An educational trust is having 12a registration . For ay 23-24 it is having excess of income over expenditure od Rs 10 laks. The trust filed form 10 with a delay of 260 days. The trust received intimation disallowing the excess and levied tax for not submitting the resolution and bank statement under section 11(5). CIT exemptions rejected delay condonation petition. Can it be contested in an appeal. Is the appeal to be filed before ITAT. I Request the experts to throw some light in this issue

Hi, my father sold his property in Nov'23, this property was located in Meerut, UP. He migrated to Mumbai. He deposited the capital gains in capital gains account with PNB at Mumbai in Jul'24 (before filing the income tax). He showed the deposit of CG and exemption from LTCG in ITR-2 under section 54 with filing of AY24-25.

We purchased a new property in Mumbai in Sep'24 (in joint names of me, my father and my wife) and utilized all the deposited capital gains at PNB.

I have following queries if someone can help me with -

1. How do we show this purchase and utilization of capital gains in ITR filing of AY25-26
2. Bank is asking us for FORM -G signed by AO for capital gain account closure. My father's AO is still showing in Meerut as per IT website while his address in PAN, Aadhar has been changed to Mumbai. Do we need to go to Meerut to get the form-g signed or do we need to change the jurisdiction first? I believe changing the jurisdiction is extremely cumbersome process, Is there an alternate way to do this compliance and close the loop?
3. Is there a deadline to close the capital gain account with bank after purchase of property?

I'd be grateful for the answers. Thanks.

i have filed my IT return for financial year 2022-23 in ITR-4 in old regima, next year i.e. 2023-24 in ITR-1 old regima, while filing this year old regima ( 2024-25 ) in ITR-4 it required 10IEA permison. if i obtained 10IEA permsion is it any problem for next financial year i.e. 2025-26 to shift new regima.

Dear Sir / Madam,

Mr A approached to file his income tax return for FY 2024-25 for the first time. His income includes Interest income, STCG, LTCG and Futures & options. When last year's ITR was checked, it was found that his personal assets, including flats and fixed deposits, were disclosed along with F&O-related data. Due to this, his capital became much bigger, in crores.

I understand that his business-related data only should have been disclosed instead of all his assets & liabilities. His business capital is just a few lakhs.

So, while filing his ITR for FY 2024-25, can his ITR be filed with business details only, removing personal assets from his entire balance sheet? He is also not maintaining all his personal data properly. So, his earlier crores of capital will be seen in lakhs of rupees only. Will this create any problems or any scrutiny?

For financial year 23-24 the business code 14005 was available in ITR3 but for financial year 24-25 this code is not listed in ITR3, expert guidance is required regarding which code should be opted for FY 24-25 in case this code 14005 is not available. Please guide.

I have filed 5 return in AY 2023-24 Original return in which I claim political donation After that I revised return without political donation and paid tax Revised return is processed with demand So I did file rectification where again demand came which is paid then I file updated return which is invalid Again I file rectification which is rejected In original return I claim political donation which is nullified by department as Another return fileIn other 4 return no political donation is cliamed Repeated msg are coming for political donation

My FNO Turnover in F.Y 2024-25 is 54,866/-. FNO Loss is 5,301/- and FNO Expenditure is 2,566.82/-
My query is:
1.Whether you are liable to maintain books of accounts under section 44AA should be yes or no?
2.If yes what amount will be shown in balance sheet and profit and loss account in ITR3?
3.Where to show FNO Turnover, FNO Loss and FNO Expenditure in ITR3?

What should be the TDS rate on Fees payment to Foreign Artist (USA) performing in India ?

Dear Sir / Madam,

I have query regarding that a person received overtime income apart from his salary income for his extra hours work. Overtime income paid via bank. Now, where I have to show this income while filling ITR-1 or ITR-2?

Thanks and regards,

Pratik N Patel

Dear Experts,

I am registering HUF on IT portal.

However what to mention on principal contact details. Karta or HUF? If details of HUF pan are mentioned , then it generates gender mismatch error. Pls advice

Regards,


Please advice