Respected members,
One proprietorship firm engaged in providing tour operation services ( International) has collected TCS U/s 206 during the month of May 2023 . Can anyone please guide under which code it will be deposited online through income tax portal..?
Because there is no description is showing as Tour operation services. Is it fair and correct to select Description as "TCS On foreign remittance " Under Section -206 & Code- 6 CO for depositing TCS collected .

Thanks & Regards
CA Enayat

Respected members,
A haj tour operator providing international tour packages has collected TCS u/s 206C from customers during May 2023. Please guide which description and code shall be selected while depositing this TCS amount online through Income tax portal. Under the deposit screen Foreign tour operator is not showing under description. The following one is there. Can anyone please advise is it correct to deposit this TCS amount under the following .
Description
TCS on Foreign Remittance
Section
206C
Code
6CO

Regards

Dear Sir / Madam,

It is seen in most flat purchase agreements that a person who is earning, keeps their spouse, mother, or father as a joint owner. They are there for the namesake and just to avoid any legal intricacy if something happens to the earning member. Their share is also not defined in the agreement.

Moreover, the housing loan is repaid by the earning co-owner only. The other co-owner doesn't contribute to the repayment also.

But still, in agreement, we have to show them as co-owner and their share, say as 50:50.

My questions are as follows:

1) If that property is rented for say Rs. 500,000/- pa and there is interest on home loan of Rs. 250,000/- then we have to divide the rent between the co-owners.
But the only earning co-owner is repaying the loan, can we show the entire interest on the Home loan of Rs. 250,000/- in his return and Rs. 0 in the other's return?

2) If the answer to 1 is yes and the other co-owner income is only rental income and some savings interest and total income is below the taxable limit. Will it be okay if he doesn't file the return, even though he has a share in the property?

Kindly guide.
Regards,
Suraj

DEAR SIR,

ONE OF MY CLIENT IS SOLE PROPRIETOR OF A TRADING BUSINESS AND ALSO PARTNER IN A FIRM MY QUERY IS THE FIRM FILING ITS ITR RETURN IN OCT MONTH OR NOVEMBER MAY BE WILL BE DELAY IN FILING MY CLIENT RECEIVE REMUNERATION AND INTEREST SO INDIVIDUAL SHOULD FILE HIS ITR RETURN BEFORE JULY IN THIS MY CLIENT IMPOSSIBLE TO FILE DUE DATE WHAT DO.

REGARD

1.Working with an Indian company, I left for USA on 22/05/22, reached USA on 23/05/22.From there worked remotely for same indian company and resigned on 31/05/2022.Received Salary for full month of May in indian bank on 26/05/2022ie after entering USA. This salary for full month of May will be considered as indian income or split into indian and American parts proportionate to time in these two countries
I shall be filing ITR2 as NRI & US Res alien

2.For my interest income from RESIDENT savings and FD in India, no TDS & no submission of TRC. As per slab, I have to pay 30% tax as self assessment on said income.
To limit this to 15%, can I avail DTAA benefits by electronically filing TRC & Form 10F to CBDT along with filing ITR 2.
Thanks in anticipation

2.T

Hello Sir
Along with STCG 75000 and LTCG 250500 Intra day profit is only 3000.

Is it necessary to file ITR 3 ?

If yes .. where and how to show profit in ITR3 .

Last year it was shown under profession .. No books of accounts maintained. It is learnt that this year their is amendment and require to show under Trading account.

Which is correct ? And if ITR 2 filled and 3000 profit clubbed under Short term gain what is consequences. ?

Please guide where and how to shown in ITR-2 or ITR 3 as required... .

Hi
I have one Client, he had sale his Mother Jewelry ( mother was death 10 years back) and this jewelry was around 50 years old and sale value is of Rs.7 lakh, whether this type of income should be calculate Capital Gain or this will be exempt income. and where need to show in ITR
Please guide on the same.
Thanks

I am working in government organization as intern on short term contractual basis on the basis of cma intermediate (and there is no middle man or agency). When I received salary they deduct 10% tds from it u/s194j. But as per my point of I am not giving any professional service as I am not qualified professional. Whether i am right or wrong?I am little bit confuse about it. please clarify it so that I can understand and present my point of view before them.

Is the income from proffessional service ( Tution classes etc. which comes under presumptive tax) of the KARTHA of HUF be received in HUF Bank account and shown in ITR of HUF PAN and pay tax accordingly?

Sir,

My Form 26AS and Form 16, both showing same interest amount, but this amount is more than the amount showing in my AIS and my Bank's interest certificate. My AIS and Bank's certificate is having the same less amount and my Prefilled ITR is also showing AIS amount, which is less and as per my own calculation, AIS amount is correct. This all difference is due to a particular fixed deposits whose interest figure has been showing different in 26AS and AIS.

I have also written and emailed to my bank to correct either 26AS And 16 or correct AIS, so that their total amount matches but they have not taken any action so far and I presume that they will sit down on my complaint. Please advise me how to file my ITR as 31 July is approaching fast.

If I modify the figure in AIS and increase the interest amount than I will have to pay 20% more Tax on that increased amount which I have not earned and already Bank has deducted 10%. on this excess amount.

Note: The TDS amount is same in 26AS, 16 and Bank's interest certificate even when the interest income is showing less in the Bank's certificate and TDS has been deducted on the excess amount showing in 26AS.