Assessee is the owner of commercial property in a commercial building. The said commercial property of the assessee is entirely given on leave and licensee basis for commercial use only. The said commercial property is given on rent in between April 2024 to March 2025. This if the first year of assessment after the assessee has given the said commercial property on leave and license basis as the building in which the said commercial property is located received the occupation certificate from Municipal corporation only in May 2024. Further the assessee is due to file his return or or before 15.9.25 had not filed the said return of income

Query : 1) Under the new amendment will section 28 be applicable.

2) Should the assessee present the income generated under the head business income or income from house property

Dear Sir,
Good Morning,

We are making the payment of subscriptions (of Software i.e., Adobe, LinkedIn) via credit card & transaction amounts between INR 500–5000 on a recurring basis. In such cases, Form 15CA is applicable. However, we are also paying RCM (GST) on such transactions. Our company is registered under section 8. Kindly provide your suggestion. Thanks

Per article 10, DTAA dividend from USA is taxed at 25% not slab rate. However if even if form OS shows this income to be taxed at 25% this is added with indian dividend and taxed at 30%. Is there a glitch in ITR3 ?

Dear Experts,

The assessee has sold certain shares under compulsory delivery mechanism as the call sold by him closed out of the money. The price that he sold and closing price of the same on the last day of settlement is different. The AIS shows closing price of the share which is almost 5% higher than the strike price at which it was settled on the last day of settlement.
There is no option to flag it in the AIS for this mismatch. It does not have the option to mention that the price captured by system is wrong. Should I go for information partly incorrect and submit the response and file the return with the real settlement value?
Please suggest.

"Exploitation of business assets by giving on rent a residential property is still considered income from business and profession? In the Supreme Court decision in the case of CIT v. Universal Plast Ltd. [1999 (5) SCC 189], it was held that... In our case, the ACIT has passed an order that the income from rent is business income."
So now what is the effect Proposed Section 28 Amendment?

Dear Sir/Madam,

If client has earned income form SLBM - Securities Lending and Borrowing then under which income head it is taxable ? and at what rate of tax?

Thanks and Regards,

Pratik N Patel

FLAT VALUE = 65L

POSSESSION CHARGES IS SEPARATE (CLUB CHARGES , PARKING & POWER BACK UP CHARGES) 5L

1)TDS DEDUCT @1% ON 65L = 65K OR
2) TDS DEDUCT ON 70L = 70k

Please suggest.

For Payment of Advance Amount to Professionals. Invoice not Received.
TDS PAYABLE ON ADVANCE PAYMENT TO PROFESSIONAL?

Respected Colleagues,
My First Ques:
If HUF opens a demat account and starts trading or investment in Shares & MF, then can we reflect the gains or Losses under Business Head of ITR instead of Capital Gains ?

My Second Ques is:
If a house wife having no income except interest income from banks but trading and investmnent in Shares & MF
then also in this case can we reflect gains or losses under business head of ITR or under Capital Gains?

I originally filed form 27Q without filling NRI deductee's contact number since it was not mandatory in the present case(rates mentioned in IT Act will be applicable for TDS). There was no problem with validation then and I filed the return successfully. Now I need to revise the return due to inadvertent mistake in choosing date of deduction.

When I corrected the date in utility and tried to validate it, it is showing error 'T-FV-4336-provide valid value under Contact No. of deductee'. Since deductee's number is US mobile number, I tried all possible combinations- with and without the country code. But none of it helps. Error still persists.

Is it necessary that only NRI deductee's phone number has to be mentioned in that column? Can an Indian number be provided instead? Can someone please guide.