6. Until now i have been filing returns as Individual under old regime, is it advisable to file returns under new regime as my other Income is within 3.50 Lacs p.a. comprising of House Rental income, Dividend and Bank Interest.
pls advise

SIR
Mr A. Run of one wholes sales trade name xxxx. up to the FY year 2023-24.He purchased land of cost 75 lakes as on 10.05.2023. and debited in the trade balance sheet. He closed this business as on 31.3.2024. and he desired sold this land under real estate business from1.4.2024.how this land transferred from trade business to real estate business and pass this business entry.
thansk

if we file return under section 148 for assessment proceeding under section 147 then such return under section 148 can be revised again?

When I have tried to file correction statement it was rejected due to Line No 2 - Invalid Previous RRR Number.I have mentioned previous quater RRR nubner

Respected Sir, With due respect assessee want to know that the assessee is the holder of credit card and filed her income tax return under section 44AD and the case of the assessee has been opened on accoount of transaction made through credit card.Sir from the record it is found that more than 50% of total credit card deposit has been used by the husband of the assesse, who is also an filed his income tax return under seccton 44AD That the gross receipt of the husband is more than 30 lac. That the gross transacton is about 24 lac.Sir, all the trnsaction deposit in the case husband of the assesse made by swap credit card i.e. online, but the husband of the assessee has been return the said amount in the shape of cash. Sir, I requested that please guide me can the husband of the assessee used the credit card of his wife and deposited the cash in the credit card account in the mode of cash and oblige. Thanking you.