Dear Respected Members,

I would like to seek clarification on the consequences if an audited firm fails to deduct TDS under Section 194C/Other Section's of the Income-tax Act.

As per my understanding:

If TDS is not deducted where it is required, 30% of the related expenditure is disallowed under the Income-tax Act while computing taxable income.
Apart from this disallowance, are there any other consequences?
For example, if the firm is subjected to an Income-tax assessment or scrutiny in the future, can the Income-tax Department still require the firm to deduct and deposit the TDS on the same expenditure, even though 30% of that expenditure has already been disallowed in the same assessment year?
In other words, does the disallowance of 30% under the Income-tax Act relieve the deductor from the obligation to deduct and deposit TDS, or can both consequences apply simultaneously?
I would appreciate your guidance on this issue.

Builder has deducted TDS u/s 194IC from Rent paid on relocation. The building is under redevelopment
This rent comes under hardship compensation and not chargeable to tax. However there is no specific section u/s 10 to claim this rent as exempt income.
How to show this amount in ITR and claim credit for TDS ?

Assessee had transferred property on 28-10-2022 which was purchased in FY 2012-13, Full amount invested in capital gain account scheme (CGAS) before filing of ITR on 07-06-2023. Amount was not utilized and Deemed Capital Gain accrued on 27-10-2025. Whether tax rate on LTCG applicable would be 12.5% (as per current law) or 20% (tax rate at the time of original transfer) ?

Please guide.

Purchased shares on 5 August 2024 and sold it on 4 August 2025.
Which type of capital gains will it qualify for.
The dates are of actual contract note.
Also found discrepancies in AIS for shares sold within 10 months still it reflects as long-term in AIS. Many costs are shown as nil eventhough purchased 2 years ago. Is their Data in AIS not updated. Is it experienced by everyone.

Thanks in advance

Hi,
I want to specifically file the Indian income tax return under UK-India DTAA. Unfortunately the Indian income tax portal is computing the tax as zero on income chargeable under DTAA. Form 10F was submitted earlier with TRC attached.
1) Are we supposed to be computing the tax and manually update in Schedule SI, Row 40 (Other source income chargeable under DTAA rates) ?
2) If we have to manually update, what is the correct process of computing the tax under UK-India DTAA? Say Dividend is 3 lakhs and Interest is 14 lakhs. Do we compute tax as (10% of Div 3 lakhs and 15% on Int 14 lakhs ?) OR use progressive slabs on total income of 17 lakhs with a cap on maximum tax rate 15% (till 4 lakhs zero, 5% on 4-8 lakhs, 10% on 8-12 lakhs, 15% on 12-16 lakhs, 15% capped on 20% tax rate (16-17 lakhs))
3) As per UK-India DTAA treaty, the tax on interest is 15%. Is cess of 4% payable on the 15% tax on interest?

The person is a salaried individual over 60 year with income from other sources. For FY 2025-26 only he has F & O Profit/ turnover of Rs. 78,000.00. Which schedule in ITR 3, he should report it -Trading or p/l account & BP?Required to fill BS? Total income apart from F&O is 65 lakhs in FY 2025-26. Is schedule AL mandatory? Mandatory to maintain books & account?

Please provide me average cost of high quality diamonds in 2001

SCENARIO 1 : If a partnership firm turnover 70 lakh and profit before partner remuneration is 5 lakh also 5 lakh paid to partner as remuneration tax audit applicable?

SCENARION 2 : If a partnership firm turnover 70 lakh and profit before partner remuneration is 5 lakh also 4 lakh paid to partner as remuneration tax audit applicable?

INFORMATION : FIRM IS NOT OPTING (44AD) AND MAINATAIN REGULAR BOOKS OF ACCOUNTS

Assessee sold flat for 1 cr which was jointly held with wife. Consideration was received Rs.50L each in both accounts. However the purchaser has shown tds payment of Rs.1L in Husband PAN and is reflected in his Form 26AS.
AIS of both shows sale of immoveable property at Rs.1 Cr each instead of Rs.50L each
My question is how to show capital gains in their individual return of income so that TDS is claimed in full and also there is no query from Income Tax Department

House property held by mother and daughter jointly has been rented. Daughter pays the Emi and the rental income is credited in mother's account. Can the mother show the rent income fully in her ITR or it has to be divided as per their share. Please guide