r/ sir, i hv salary income+interest+dividend+a small amount of mutual funds icome (cg) with small amount of refund. can i get 80ccd(2) deduction under new regime ?

Dir/Madam

Can anyone adjust his FNO loss again DTCG or LTCG in the fy 24-25??

This query pertains to AY 2023-24 I have filed original return in which I claim political donation subsequently I remove political donation and paid tax in revised return which was processed by department I was getting message for political donation I filed ITR U without political donation which is invalid now and portal shows no return filed under tax credit mismatch for said AY
1. Is revised return which was processed by department will be considered final assessment or not as ITR U is invalid and in both revised return and ITR U I have not claim political donation .
2. If department issues notices for political donation will there relief that political donation was removed in both revised return which was processed and ITR U which was invalid

I have paid interest in 194J challan while making monthly TDS payment, It is excess payment, Can I adjust the interest against tax payable in the next quarter.

Or interest paid is can be adjusted against interest only?

This is for FY 2024-25, Q1

how can make the correction now, kindly help

Is according to section 10(10)(i) gratuity to govt employees fully exempt from tax?

My client got retired from LIC which is a central govt undertaking. As per his form 16, he received gratuity of Rs. 40 lakhs however only he has been exemption of Rs. 20 lakhs only. So can I claim full exemption of Rs. 40 lakhs in ITR or even for govt employees the gratuity is exempt upto Rs. 20 lakhs

I am an Indian resident. I recently won an online hackathon from a US based company. The challenge was to build an AI based software project using the company's AI offerings. The top 3 projects of hackathon were awarded prize money based on innovation, completeness, usability and efficiency of the project.

The US based company is asking me to fill W-8BEN form which has a tax treaty benefit section, not filling it would lead US company to withhold 30% tax by default. Which Article of India-US tax treaty is applicable here so that tax treaty benefit can be availed leading to minimum/no tax withholding by the US company?

Article 15- Independent Personal/Professional Services (includes software development services)

Article 23 (Para 1 & 3)- Other Income

The next consideration is- what would be the domestic tax treatment of the amount in India?
Possible relevant sections to explore to ensure compliance: Section 2(24), Section 115BB, Section 115BBJ.

Section 2(24) states that "card game and other game of any sort" includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes or any other similar game.

This includes skill based shows like Indian Idol and Dance India Dance. KBC is also clearly a game show and included in this. But a hackathon isn't an entertainment programme, a game show or a game.

Section 115BB also relates to winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever.
Section 115BBJ specifically relates to and overrides 115BB for "online games”, defining them as games that are offered on the internet and are accessible by a user through a computer resource, and includes games of skill or chance or both.

This is widely construed to be encompassing games such as rummy, poker and fantasy sports etc.

Indian tax law leaves the interpretation of a game to common sense and doesn't formally define it. Hackathon isn't a game but an innovation challenge with a software deliverable/demo. It is an intellectual/technical competition. There is no wagering, gambling, or speculative element. The result is based on skill, coding, innovation, and judged by a panel, not algorithms or randomness.

What would be the right tax treatment/classification of this income for W-8BEN form's tax treaty section and domestic (Indian) filing?
For India, would this be added to total income and taxed at slab rates or special sections?

If a employee receives Leave Encashment from previous employer after resignation to join another employer. What is the taxability rule of the same under old and new tax regime sir ?

gold received by will by inherited are taxable when its sold ? Gold Qty 300 gms

I had filed the Income Tax Return for the financial year 2022–23 (AY 2023–24) under the AOP status, as the trust is not registered under Section 12A of the Income Tax Act .
At the time of filing, due to a technical issue on the Income Tax portal, the return could not be uploaded unless the option “Whether the trust has business income” was marked as “Yes”, even though the trust does not have any business income . Since the taxable income of all its trustees is below basic exemption limit return has been filed as AOP at normal rate ignoring the warning trust with business income should go for AOP MMR .How ever we received demand notice calculating tax at AOP MMR rate.
We now wish to know whether we can file an Updated Return (u/s 139(8A)) to correct the business income option to “No”, and whether doing so will have any impact on the tax liability or lead to any reassessment or additional compliance.

Sir,

AS NRI an Individual has earned interest income of Rs 240000 on his NRO-Saving Banik a/c and NRO-FDs during FY2024-25 (AY2025_26 ) i.e current assessment year. Bank has already deducted TDS @30% under Section 195 of ITax . He has no other income in India.
Now following query -

1. Is this interest income is to be taxed at slab rates OR is to be taxed at Any Specific Special Rates ( if applicable).

2.Will he be entitled to refund of total TDS by filing ITR-2 ( as his India Income is well below Taxable Limit )

3. He is having a residential flat in India and which is self-occupied (Not Rented and No rental income ). Will he still be required to fill-up House Property Income Schedule OR can he skip filling this HP Income schedule as there is income under HP head.

Pls clarify pointwise and help to remove any doubt.