One of my client has invested Rs. 50,000/- IN NPS Tier 1 Account during FY 2022-23 and has also invested Rs. 1,50,000/-in PPF/NSC/LIC etc. How much maximum deduction, he is allowed U/S.80C/80CCC/80/CCE etc. ? 1,50,000/- or 2.00,000/-

We have deducted TDS U/s 194 C @ 1% on 30.09.2023 and filed TDs Return in Oct, 2023 after verification of PAN - Aadhaar Link but later on Dept. issue default summary for Short Deduction for Inoperative PAN due to linking of PAN- Aadhaar after 30.06.2023.

Now my Quarry,
1. If for Dedutee Link Pan Aadhar after 30.06.2023 and pay penalty but before our Deduction even after deptt. can raise default for Inoperative PAN
2. If we Deposit short TDS with Interest than the dedutee can claim TDS on higher rate in his/her income tax return or not?

please reply

ITR 7 File Panumbodu Tax Demand Varukiradu. How to Rectify?

Dear Sir,

Please educate to me business Started FY 2022-23 Turnover Rs.7800000/- NP Rs. 440000/- Agriculture income Rs.151000/- Registered in GST proper books of account mainted in tally software. we do,not want to avail the benefit of section 44AD presumptive income So can i go for Normal ITR-3 with file Balance sheet & Profit & Loss account or any complication face from IT department.
Thank you

Sir,

I have Capital gain from Mutual fund and some from Stocks so during Filling ITR-2 Short term capital gain i have to add both amount (MF sales +stocks sales ) and Same while show purchase Cost ( purchase of MF + purchase of Stocks ) and put the value under 111a Colum or any other option to show capital gain

Please suggest to me.

GOOD DAY ALL.

MY query is even after filing the IT returns b4 july 31st, refund is not credited till now inspite of 143(1) intimation was received thro mail by taxpayers.

can grievence be raised in portal regarding refund issue.

pls provide a valuable suggestion.

thanks

goodday

Rama.

Dear Sir,
We are filed the TDS Return for 26Q and in that return one company pan number is given instead of another company. While changing pan number in TDS Return in online TDS portal Pan correction option is not available only Challan correction, add challan to statement and pay 220I LP, LD, Interest option is there. TDS traces portal is not showing PAN Correction . How we can change to Correct pan in online.

Thanks in advance,
Regards,
Bheema Reddy.

Suppose Mr. A have given his money to his friend Mr. B for ipo application on codition that Mr. B will return entire sale proceed to Mr A after deducting some commission, then capital gain is taxable in whose hands? and if capital gain is taxble in Mr B's hand then does the sale proceed received by Mr A is taxable or expemt ?

IF THE ASSESSE HAS ONLY SALARY AND OTHER SOURCE INCOME AND ASSESSE HAS FILED ITR - 1 BUT IN 26AS TDS HAS DUDUCTED U/S 194NF FOR CASH WITHDRAWAL
THEN DEPARTMENT HAS ISSUED NOTICE U/S 139(9) FOR HAVING LOWER TURNOVER THEN 26AS , NOW SUCH RETURN IS TO BE REVISED AND SUCH CASH WITHDRAWAL IS TO BE TREATED IN WHICH SOURCE OF INCOME?

The assessee has received the notice under section 148 in March 2023 towards capital gains of Rs.69L and failed to file the income tax return for the AY 2016-17.
Kindly clarify the validity of notice u/s 148 if after taking the indexed cost of acquisition the capital gains amounts to Rs.30 Lakhs(< Rs.50 Lakhs). Is it time barred or not.
Kindly resolve.

Thanks in Advance