Dear Experts,
1 A company is availing the Liasioning of drawing approval service from a GST registered Constructed firm.
2 Whether the company can account this transaction under 194C or 194J

Please clarify

I am salaried person opted for 115BAC while submitting return, however i received 143(1) notice not granting 115BAC and I received demand of 87k.
I showed 303k loss in equity but it is showing as business loss in return file.
please guide

Sir,
An individual resident is to purchase foreign currency dollars worth Rs 150000 for meeting his foreign trip expenses while abroad .

Subsequently thereafter he is required to send dollars worth Rs 700000 to his ' close relative ' abroad for his maintenance etc. in same financial year

Hence following queries:-

1. Will these two transactions will be treated different for TCS purpose ?

2. Will he liable for TCS for transaction of Rs 700000 as he has crossed limit of Rs 700000 during a financial year by purchasing foreign exchange of more than Rs 700000 i.e (Rs 1.50 Lacs + Rs. 7 Lacs )

3. Will the first transaction of Rs 1.50 Lacs need to be filled in application form for sending dollars of second transaction of Rs 7 .Lacs to his ' close relative '

Pls guide

my HUF pan is AAAHI1301N
UNABLE TO REGISTER AS ERROR IS COMING THRO DATE OF BIRTH AND GENDER COLUMNS
HUF PAN CARD NAME IS -IMMADI BHIMESWARA RAO.
PL ADVISE

Hello Members,

Last week of Dec there were quiet few SMS received from Income Tax asking to confirm certain high Value transactions.
My Query is
In case of negative confirmation - Transaction not relating to us - we needed to respond,
In case the transaction is right - do we still need to confirm the same. What would be the implication if the same is not confirmed?
Thanks

partnership firm is there which are converting into Limited Liability partnership reason is to upgrade entity for marketable point of view.
but question arised , in this change in entity PAN number could have change or not? becasue we need change in PAN as general thinking. is it correct.

also development agreement had executed in firm by paid stamp duty for property development, by conversion fo entity , shall there need to pay again stamp duty as per transfer of property act, registration act and so on.

pls experts opinion . with kind regards.

Dear Expert,
Need to understand capital gain implication on following.

We have ancestral/inherited flat (purchased approx 50 years ago) which we have agreed to given to developer, and against the same developer had given us new flat for Rs20 Lacs (20 lacs as a construction cost of new flat). We have registered new flat 5 years back. Now we are selling this flat for Rs50L. We need to understand how much capital gain need to pay and when to pay.

one client Paid 100EUR out of india, for publication of his article in the magzine .
what purposed code and RBI code have to file in 15CA. and 15Cb is require for this due to amout not more than Rs. 5 Lakhs .

Client has been served a show cause notice u/s 148A (b). Upon checking on the portal it was noticed that the return for AY 2020-21 was not filed.
Kindly let me know how to proceed in answering this notice. Also let me know the penalty that would be charged

As per section 285BA of the Income Tax Act 1961 & under rule 114E of the Income Tax Rule, 1962. It is mentioned under SFT 005 that "One or more time deposits ( other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person" shall be reported to Income Tax Department.

Does it also apply to transactions on NRE accounts as these are non-taxable? I understand @CA R SEETHARAMAN had mentioned that there are circulars from IT department to confirm these don't have to be included for reporting by the bank but haven't found them myself.

Anyone can point me to the circular?