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26 October 2024 at 13:11

TDS Charges

is there is penalty or charges for revised TDS return from f y 24-25


Jagadish T G
26 October 2024 at 12:59

Pvt Ltd Company showing Inoperative PAN

Dear Experts...

Company PAN showing Inoperative in TRACES website.

How to link Aadhaar to this PAN and to proceed with filing e-TDS return?


Amit Patel

TDS on Purchase of goods

I'm looking for clarification on the applicability of TDS under Section 194Q when purchasing foreign currency from a single vendor.

According to Section 194Q, it applies to the "purchase of any 'goods' of the value or aggregate value exceeding..." However, the definition of "goods" specifically excludes 'money' and securities.

I would appreciate any insights or references to relevant guidelines on this matter. Thank you!


Suresh S. Tejwani
26 October 2024 at 11:37

REGARDING TAX PAYMENT OF IT TAX

IF TAX IS PAYABLE ALONG WITH INTEREST AND CESS BUT WHOLE TAX IS ALREADY PAID UNDER SELF ASSESSMENT HEAD IN TAX SUB-HEAD ONLY. SO, THIS CHALLAN IS VALID FOR TAX PAYMENT IN SUCH CASE?


Tamanna Kapoor
25 October 2024 at 19:18

LTA DEDUCTION amount

Can Deduction w.r.t. LTA be allowed for travelling through hired vehicles say for example a traveller booked for entire family? Or it can be claimed only for journeys via bus, air or railway?
What are the conditions to claim this deduction?


KARISHMA will CA

Dear Sir,
I have a client who is providing freelancing services in the USA. The USA vendors give him Off-market Cryptos and gift cards in exchange for his services. These amounts if we calculate turn in approximately in crore in a year. He sells these cryptos as per their requirement in the market in terms of some percentage like 98% of vale etc.
What are the Tax implications when he sells these cryptos in India. these services will count as export of services or not. please tell me these too. he has LUT and IEC also.


stapler
25 October 2024 at 18:40

Indexation benefit for sale of shares

Dear Experts, please guide me on my query.
Is the benefit of indexation using Cost inflation index available while computing LTCG on sale of listed equity shares as per section 48 with 20% tax? Or 10% according to sect. 112A. Thanks.


Suraj

Dear All,

HUF's original IT return was filed under NEW regime before due date & there was a refund of Rs. 44000/-., Now the assessee wants to revise this return as he forgot to show Tax saver FD of Rs. 150000/- under 80C investment. Had this shown earlier, he would have got refund of Rs. 49000/-.

Can he file a revised return under OLD regime by claiming this 80C deduction??
Kindly guide.

Thanks & Regards,
Suraj


MONIKA SALHOTRA
25 October 2024 at 15:45

Revise ITR or pay the demand first

Dear Experts

We have received Income tax demand u/s 156, however we missed to take credit of one TDS. Shall we pay the demand first and then revise the ITR or directly file the Revised return?


Sagar Joshi

In respect of a trust registered u/s 12A, suppose we have total receipts amounting to Rs.10,00,000 during the year out of which 8,00,000 has been applied to charitable objects. This results in excess accumulation of Rs.50000 (i.e. excess over 15% of 10,00,000). When we enter the receipts and expenditure in the ITR form, it itself computes excess accumulation of 50,000 and includes it in taxable income. Now this 50,000 needs to be reported in section 115BBI. However when we do so, in the total computation, this 50,000 gets updated twice (one from the system calculated excess and other from schedule BBI) resulting in total taxable income of Rs.1,00,000. Although tax is being computed on Rs.50000 only as the other 50000 is getting exempt being less than basic exemption limit but from the disclosure point, the taxable income computation is not correct. Please suggest on how to resolve this issue.