I have bought a property worth 1.7 Cr in joint name with my wife in August 23 (FY 2023-24).
I intend to sell an old property in 2-3 months (FY 2024-25), which was bought in 2010 for Rs. 40 lakh in the joint name of myself and wife.
Pl. help me with following queries.
(i) Whether I need to show new flat purchase in AY 2024-25 ITR? I am claiming rebate on loan interest. And also my total taxable income is less that Rs. 50L. I am filling ITR-2.
(ii) Do I need to show anything in CG schedule of ITR this year? If yes, how?
(iii) Next financial year, after sale of old flat, how to adjust the CG against purchase of flat this FY i.e. 2023-24.

Thanks in advance.

A Foreign UK based company providing service to Indian Entity. Foreign entity obtained TRC (Tax Residency Certificate) and form 10F also filed.
Whether Indian company should deduct TDS in this case, against payment to foreign company?
If TDS deducted, how foreign company can claim refund of the same?

In income tax proceedings if outstanding demand is paid in portal but interest is not paid then interest on such demand would accrue 1% per month or would it be stop accruing?

Sir,

While verifying IT liability using income tax calculator shown in IT portal, an error was noticed. When a person having a total income after standard deduction of Rs. 50,000 amounts to Rs. 5,60,000. As per the new Regime, person having Gross total income up to 7,50,000 does not have any tax liability. But the tax calculator shows a tax liability as per the new regime of Rs. 3,120. Is it Correct?

Is depreciation allowed for Commercial property/ residential property purchased and let-out by professional firms or in individual name. what is the rate of depreciation allowed?

please tell me what is previous RRR number in TDS correction filing

Sir/madam
suppose if a credit co operative society incurred a loss from business of Rs. 1 lac & have interest income on deposits of Rs. 2 lacs i.e. 1 lac from investment with credit society & 1 lac from interest on deposits with nationalised bank then 1 lac business loss can be set off against the FD interest earned from deposits with nationalised bank & remaining 1 lac interest can be claimed as deduction us 80P(2)(d) ??
please reply thanks in advance

Mr. A has bought a flat in an auction from a bank under the SARFAESI Act 2002. Mr. A is selling that flat with a market value of 2 crore and a buying value of 1.50 crore.

The question is: Will Section 50C of the Income Tax Act be applicable to Mr. A

WE WAS TAKEN PROVISIONAL REGISTRATION ON DATED 31-08-2021 IN BOTH CASES 12A AND 80G . BOTH PROVISIONAL CERTIFICATE ARE VALIDE FOR AY 22-23 TO AY 24-25. ON DATED 03-04-2024 MY PERIOD WAS EPIRED OF PROVISIONAL CERTIFICATE. MY QUERY IS THAT WHICH FORM IS APPLICABLE I.E FORM 10A AND FORM 10AB. IF FORM 10AB IS APPLICABLE. THEN WHICH SECTION CODE IS USED FOR 12A AND 80G FINAL REGISTRATION ALONG WITH REASON IN CASE OF PROVSIONAL REGISTRATION PERIOD EXPIRED.
01-Sub clause (ii) of clause (ac) of sub -section (1) of section 12A
02-Sub clause (iii) of clause (ac) of sub-section (1) of section 12A
03-Sub clause (iv) of clause (ac) of sub -section (1) of section 12A
04-Sub clause (v) of clause (ac) of sub-section (1) of section 12A
4A-Item (B) of sub-clause (vi) of clause (ac) of sub-section (1) of section 12A
05-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (iv) of clause (23C) of section 10)
06-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (v) of clause (23C) of section 10)
07-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (vi) of clause (23C) of section 10)
08-Clause (ii), of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (via) of clause (23C) of section 10)
09-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (iv) of clause (23C) of section 10)
10-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (v) of clause (23C) of section 10)
11-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (vi) of clause (23C) of section 10)
12-Clause (iii) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (via) of clause (23C) of section 10)
12A-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10( for applicants covered under sub-clause (iv) of clause (23C) of section 10)
12B-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (v) of clause (23C) of section 10)
12C-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (vi) of clause (23C) of section 10)
12D-Sub-clause (B) of clause (iv) of first proviso to clause (23C) of section 10 (for applicants covered under sub-clause (via) of clause (23C) of section 10)
13-Clause (ii) of first proviso to sub-section (5) of section 80G
14-Clause (iii) of first proviso to sub-section (5) of section 80G
14A-Sub-clause (B) of clause (iv) of first proviso to sub-section (5) of section 80G
GUIDE ME ON ABOVE MENTIONED ISSUE

Ours is a Trust. We got donation from a reputed company but they deducted TDS of Rs. 50,000 under section 194 C for the FY 2022-23. Our Stat Auditor explained that our Trust cannot claim the TDS as we need to show that as income under section 194 C and disclaimed that TDS amount. We gave Utilisation Certificate to the Donor Company to the amount net of TDS. Now the Donor company asking us to return the TDS amount they deposited under our trust. BUt we did not claim that TDS. How to solve this issue?