One of my client is duly registered under the Rajasthan Societies Act and the same is running a Goushala since 2021. While applying for the Registration u/s 12A and 80G the CIT has raised an objection that my client should have been registered under the Rajasthan Public Trust Act instead of the Society Act. Is it correct? Any case laws also please...

Hi Experts,

I bought a property from a property investor (not the builder) while the construction was still ongoing. I paid him for his equity based on his valuation, which was in excess of 50 lacs. Now the property possession is coming near, and the final payment due to the builder this time is less than 50 lacs. Do I need to deduct TDS and submit on behalf of the builder?

Also is there any rule about TDS payment proportions in case of 2 buyers?

Many thanks,
CA Amit Khaitan

mine owners hires transporters for goods transportation and for that diesel is provided by mine owners from pumps. after month end they do payment after deducting diesel amount from transportation bill so on which amount tds to be deducted, on transportation amount or net payable amount ?

Can I claim the late fee paid for filing my IT return late as a business expense?

My wife is running a proprietary firm and i am working there as a regular employee.. Can i claim salary form my wife's business? Is salary paid to me as admissible expense in the books of my wife's business

Hi,

Getting contradicting suggestions on how to report Foreign Dividend Income on ITR Schedules OS and SI.

One method is to also report Foreign Dividend Income in Schedule OS under Income chargeable at Special Rate as well as report Quaterly Breakup of Dividends under chargeable at DTAA and on the Schedule SI input the Tax credit amount; while the other method is to not report it under Income chargeable at Special Rate and club Foreign Dividends with India Dividends to have them taxed at Normal rate in the quarterly breakup section of OS too.

Appreciate feedback on the appropriate method to report.

Thanks!

UNEXPLAINED EXPENDITURE IS DIFFRENT FROM UNACCOUNTED EXPENDITURE? CAN CIT REVISE ORDER OF 147 UNDER SECTION 263 BY PROVISION OF UNEXPLAINED EXPENDITURE U/S 69C IF SUCH EXPENDITURE IS SHOWN IN BOOKS OF ACCOUNTS?

Dear Sir,

One of my client has an unclaimed TDS in his 26AS of Rs. 50,000/- for AY 2023-24 which was not claimed while filing his Income Tax Return. The Income earned with respect to TDS was shown in that year.

Can he claim TDS while filing his return for AY 2025-26 since he got the TDS credit late in December, 2024.
Please help me in this matter.

Thanks,
Divyesh Jain

WHAT IS UNEXPLAINED EXPENDITURE? CAN CIT OR AO PASSED NOTICE BY CONSIDER BUSINESS EXPENDITURE AS UNEXPLAINED EXPENDITURE UNDER SECTION 69C?

I gave Rs12 lakhs to a debtor have gone bad debts.If I inform to income tax department as informant can I receive 20% from income tax as prize money for information.please suggest me the consequences of information on Income Tax portal.