Ours is an insurance company. We pay brokerage to the Insurance brokers. The brokerage is generated on the last day of the month and TDS on the same @ 10% is remitted to the IT dept. before 7th of the next month. However, Invoices for the payment is raised by the Brokers subsequently.

In the specific case, we had already remitted TDS on brokerage for the months of June & July 2023 at the specified rate. However, now brokers have raised their bill for the month of June & July 2023 after obtaining Lower deduction certificate effective from 25th August. 2023 to 31st March 2024 and requested us to adjust the lower deduction rate of 4% against their bill for the months of June & July 2023.

As per our practice TDS becomes payable on accrual or payment whichever is earlier. Accordingly, we had remitted TDS @ 10% for the month of June & July, 2023. As the validity date of the Lower deduction certificate is 25th August 2023 to 31st March 2024 is it possible to adjust the lower deduction rate for the Invoices for the month of June & July 2023 which was raised after issue of Lower deduction certificate.

Please guide.

We have opted for New Tax Regime in A.Y. 2021-22 by filing Form 10-IE so, during A.Y. 23-24 again need to file Form for opting New Regime or it is by default continue for A.Y.2023-24 and we just need to select at the time of filing return that we have earlier opted for New Regime in A. Y. 2021-22

Sir,

Please advise

(1) Its mandatory to show employers wise Salary if a person have salary from 3 employers all employers have shop keeper no tan number even salary paid to employee by cash in mode and by Cheque salary from All employers (207600/- By Cheque 120000/- by Cash 48600/- By Cash Total salary Rs.376200/-
(2) its mandatory to carry forward losses if Losses from mutual fund Rs.157/-
(3) Its mandatory to File ITR-2 or can we go for ITR-1 if income from Salary, income from others source, and losses of Shares or mutual funds.

As per Budget 2022 amendments in the income tax law, for the purpose of filing income tax returns in the case of trusts, application of income shall be allowed on cash basis only. Thus amount of application shall be considered only if it is actually paid irrespective of the year in which liability arises. These provision of amendment is applicable since Assessment Year 2022-23.

Suppose in earlier years the expenses are booked on mercantile / accrual basis and payment of creditors are made in the current year. In such cases, whether the payment to creditors will be treated as applicaiton of income for the purpose of filing income tax return. Also deficit not allowed to carried formwad. in such case what will be treatment of brought fporward deficit. Kinldy advise us

I AM PAID TDS CHALLAN 194B INSTED OF 192B
SO THE PAID CHALLAN US 194B, VALID & ADJUST US 192B ?

please advice.

Dear Experts,

Please clarify the application of Corpus Fund - Tax Exempt Category.

We received a corpus fund for fulfilling a specific purpose.

There are some expenses, which are necessary for fulfilling the specific purpose - such as payment gateway expenses, remuneration of persons who are working to fulfil that specific purpose, travel expenses etc.

Can these expenses be allowed as an application of the Corpus Fund as per the Income Tax Act 1961 and the current Finance Act?

Please clarify which expenses are allowed from such specific corpus Fund.

One of my client missed the dadeline for deposit of TDS of July 23 I.E. 7th Aug 23. He deposit the total TDS amount in 8th Aug 23.by different challan in different section .Now he want to deposit the TDS interest amount in Sep 23. Is he able to deposit the hole amount of Interest in a single challan by mentioning most big amount of TDS section of Aug 23 or need to create sepetate challans interest column in sepetate section wise?

Dear Sir,
As for as Income Tax Act is concerned, what are all the Assessment sections? kindly enlighten me.

Sir,
Can husband (also nominee) of deceased wife inheriting assets including securities bank accounts of deceased wife, forms HUF with daughter having seperate PAN open a new account in HUF name and transfer all inherited money securities in HUF name. Can he show income (including interest etc) from such assets/ securities under newly formed HUF (PAN).

Dear Sir,

We was made and Paid the TDS on Professional Fees in Last year on provisional basis.

We received the bills at lower amount as compare to provision. hence TDS was paid on excess Provision.

Can we adjust this TDS against current year Expenses.