A Partnership Firm has claimed deduction u/s 80-IBA in Year 1 and has accordingly paid Alternate Minimum Tax @ 18.5% amounting to Rs. 3.5 Lakhs. Accordingly Rs. 3.5 Lakhs is the AMT Credit carried forward by the Firm.

In year 2, there are no deductions to be claimed. Firm had a normal business income of say 10 Lakhs on which Tax is payable Rs 3 Lakhs.

Can the Partnership Firm utilize entire AMT Credit b/f (i.e. 3.5 Lakhs) against tax liability of 3 Lakhs in Year 2 and pay 0 tax in Year 2 OR is the Firm required to pay AMT (i.e. 18.5% on 10 Lakhs) in year 2 also?

Sir,

Can you guide me that suppose my pan card is in operative and my salary is more than 3 lacs then company can deducted tds on Salary @ 20% or not to deduct tds??

If company not deduct tds on my salary and my pan card is in operative and i also not file i. tax return then i. tax department can take against on me??

Sir,
I have sold a Non-agricultural plot in November 2023 and purchased an under construction flat in February 2024. The said flat was registered in February 2024 for full value of consideration. However, since the flat is under construction, payment schedule is divided in to 3 parts – 30%-30%-40%.
1. First installment was paid at the time of flat registration from the long-term capital gain earned on sale of plot.
2. Second installment is likely to be due in August 2024 depending on progress of the building project and will also be paid from the long-term capital gain earned on sale of plot. The entire capital gain earned on sale of plot will be exhausted at this stage.
3. Third installment will be paid out of personal savings.

Request your guidance on below,
I have paid only part of the long-term Capital gain in first installment before July 31, 2024, that is before filling of income tax return, then do I need to transfer the balance long-term capital gain in capital gain scheme account or I can keep on holding these sums in existing bank account till demand is made by the builder, since the purchase transaction at full value of consideration was completed in February 2024 only.

Respected Experts,

One Client approached me with a Intimation Notice of 143(1) with a Demand Raised for 88K pertaining to AY 2023-24.

Actually, the Client has filed an Original Return with 490K as Net Income and NIL Tax

Whereas while applying loan, the bank agents filed an Revised ITR with Tax Liability of 88K and Filed with Dummy Challan.


Now the Demand Raised for the 88K Tax Liability,

The Client doesnt aware of this and asked me to resolve the same.


I try to file an Updated Return U/s 139(8A) by reducing the Liability as Zero.

But the ITR Filing is not allowing me to file since the liability is less when compared to previous return.

My Question is;

Since the Client doesnt aware of this issue, kindly suggest how to resolve this.


Request your valuable advise

if necessary will provide the file and pay necessary fee.

thank you !

I received money along with my bothers sisters and uncles when property inherited by us from my paternal grandfather, was sold ten years before. my 1/12th share. (2 uncles and 2 siblings and mother). Rs.10 Lac was not given by the builder then and held back as security until premises made vacant by tenants. But builder lapsed on the agreement for ten years for lack of money . Now after raising a legal notice by us, he has agreed to restart the project and pay Rs. 10 lac withheld. I had disclosed the full amount before ten years in my IT return as Capital Gains. I had put the indexed amount under NHAI bonds for 5 years. This amount then included the INR Ten lac receivable now. So Should I now re-disclose this INR 10 Lac amount in FY 24-25 ?. Is it necessary?
In the meantime I lost my mother 2 years back. so her share of INR 10 Lac will be divided among her 3 children. So I will receive INR 10 lac/ 3 from my mothers bank account ,which is operable by my sister. how to treat this money in my return next year?
The builder will enter into a agreement now to give interest on INR 10 Lac for ten years (as per previous agreement) in the form of space of 100 sft. but again convert this 100 sft x Rate per square foot to INR and pay at the time of plinth may be 1.5 to 2 years hence to me (and all others as well) . How to treat this substantial money to tax then?

Is TDS deducted on licence renewal fees and tour and travelling expenses please explain.

Sir,

I am constructing a residential building for own living purpose.
Whether i have to show in IT file.

Re: Error in TDS file (Form 24Q, Q-4,Regular Statement)--
Please note that while filing Form 24Q (4th Quarter), an error code 'T-FV-3173' comes and not able to file the Return. Please help.
Subir Mukherjee
msubir47@gmail.com

T_FV_6351 Applicable and Mandatory For Financial Year 202324 onwards 'Other special allowances under section 10(14)'. This error appears while processing correction
statement

Mrs A wants to transfer a sum of rs 1.5 lakh to her sister Mrs B's account. And then Mrs A wants Mrs B to donate the amount to an NGO. Will mrs A get the benefit of 80g in this case?