I am a proprietor of gst firm and I took advance of Rs5lakhs from a party with condition that the party will give other 15 lakhs with in 30days for supply of goods .If party fails to give the money I will forfeit Rs5 lakhs.now party failed to give balance money.I want to show 5 lakhs in profit account.how this money will be treated by income tax for taxation purpose.my basic income is less the 7 lakhs rupees.will this 5lakh rupees come under basic exemption.pl explain with details .

Dear all,

Have a query,

Form 26A must now be filed online using TAN, and Form 24 cannot be filed through TRACES when logged in with PAN, could some one please outline the process to be followed if a tenant has failed to deduct and deposit TDS on rent under Section 194IB, while the landlord has already reported the rental income and paid the applicable taxes in their ITR ?
Thanks
Sandeep

An assessee have income during the assessment year 2023-24 Rs.425750. He had Tds credit of Rs.4200. Here after rebate u/s 87A , his tax liability is NIL. But he have to pay fees u/s 234F Rs.1000.
For this he can utilise Rs. 1000 out of TDS Rs.4200 and the balance Rs.3200 not claimed as refund or claim refund. As per updated return no possiblity of claiming refund.

In this situation whether we can utilise Rs.1000 to pay 234F fees or instead of utilising tds for paying fees u/s 234F we have to pay Rs.1000 as self assessment tax.

If I renew my mediclaim in advance for next financial year today, can I claim tax benefit of it in current financial year?

Whether assessee can claim in two years u/s 54EC not exceeding the limit of Rs.50,00,000 investment.

In the month of March 2025, advance payment is made to a consultant on the basis of Performa Invoice and TDS is deducted at the time of making the payment.
My question is when should the TDS be deposited against consultancy? In the month of March or later at the time when the bill is received?

Dear Sir, I received a Draft Order U/s 144C and I want to appeal against it before DRP. How to file appeal before DRP - manual or online, and in which form. Please guide.

Dear Experts,

Can HUF show contract income - (1% TDS contract) as income?

If yes, is presumptive taxation available?

Pls advise

Regards,

Respected Sir/ Madam,
One of my Govt. Body Client ( Fishery Department ) deduct Tds u/s 194c @2% of an Insurance Company, on payment of Rs 55.00 lacs and insurance is for their fish stock. My question is it correct or not because Insurance company said tds is not applicable on Insurance company. Kindly Resolve this issue.

Thanks & Regards
Vivek

Please let me know is there any restriction on tax harvesting as per Indian rule? If it any, What the limitation framed on Tax harvesting?