i am director of a private limited company my question is
1) can my father give loan to company from borrowed funds?
2) he borrowed personal loan from bank and give loan to my company?

My client was making a payment through Agoda travel agent for hotel booking worth Rs 23000.

He got this msg from SBI bank:

*Dear Customer, TDS of INR 2,301.90 deducted in account no XXXXX629200 on account of cash withdrawals under section 194N of Income Tax Act-SBI*

He contacted Bank inquiring about the same. Bank said it will show as TDS in your account however it is TCS deducted by bank. It is understood that this is tcs on foreign remittance. But still it does not match with the rules as according to rules tcs is 5% below 7 lakh remittance and 20% above it. And my client has not exceeded the limit. However once he had converted 4 lakh rupee to dollar but it was not used and again recoverted to rupee.

How can we challenge this in income tax dept. Pls guide

This pertains to my IT return for AY 21-22. I had filed the ITR return within due date (i.e. before 31st Dec 2021). The Due Tax payment (self-assessment Tax) of about INR 2 Lacs was paid within 4 days of the filing of Tax. I also paid interest of around 7000/-, as was showing in the Income Tax system, though no interest should have been applicable

Please let know whether I can file:

1) Rectification to update my challan for payment of INR 2 Lacs: -
I was told that last date of filing rectification was 31st Dec 2023, for AY21-22. Can you please confirm whether I can file rectification. In this case I am getting Tax due of around 35,000/-, as system is not capturing date of my challan payment of INR 2 Lacs and calculating interest for delay. Actually, no interest should be applicable.

2) Updated return under 139 (8A):-

In this case, I am getting marginal refund of around 6500/- (nearly same as the interest amount I had paid), but since refund is not allowed under 139 (8A), I have to manually make it zero, before system allows the filing.

Please confirm whether 1) or 2) is the right way to proceed.

Hello Experts,

I would need your advise on below query.

-ABC co. has no working capital and unable to buy computers / Other Fixed Assets in India.

-XYZ co. being foreign holding company of ABC co. desires to pay the amount directly out of foreign country.

Can ABC Co. recognize as assets?

Pl advise if that is possible or if there are any legal/tax implications.

Note: ABC Startup company and holding company is paid amount directly to vendor for computers

My client was making a payment through Agoda travel agent for international hotel booking worth Rs 23000.

He got this msg from SBI bank:

*Dear Customer, TDS of INR 2,301.90 deducted in account no XXXXX629200 on account of cash withdrawals under section 194N of Income Tax Act-SBI*

He contacted Bank inquiring about the same. Bank said it will show as TDS in your account however it is TCS deducted by bank.

Can you pls explain under which provision or section this amount is deducted?

UNDER WHAT RATE TDS IS REQUIRED TO BE DUDUCTED IF PROPERTY IS PURCHASED FROM NRI PARTY? AND WHETHER CESS & SURCHARGE WOULD BE APPLICABLE IF YES UNDER WHICH RATE?
AND SUCH TDS IS REQUIRED TO BE DEDUCTED ON SALE PROCEEDS OR CAPITAL GAIN?

My annual salary is 5 lakhs yet my employer deducts TDS since my salary goes beyond 3 lakhs. Can anyone guide on this. As per my knowledge if i am opting for new regime i shall not liable for any tax.
2nd what are the tax slabs for new regime? since Income Tax website shows as below for new regime as well.
Up to ₹ 2,50,000- nil
2,50,001 - ₹ 5,00,000- 5%
5,00,001 - ₹ 7,50,000- 10%
7,50,001 - ₹ 10,00,000- 15% and so on.

Dear Sir

Ours is a partnership firm liable to audit u/s44AB. We have filed my ITR for the AY 2023-24 within the stipulated time, ie before 31st Oct 2023. We received defective notice on 12.12.2023 against which we had filed a corrected return on 27.12.2023 within in 15 days specified. On the same date the filed return also declared as defective and issued a fresh letter against the same. The due date for the new notice is 11.01.2024 but unfortunatly we had failed to submit explanations for the same. Now in the portal the submit button was disabled and we are unable to submit any response in this connection. Kindly advise us is there any solution available for the give the explanations in this regard. We had filed the corrected ITR and no changes proposed to be included therein. The reason for defective is some reconcilation between 26AS and ITR Income only.

Thanking You

CA MANU K

Dear Sir/madam,

Could you please advise on below query.
I have received critical illness insurance payout from insurance company.
Please advise whether I can transfer amount to wife bank account to make a fixed deposit. The reason I am asking is that interest on FD will get included in my taxable income if I do fixed deposit.

Thank you

Gajanan

Monthly mobile bills from Vodafone received. We have deduct TDS or not? If yes, then u/s 194C or 194J?