Hello sir ,

My wife is salaried and having income of 7 L . She have purchase Mutual fund (SIP ) of Rs 3 L and sale Mutual fund of 5000
She have also income of 2 L from intrest on saving and FD .
Which from should we choose ITR1 or ITR2 as Mutual fund sales

Dear Sir,
I had applied for the SME IPO of Parameshwar Metals in the HNI category, my application amount was 19,52,0000 as I applied for 16 lots (1 lot=2000 shares, price 61/share) but was not allocated any shares. Still it is being displayed in my Annual Information Statement and it is adding up to the buy column in the TIS (Tax Information Summary). If this thing goes on like this for other IPOs as well,then buy column total would become in several crores.

My question is, that even though I was not allocated any shares(had applied via ASBA), why is this being reported to the AIS and increasing compliance for us?
Is this legitimate or should we mark any feedback for this in AIS ? Gross amount received and Gross amount paid cancels out each other anyway. It was not the case in previous financial years.

Rectification got rejected with reason Rectification cannot be taken and hence rejected Rectification is taken as suo moto if no data correction is required Taxpayer is requested to file rectification under return data correction if data needs to be changed there is no apparent mistake in order which is sought to be rectified AY 2023-24
1.Does original order on which rectification is filed stands valid or not

Dear Sir, Madam,
I have 1 received bill taxable amount to 20000/- on date 05.05.25, and second bill received same amount on 05.06.25, for repair & maintenance for machine, now we will not receive any bill from this supplier. Should TDS be deducted for this supplier or not? if yes what rate of TDS i have to deduct.

Thank in advance.

Dear Sirs : One of my cliend purchased residential plot on June 2019 for Rs.28 lakhs and selling now for Rs.1.80 crores. As per new tax regime LTCG is Rs.1,52,00,000. Now he buys new property for Rs.50 lakhs and invest in bonds (lock in period) Rs.50 lakhs. Balance LTCG is now Rs.52 lakhs. My query is that can use the balance Rs.52 lakhs for other personal purposes, gifts etc after paying income tax of 12.5 % on Rs.52 lakhs... Kind regards

Dear Sir,
I'm filing ITR for first time for AY 25-26 and I've to file ITR 3. Since new regime is the default regime, can I still opt for old regime as I've substantial 80C deduction which I want to claim to reduce my taxes ?

Thanks

Hi Sir,

I and my wife have jointly purchased a property worth 7391600 from one seller. While filling up form 26QB, it is giving me warning "Please provide proportionate share of stamp duty value." I am below values for both forms:
1. Total Value of Consideration (Property Value) = 3695800
2. Payment type = Lumpsum
3. Whether stamp duty value is higher than sale consideration ? - No
4. Amount paid/credited currently (B) = 3695800
5. Total stamp duty value of the property (C) =3695800
6. TDS Amount = 36958
The warning is not going away.
Could you please guide me what I am doing incorrectly to get this warning ?
Thanks in advance
Regards,
Vikas

I have received refund from the builder basis order of NCDRC. The refund includes principal which I had paid him 12 years back PLUS interest @12% for the 12 year period. He has deducted TDS on Deposit @10% which I have protested. I understand that either there is no tax on such interest OR at best capital gains tax for which there is no TDS applicable. Please help.

Hi everyone,
I need some clarity on a TDS issue under section 194C for the financial year 2024-25.
A client made payments to a contractor as follows:
25,000 on 30th June 2024
25,000 on 30th September 2024
25,000 on 31st December 2024
and 35,000 on 15th March 2025

The total payment during the year comes to 1,10,000, which crosses the threshold limit of 1,00,000. u/s 194C TDS at 1% is being deducted on the full amount of 1,10,000 at the time of the last payment in March.

My question is — since the limit was crossed only at the time of the last payment and we are deducting TDS then, will interest under section 201(1A) be applicable for the earlier three payments?

Thanks in advance.

Dear experts,

If turnover from sale of shares crosses 10 cr in a financial year , then will tax audit bre required?

Also income to be shown as capital gains or business income?

Nature of transaction is delivery based with contract value of 10 lakhs (approx) each resulting in total turnover exceeding 10 cr

Please advice

Regards,