Hello Sir ,
I have transferred Mutual Fund to my wife of 1L in Aug 2025. So off Market Credit transaction is of 1 L is showing on her AIS/TIS.

If we need to declare this in ITR1 (Schedule EI , other sections (Receipt not in nature of Income ) ? Or no need to show this .

As per Finance Bill 2026 ie. Bill.NO. 3 of 2026- as there is an amendment to section 139 vide clause 5- according to which " the assessee having incoem from profits and gains of business or profession whose accounts are not required to eb audited udner this act ( Income Tax Act,1961) or under any other law for the time being in force- filing of Income tax returns - for the Asstt.Year 2026-2027- the last date is 31st, August 2026- is it correct ?

For generation of Revised Form 16A
During the step KYC Validation -
Complete the KYC Validation using a Digital Signature Certificate (DSC) or Normal KYC (providing Token Number and Challan details).
(Question
1) Are RRR Number as per Income Tax portal and token Number as per TRACES PORTAL are same)
2) Are Statement Receipt Number as per Income Tax portal and Provisional Receipt Number as per TRACES PORTAL are same
3) Should I mention the Statement Receipt Number or the RRR number as mentioned in the Acknowledgement receipt on Income Tax Filing portal for Provisional receipt Number as asked on the Traces Portal for generation of Form 16A?
4) Do I have to mention the Provisional Receipt Number of the Regular (Original) TDS return filed for that specific Form 27Q or mention the Provisional Receipt Number revised/corrected Form27Q for generation of Form 16A .

2) How to enter details of two challan (both Challan belong to one single PAN -person) –
Reason - The screen provides a slot for just one challan
(Question -
Challan Details: For TDS amount
Under TDS Amount, Should I enter the amount of tax deducted for that specific PAN under that specific challan as reported in the original TDS return or should I total the amount of both Challan and enter (Both Challan were reported in the original statement and entered).
Or for PAN / TDS combination – Should I make two entries for two challan amounts

Sir,
Certain items looks simple but difficult to find direct answer in Income Tax Act. like PMVY (PM VayaVandanYojna ). Following Queries:-
1. Fixed Periodical Returns of PMVY is to be termed as Annuity OR Interest. OR Pension
2. Is it fully taxable as per slab rate.
3. If Pension then can it be classified under Salaries with standard deduction OR under "Income from Other sources "
4.Is it to be clubbed with Interest income of deposits under head of " Income from Other Sources " as there is scope to add on fields in ITRs form2 for AY2026-27
5.Why no TDS is deducted even if amount exceeds Rs50000 p.a. and no relevant form of (no-Deduction) is submitted

Please guide pointwise.

Gross Receipt Professional Charges Rs 12 Lacs + SB Intt Rs 1620 =RS 12,00620

BOOKS OF ACCOUNTS ARE NOT MAINTAINED
==============================
Professional Charges under Section 44-ADA Rs 6 lacs @ 50% of total professional receipt.

Can we file the ITR-4 under section 44-ADA

PLEASE GUIDE ME AND OBLIGE

Sir/ Experts,

I draw EPFO (Employee Provident Fund) Pension and get ICICI Prudential Life Annuity.
Is this amount eligible for deduction under Standard Deduction for FY 2025-2026 (AY 2026-2027) in the new Tax Regime ?
Appreciate response.

Best Regards, Krishna

Can we claim last year TDS ?
TDS deducted on FD interest - 20% (as per PAN ADHAR NOT LINKED) - FY - 2024-25
Now, I am filling return for FY - 2025-26 and I want to claim TDS deducted along with FY - 2024-25. I have not filled IT return for FY - 2024-25.
If answer is yes then let me know how?

Hi Everyone,

A company is creating a provision at year-end for long-term service awards based on actuarial valuation (future employee payment liability).

For tax purposes, we are currently:

* Disallowing the provision by adding it back to book profits, and
* Claiming deduction only when actual payment is made to employees.

However, the Statutory Auditor is suggesting that the provision should not be added back to net profit.

What is the correct tax treatment in this case?
Also, which section of the Income Tax Act, rule, or judicial precedent supports the treatment?

The taxable value of the assets is ₹10,00,000, with GST amounting to ₹1,80,000, making the total invoice value raised by the supplier ₹11,80,000.

During payment processing, it has been observed that the department has proposed to deduct Liquidated Damages (LD) of ₹50,000 on account of delay in the supply and installation of the assets.

As per my understanding, TDS under the Income Tax Act @2% and TDS on GST @2% should be deducted on the original taxable value of ₹10,00,000.

However, my reporting officer is of the view that TDS and TDS on GST should be deducted on the taxable value after adjusting the LD amount, i.e., ₹9,50,000.

In my opinion, Liquidated Damages are in the nature of compensation for delay and should not result in a reduction of the taxable value of the asset for the purpose of TDS deduction. Please suggest.

Hello CA Club India.

I purchased a piece of land through a developer for X Lacs a few years back. The piece of land (plot) was registered in my name by the Sellers who were the direct owners of the piece of land, not the developer. The amount in the registered deed is Y Lacs which is less than X.

The developer has provided receipts for the X Lacs and given details of plot number etc. but as they are the developer they didn't show the payment made to the direct owners.

Now, as I am selling the plot, my CA is telling me that the cost would be Y not X which was paid to the developer. The developer received X Lacs which included developing the land (roads, demarcation, water supply, electricity etc.) However, as there is no indication of direct payment to the land owner, the CA is not able to provide me a plan for the LTCG.

How do we compute the LTCG in this case? Based on X Lacs which was actually paid by me or Y Lacs for which the registration was done.

Regards.