Solar project we executed with PMC last year. PMC submitted six invoices, of which two pertained to services accompanied by machinery/equipment/modules. We capitalized these services as an integral part of the asset, as they were essential for the project's completion.
During payment, we deducted TDS under Section 194Q, considering the invoices as assets. However, PMC is now disputing our approach, claiming that we should have deducted TDS under Section 194C for the service invoices, as they consider them as services. We maintain that these services are an integral part of the asset and, therefore, not subject to TDS under Section 194C.
Could any one kindly provide clarification on the correct approach in this situation and confirm whether our stance is correct?
Thank you for your time and expertise.

Sir one of my client sold vda for Rs 14715(crypto capita gain) basically she's salaried person
where need to show crypto gain in ITR?

Hi Team,
I would like to know how dividend income is considered for taxation.
If I receive dividend in bank Account between 1st April -31st March in a year is it considered for taxation or when the dividend is declared by companies for that Year FY 23-24 but received in bank account in FY 24-25

As I have received dividend income in FY 24-25 but it is there in TIS for FY 23-24.Can you please help?

Also if you tax filling is incorrect for e.g if you were supposed to 100 but due to incorrect calculation pay 98 .Then how is penalty or fine been charged for the difference?

Thanks,
Dipti Mallya

I have entered all the details in the tax portal on the basis of old regime. Details are checked and is almost final though not submitted for filing. I realized that the tax to be paid in new regime is less. Can I switch to new regime
in the option that is provided when you resume filing and proceed further to the schedules, without the entered data being cleared (except may be the deductions under Chapter VI)?

DEAR SIR,

RECEIPTS FROM VIRTUAL DIGITAL ASSETS U/S 194S IS BUSINESS INCOME OR OTHER SOURCE OF INCOME BECAUSE MY CLIENT IS DOING CONTRACTOR ONLY RS 9478/- SHOWING IN 26AS AS WELL AS IN AIS REPORT WHEATHER IT SHOULD BE CONSIDER BUSINESS RECEIPT OR NOT NOW MY CLIENT IS STOP TO DOING THIS.

REGARDS

THANK YOU

Hi Sir/Ma’am,

In the AIS, instead of showing as Purchase for a property transaction, it is showing as Sale of property. The purchase was done in last financial year and I need to file the ITR. What should be done in this case?

Thank you

Company had capitalised some Assets in past years & claimed depreciation on the same. However, during physical verification of fixed asset in subsequent year, it was found that the assets have never entered to premises of the company. The purchase manager has fraudulently produced invoices, took the delivery of the assets & absconded. The company is now writing off those assets in the books. What will be the treatment of this fraud in the depreciation as per Income Tax Act? Whether the company can claim depreciation as the cost of those assets is a part of the WDV.

FY 2023-24...csr expenditure was required to be incurred but not incurred...then what is the remedy to this? Is there any provision that if expenditure can not be incurred then transfer the amount to any fund specified in schedule VII of companies act 2013?
Is there any such provision that CSR activities can be done through direct expenditure on CSR activities or transfer to fund specified but after completion of financial year only fund transfer can be made?

Opting for a new tax regime sec 115BAC filed return of income by ITR-1 or ITR-2 during the ASST year 2024-25. Can we switch over subsequent Asst Years 2025-26 Old tax regime?

I have recieved foreign dividend income directly to my account on 17 March 2024. In my case dividends are directly credited to bank account by the custodian and not to the custodian or brokerage account. Further custodian does not maintain ledger.

In my ITR do I show the date of receipt of dividend I.e, credit to my bank account on 17 March 2024
Or
I reflect the date of AGM I.e., 10 March 2024.

Thank you to all who have answered my previous queries, very helpful.