I had bought a Pre-const house for 55lac and paid Stamp duty on 55lac during registration.
I made 54,00,00 payments in installments and now making the last installment of 1 lac

On the 26QB form

Total Value of Consideration (Property Value) -₹55,00,000
Payment type*-Installment
Whether it is last installment ?*-Yes
Whether stamp duty value is higher than sale consideration ?* - Dont know what to choose
Total amount paid/ credited in previous installments, if any (A) * ₹54,00,000
Amount paid/credited currently (B) *-₹1,00,000
Total stamp duty value of the property (C) *₹55,00,000

Now under
Tax Deposit Details, I am getting
Amount on which TDS to be deducted (D)*₹55,00,000, which looks wrong.

Should this not be the amount currently paid ₹1,00,000. What am I doing wrong?

I have some doubts about filling ITR 6 Schedule CFL and UD of a private company. The details as follows.

In FY 22-23:
Income: 278,565
Depreciation (as for IT): 162049
Depreciation (as for company): 166461
Loss (as for company): 20,59,983

In ITR 22-23:
Schedule CFL: 20,59,983
Schedule UD: 162049

In FY 23-24:
Income: 76,429
Depreciation (as for IT): 127,862
Depreciation (as for company): 195,621.75
Loss (as for company): 684350

1) What should be mentioned in Schedule CFL and UD for 23-24?
2) Whether Schedule CFL and UD was correctly filed in 22-23?

Sir
I have given Rs 5 lacs on different dates to three persons without any consideration as details below :- 1 .my sister in law's husband
Rs. 2 lacs(saddhu bhai)
2. My sister in law's son 2
lac
3. My sister in law 'a daughter 1 lac for 3-4 months period on occuussion of marriage of her daughter and for their house construction.
All the above transaction made through online through phone pe

Question is that after 4 months they will return my
money through digital transactions.
Please confirm
1. Whether it is ok
2. Any tax complication will arise when I will receive my money from only one person ie from my saddhu bhai (they are going to retire after 4 months and after receiving his superannuation money from govt they will return my money)
Regards
CD SHARMA
🙏

We plan to purchase one Saloon Car costing Rs. 9,90,000 for my daughter. Funds are transferred from me, my wife and her brother to her account and she is transferring the same to Indus Motors.
She is employed. We all are filing tax returns.

Are there any tax implications?
What precautions, if any, do we have to take and are there any documents to prepare?
We are not taking any loans.

Kindly advise

Dear Experts.,
The gross receipts shown in Form 26AS are higher than the total of the receipts shown under all heads of income, on which credit for TDS has been claimed, in the return of income filed. Thus, while credit for TDS is being claimed in the return of income, the corresponding receipts are not fully disclosed in the respective income schedules. Hence, the return of income filed is regarded as defective, as per clause (a) of the Explanation under section 139(9).
I have declared interest income earned from savings bank and FD interest. Apart from this I have Cash Withdrawals of 1144000/- for which TDS deducted u/s 194 N Shall i declare cash withdrawals as income in ITR3 Please guide me. Thanks in Advance.

Is interest earned from government bonds/bills invested through the RBI's retail direct platform considered "Income from Other Sources'" like FDs?

Budget 2024 removed indexation benefits and long-term capital gain benefit for debt funds. Do the changes apply only to the deby funds purchased after March 31, 2023?

IT Department sent a defective return notice. But client didn't notice it. Time has lapsed a month ago. How to resolve this ?

Dear Sir
1. In CPC portal I am unable to apply rectification showing error as Latest return not yet processed which is updated return which is pending for processing from 9 months.
2. Can I approach Jurisdictional AO and do manual rectification to release assessment order

The assessee is a contractor. The contractee has done the tds on the whole amount paid 6cr. Where as the assessee has considered the amount as inclusive of GST and filed the GST and ITR on 5.08cr turnover the same has also been considered in the audited financials and TAR. The ITR has been filed by claiming the tds for the whole of 6cr and it became defective. Any suggestions on how to proceed further.

Note: The contractee is not willing to revise the tds by saying that he has paid the whole amount as advance.