my query is I am working in a school trust recently my school purchase fixed assets of valuation more than 500000 through tender process. After completion of process the contract is given to the lowest bidder and the assets where purchase. Shall we deduct TDS on payment for the purchase.
NO SALARY RECEIVED IN TWO+ YEARS AND AFTER THAT RECEIVED THESE SALARY IN ARREARS BUT DIRECT TRANSFER TO PF. HOW THIS INCOME IS CALCULATED IN ARREARS AS ALL THE SALARY MOVED TO PF.WHAT IS HIS TAXABLE SALARY FOR PREVIOUS YEARS.
EX. A RECEIVED SALARY FOR FY 23-24 TAXABLE INCOME 400000, HE HAS NO SALARY FOR 21-22,22-23 WHICH WITH RECEIVED 1200000 IN 23-24 AND DEPOSITED IN PF. HOW IS THIS CALCULATED FOR ARREARS AND TAX.
WHETHER WE CAN OPT FOR 115BAC WHILE FILING UPDATED RETURN FOR AN ALREADY FILED ORGINAL RETURN UNDER 115BAC WITHIN DUE DATE.
I have invested Rs.220000/- in Mutual fund Via monthly SiP and some Lumsup amount and invested RS.100000/- in Stock also approximately 6 Transaction in 6 months. Its high value Transaction Can i face any notice issue from IT Department. My earning source from Salary I am regular filling ITR but invest in Stock market First Time. so Please suggest Accordingly.
F/Y 2022-23. Interest income was shown in ITR 2 under 2 heads - Interest from bank deposits and under Interest -others which included interest from deposit with a Pvt Ltd company. Tax was deducted on all u/s 194A. The compliance portal has shown a mismatch as it has considered only the portion of interest shown in ITR under interest from bank deposits. Can an updated ITR be filed now showing total interest under one head of Interest on deposits from banks etc. There will be no change in total or taxable income or in tax liability/ refund.
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