HOW TO CALCULATE INTEREST U/S 234B FOR FY 2024-25
I HAVE A QUERY ON THE FOLLOWING
Date of Determination of Income U/s 143(1)---HERE WHAT DATE SHOULD WE ENTER ?
INTEREST CALCULATION FROM 01.04.2025 TO ? WHAT DATE ?
PLEASE REPLY

One of my client had received his salary for 7 months in foreign currency and for 5 months professional income in India (During FY 2024-25). NO ITDS on foreign salary, but ITDS on Professional income in India (As per 26AS). May I file ITR 1 ?

Dear Experts
I only have short term capital loss for FY 24/25 from sale of equities and no short term or long term capital gain. When I fill in the details under STCG section 111A the ITR2 calculates the loss properly and also registers it in the carry forward loss page but when I try to validate the return for final submission it gives an error saying STCG value is less than zero. ( 2c. Balance (2a-biv) input can not be less than zero) . Since I only have short term capital loss from equity value is bound to be less than zero!! how do I enter this loss so that the return validates. Thanks for all the help in advance.
Neel

Hello Sir, X person buy MF of Rs 1 L after 2 years it's valuation is 1.3L . He gave gift this whole 1.3L MF to his wife .
Will X person need to pay tax on 30K(1.3L-1L) on this year ?
suppose again after 2 years valuation of MF is 2 L and wife sold MF. So On what amount wife (Or Husband if we consider clubbing of income )need to pay tax ? Is it on 70 K (2L-1.3L) or 1 L(2L-1L i.e. original price of MF)

FD done in year 24/25 is 1500000
SFT showing 1700000
My qs is
What option should be choosen in Feedback??

Respected Colleagues,
If a partnership firm having first year of business FY 2024-25 turnover nearly 30 Lakhs and Profits approx 1.45 Lakhs before partner remuneration, then as per sec 40(b) of IT act, firm entire Book profits transfer to remuneration of partners due to below 1.50 Lakhs and in this case no loss ,no profit, So my question is whether tax audit is compulsory in this case or not, due to below profits under 6% as per 44AD? ...............Please guide

We had received a notice U/S 142 (1) and we have replied to the said notice with the necessary documents before due date.however now the status is showing as e submission re enabled in that whether we have to re submit the reply or wait for notice??

Dear Experts,

Pls guide me, whether TDS deducted by a company in different section such as 194C, 194J , 194H etc can be deposited in a single challan say 194C?

Sir

Need clarification that one of my friend file his return for the fy 24-25 in old tax regime and last year also filed old tax regime.

He need to file form 10IEA before filling his tax return for the fy 24-25??
Please suggest

I have received a notice under section 148 of the Income Tax Act, requiring me to file a return of income. I would like to clarify the following:

In the assessment year preceding the year under notice, my income was subject to a tax audit (i.e., books of accounts were audited under section 44AB). However, in the year prior to that, I had filed the return under the presumptive taxation scheme u/s 44AD.

Considering this, I understand that a tax audit in one year leads to a block period of five years during which the taxpayer cannot opt for 44AD if it was discontinued after having opted for it.

My queries are:

Can I opt for section 44AD again during this block period after having undergone a tax audit in the immediate preceding year?

What are the implications or consequences if I still choose to file under section 44AD during the block period?

Kindly advise on the correct approach in this scenario.