Last year income tax log-in was registered in the old DSC and secured too. While logging in this year for the said account, the site asks for the old DSC. Whereas a new DSC after expiry is taken. In short Income Tax site can not be opened since the old DSC was registered & secured with that. Can it be not opened with a new DSC ?

I wish to know how to set off LTCG against LTCL for Debt and Equity Mutual Fund Units.

All the units both debt and Equity category were bought more than 3 years ago. (But No grandfathering) So 20% tax after indexation is still applicable for the debt funds, as bought before 1/04/2023 and sold now.

1)  If I sell Debt MF after 3 years' holding and incur LTCL after indexation. (bought 4 years back)

2) Also, if I sell my Equity Mutual Fund units after 1 year holding and incur LTCG. Can I set off LTCL from debt fund mentioned in item 1, against the LTCG from the sell of Equity fund? If the LTCL is more than the LTCG, then can I carry forward the LTCL for next 8 years? If the LTCG happens to be more than the LTCL, then the net remaining LTCG is taxable (amount greater than Rs 1lahk), at the rate of 10%, am I right? Next case,

3) I incur LTCG from the sell of Debt Mutual Fund units after indexation after three years.

4) I incur LTCL from the sell of my Equity Mutual Fund units after one year.  Can I set off LTCL from Equity fund mentioned in item 3, against the LTCG from the sell of Debt fund? If the net result is LTCG from the Debt Fund, will it be taxed at the rate of 20%? Please let me know.

My point is, even though the tax treatment of LTCG/LTCL from the sell of Debt and Equity Funds are different, they still can be set off against each other? The net LTCG after set off, is from Debt fund, can it still get Rs. 1 lakh exemption from tax?

Sunil Joshi

suniljoshi2005 @ gmail.com

There is new column inserted "Grossing up indicator" in new TDS return template of Form 27Q for FY 2023-24. Please explain when to mark it "Yes" and when "No"?

Also, please explain whether we need to fill any such information while filing Form 15CB? Currently there is an option namely "In case the remittance is net of taxes, whether tax payable has been grossed up (Yes/No)". Is there any relation of this point to "Grossing up indicator" in Form 27Q.

Cooperative society which are subject to audit as per Cooperative Act can submit return after 31/07/2023 to claim deduction u/s 80P(2)(a)(i) of the IT Act if Turnover is not subject to tax audit. Audit report of the cooperative Act cannot be uploaded for want of provision in IT portal.

Donations received by cash more than 2000/- from each person can be used for application of income otherwise taxable in the case of society registered u/s 12AB
Whether such receipt as a income which can be set of against expenditure by filing return of income in ITR-5

I have filed a return on 31.07.2023 and e verify it on 12.09.2023 . It dept. Sent notice u/s 143(1) outstanding demand of rs 1000 sec 234f . Is it correct?

Interest on Capital to partner should authorize by partnership deed to pay interest to partner or we can pay @12% P.A. even if it is not mentioned in Partnership Deed.

I am facing a problem which I am going to explain here with example -
We raised a bill for Rs. 10,00,000/- in March 2022, filed it in the GSTR-1 of March 2022, accordingly filed our ITR for FY 2021-22 with turnover Rs. 10,00,000/-. We have not received the amount within March 2022 and hence that amount shown as sundry debtors in the balance sheet of FY 2021-22. Debtor paid the amount to us in May 2022 and deduct TDS for Rs. 10000/- on it. But the problem is that we don't have any turnover for FY 2022-23, we filed nil GST returns for the year 2022-23. Now when we are preparing of IT file for FY 2022-23 our turnover as per GST is Nil whether as pre 26AS our turnover in Rs. 10,00,000/- which we have already filed in our previous year ITR as it relate to that year. Now if we file file our ITR for FY 22-23 with Nil turnover then is there any possibility that IT department make our return as defective return or serve us notice. Please suggest how to deal with this situation.

Donations received by cash more than 2000/- from each person can be used for application of income otherwise taxable in the case of society registered u/s 12AB

Whether tax audit is required in the case of turnover exceed in 2 crores and less than 10 crores where all transactions are made by cheques