Sir,

Proprieties have 3 Term Loan and 2 CC Loan account Interest from All Loan account FY 2023-24 is Rs.991000/- Where 661000/- Interest as Term loan. Proprietor have taken term loan from shop and home proprietor but he used Loan amount for Business purpose. In FY 2023-24 Net profit is around Rs.43500/- according to owner we should show NP around Rs.600000/- So can we Charge Term Loan Interest Rs.661000/- to owner,s Capital account and Rs. 330000/- CC Interest to PNL Account
Please advise Sir,

Dear Sir,

We are seeking your valuable opinion on TDS applicability on Subscription service (Business lead generation subscription) procuring from US entity having No Permanent Establishment in India, they are providing the TRC and No PE declaration but not providing Form 10F. Aforeaid services are used for the acquisition of new customers and generating export revenue from these customers. Against these services, payment is made through credit card on automated card deduction on a monthly basis. The client not providing the wire transfer details hence we are not able to file Form 15CA/CB applicable part on the income tax portal.
Please advise on whether TDS is required to be deducted under section 195 or Tax deductions under the equalization Levy for the import of services i.e. Subscription services, Cloud services.

Mr Ankit is giving a gift of 50 lakhs to his sister Bindu. As part of the Gift, Ankit prepares a No Objection Certificate which states that Ankita (Bindu's elder daughter) and Arpita (Bindu's Younger daughter) are providing no objection to Ankit for giving a gift to their mother as their grandfather's wish was to provide this money for the marriage of the grandaughters, however, since the marriage of the grand daughters have not taken place, Ankit is gifting this money to his sister as per his father's last wish. Similarly NOC is taken from the sister - Bindu as well, and in addition, one clause mentions that both of Bindu's daughter's are willing to indemnify their maternal uncle - Mr Ankit.

Facts to note are - both the neices of Ankit (i.e. Bindu's daughter's are unmarried).

Question 1: Does provision of clubbing of income apply? If yes, in whose hands will the income from the 50 lakhs be clubbed with?

Question 2: Is there a way in which the clubbing provision does not apply?

Question 3: will the donee i.e. Bindu who is the sister of Ankit, have to pay any taxes - be it gift or income tax?

My client had filed Form 15CA part D. Now if he does not wish to remit the money how can he withdraw form 15CA particularly when 7 days have passed when he filed form 15CA online.

Dear Experts,

Are 15CA & 15CB forms necessary when making a payment from a credit card to a foreign company like Linkedin for sales navigator tools (automatic payment deductions), GoDaddy for domain purchase, Grammarly for tools?

Please respond, as payment is being deducted from the credit card.

Dear experts

I purchased a house in Feb2016 for Rs 70 lacs which I want to sell now in 2024.... During purchase I deposited valid TCS of buyer to the INCOME TAX department....

My question is will I receive any notice from Income tax as I did not show that house while filing ITR in AS 2016-17
Thanks
Hari

Dear Sir,

My wife was working in Ireland from Nov 2021 to Nov 2023 and has earned Salary income in her bank account in Ireland. Now she is settled in India from the past 3 months and will be permanently staying in India. She wants to transfer the amount earned in Ireland to India.

My question is whether she needs to open an NRE account here in India to transfer the amount from Ireland or she can directly transfer in her saving account here in India the entire amount in one go. The taxes on income earned in Ireland has already been paid.

Please help me resolve the query.

Regards,
Divyesh Jain

how to solve
T_FV_6351 error in th latest 2023-24 Q4 error RPU file

Do we have to report all investments when filing ITR-1, even if there is no income tax liability after claiming deductions for investments?

Respected Sir,
I am Paying my Tax Liability by myself in the form of Advance Tax ,instead of TDS through my office.Office clerk says that by doing office may get I.T.department notice.
My question is 1) Really such notice can serve department to office.
2) Can I deposite tax on office TAN with my name sothat I can prove deposite tax is filled by me.