Sir,
A practitioner retired in FY 23-24 and has submitted the return in Form 3 for AY 25-25.
Now the income in the current FY mainly consists of FD interest, Survival Benefit and
from investment in Mutual Fund.
A. Is there any formality to be complied with for switching to Form 2 from AY 25-26?
B. Is the New Tax Regime more beneficial for Senior Citizen, 80 plus?
Kindly advise!

Thanks & Regards

what would be the Major Head in Challan 281 for payment of TDS against dividend deducted from individual by private limited company?
which code (0020 OR 0021) should i select?

Hi, I was checking my last year's return (AY 23-24) and realised I had received interest on the amount that the income tax had refunded.

For this year (AY 24-25) I recalled there was a section in Schedule OS: "Interest Gross -> From Income Tax refund"
I left it blank :(

My current ITR (AY 24-25) is not yet processed. What should I do now? I'm a bit scared.

I searched online, and I think I need to file revised return.
In the original return I had offset profit from this year from brought forward loss from last year.
Will I still be able to do that with revised return (since its past due date now)?

Sir,
A has taken HDFC Life Sanchay Par Advantage policy under which the Annual Premium is to be paid and Policy holder immediately starts getting monthly Survival Benefit. The amount arising on account of Maturity/Death would be paid to the Life Assured by the Policyholder.

Under the premises kindly advise
whether :
A. Is Annual Premium eligible for deduction under Sec 80C?
B. Is monthly Survival Benefit Taxable?
C. Will the amount receivable by the Life Assured taxable as and when the Maturity/Death Claim arises?

Thanks & Regards

Dear we are running a gaushala and having a temple in it. We have received corpus donation with specific direction for construction of Building with out any bifurcation whether for temple building or cattle sheeds. In the current year we have used the amount for constrution of cattel sheed for Rs 50 lacs . the same was used by breaking the FDR made out of corpus funds. now my query is will the application be considered in the year in which i again make FDR or in this year in which we have constructed the shed.

Sir i also want to know whether we have to transfer the corpus fund which we are having a seperate head in balance sheet to common capital fund for the amount of construction made.

1. received Prime facie adjustment notice for AY2024-2025 What need to be done after response.
2. Will return processing will be done by AO or CPC bangalore

Income tax which comes under group in tally.
Duties & taxes or current liability

I have some NCDs with monthly interest receipts approx Rs 10000/- and some land where monthly I receive rent Rs 20000/-, Do i have to split the monthly receipts in category - upto 15/6 , from 16/6 to 15/9 , from 16/9 to 15/12 etc in schedule OS while ITR filing in ITR2, where I can show?

Res/Sir, Madam,
As per form 26AS, Our Debtor has deducted TDS under 194Q, kindly explain how its TDS receivable journal Entries.
Thanks you..


Regards,
Pooja

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.


94C deduction in my 26 As ( I have passenger vehicle (car) , it running with in contract for a Govt. Office. )