I have purchased a property worth more than 50 Lac in December 2023. A payment of 30 Lac has been made for the same. Remaining payment will be due in next financial year. Should I deduct TDS on 30 Lac payment done in this financial year or wait till full payment is done?

As per section 11, even capital expenditure will be allowed as application of income and fulfills condition of 85% utilization/application of income.

My query is:
1. If capital expenditure is allowed as application of income then whether we need to show this in income & expenditure account (Expenditure side) or in balance sheet (fixed assets)?
2. If shown in balance sheet then income expenditure account will show huge surplus and then how we will show that 85% condition has been met.

Dear Sir,

We are transporter and we are transferring the amount to employee's a/c who is along with vehicle to meet the enroute expenses till the delivery of the cargo So is it correct way and any dispute arises in future from the income tax point of view.

Sir

Please advise assess register IN GST turnover Rs.70 Lacs NP 6.50 Lacs. Proper books of accounts Well maintained. if he don't want to avail the benefits of presumptive income section 44AD. Can he file ITR-3 with proper financial record ( Balance sheet- profit & Loss account ) Can portal allow to file ITR-3 in such case. Audit need in case please advise

Sir,

please provide your valuable advise I am salary person I don't have any business income. i have some Capital Gain from stocks and mutual fund. I don't done f&o and no intraday only delivery basic Transcation. but I did one single Transcation Rs.547/ purchase and 477/- sale through intraday. Can I go for ITR2 it's very small amount. disclose all under Capital gain.

please advise.

I have got mismatch notice because in the ITR I have shown income as Interest received on unsecured loans and Interest receivable on unsecured loans, whereas in AIS, the income is reflecting in Interest from Deposits (sec 194A).
The interest amount and TDS amount are correct, but I have shown the income separately in ITR as :-
Interest received on unsecured loans, and
Interest receivable on unsecured loans.
Please guide me how to give reply to this mismatch notice.

Respected, Sir, our company is registered under Proprietorship. we are till now paying TDS only one Head ( Other Than Company ) of all deducted TDS of all Contractor of Company nature and Non Company nature contractor. Kindly advice that is correct or not?
Thanks,

The employee from Gujarat Government receives Form No.16 regularly , but without mentioning the employer contribution in NPS. Is it mandatory to add as an other income in ITR ? However it is exempted , is there any issue regarding disclosing og income ,in future.

Dear All,

The Assessment Unit of the Income Tax Department made an assessment for the Assessment Year 2018-19 under section 147 read with section 144B on 14.02.2024 and a Demand of Rs 1,62,256 is raised. The demand is raised without giving credit of the self assessment tax paid on 07.04.2023 at the time of Filing Return of Income U/s 148 i.e. Rs. 60,917.

Rectification petition for credit of Rs. 60,917 has been filed with the Jurisdictional Assessing Officer and is pending for processing.

Balance Demand Rs. 1,01,339 (1,62,256 – 60,917) paid within 30 days of demand raised. Now, I am unable to file the application U/s 270AA (Form 68- Immunity from Imposition of Penalty).

In Point 8 of Form 68--- “Details of amounts paid”, since the date of amount paid as self assessment tax at the time of Filing Return of Income U/s 148 is before the date of service of order so an error message is displayed as “Error: Please enter valid date of deposit and it cannot be before date of service of order”

What course of action should one take in such a case so that the Form 68 is successfully filed for grant of Immunity from Imposition of Penalty?

One of the options I feel is to wait for the processing of rectification filed with the Jurisdictional Assessing Officer so that the demand gets reduced and the credit of Self Assessment Tax is given.

What are the other options available?

Please suggest.

Dear Sir, after taken from last bill of contractor, his threshold limit is cross 1 lakh, now contractor total bills Ledger amount is 130,000/-
then which will be taxable amount for calculate his TDS ,
on overall total amount (130000) Or exclusive threshold limit 1 lakh. ( on only Rs. 30000 )
Thanks