Dear All
If any rent free accomodation is provided to any consultant or professional as per their contract then that benefit will taxable u/s 194 R or not , when yearly total expenses exceeds Rs 1 Lakh ?

Regards

Dear Sirs,

We filed Form 1 under the Direct Tax Vivad Se Vishwas (DTVSV) Scheme on 31-01-2025. However, as of 06-03-2025 (beyond the 15-day timeline), we have not yet received Form 2 from the CIT. The portal status remains "Awaiting Form 2 from CIT."

Could you please advise on the usual processing time for Form 2 issuance? Is this delay normal, or should we take any further action to expedite the process?

SECTION 194T PAYMENT TO PARTNER OF FIRM - BECOME APPLICABLE FOR REMUNERATION AND INTEREST PAID DURING THE FINANCIAL YEAR 2024-25.

Dear sir/s, what is the limit of cash purchase per day

Under section 54F, if a taxpayer opts for purchasing land & then constructing it within 3 years from date of transfer,
then in such case, exemption is available for only construction cost, or for both (cost of land + cost of construction)?

Sir, tax payer sec 44ada gross income rs:20 lacs profit declared rs:10 lacs f.y.23-24 and gross income rs:16 lacs profit declared rs:10 lacs f.y.24-25 question: Assessess selection of scrunity provision applicable f.y.24-25

Bank asks borrower to obtain IT Certificate under section 281 of Act. But Dept does not issue. At the same time,,GST holds higher stake. Then why not Lending bank asks similar Certificate from GST dept. Both are Statutory Auth.
Kindly guide.

Dear experts,

If husband and wife both paying rent of Rs 35,000 seperately i.e Rs 70,000 in total then in that case TDS to be deducted?

Pls advice

Regards,

Query on applicability of TDS under Section 194 C :

X is a Company engaged in Real Estate Business and Y is a Contractor (Individual) working for Company X .

Now Y receives the following amount of payments from X during the whole Financial Year for two different works :
1. Rs. 10,00,000/- received for supply of tent house material (Shamiana , Chairs , Tables , etc., ) at the site of Company X for promotion of its business and
2. Rs. 50,000/- received (in small amounts of less than 5,000/- on different dates) for catering services.

In the first case TDS was effected on the total payment of Rs. 10,00,000/- and whereas in the second case TDS was not effected on the total payment of Rs. 50,000/- as the aggregate amount of payment for doing this second work has not exceeded the threshold limit of Rs. 1,00,000/- during the F Y

Query is :
Since the person Y is a single Contractor and doing two different works altogether for Company X and received the payment from Company X , Is TDS applicable on the second payment of Rs. 50,000/- also or not ?

Kindly clarify .

Thank You.

SIR, A DEFAULT NOTICE WAS RECEIVED FOR NOT DEDUCTING TDS AT 20% INSTEAD IF 1%. THE ASSESSEE APPLIED FOR CORRECTION OF DATE IN TRACES WHICH WAS APPROVED BY THE SELLER AND HAS GONE TO THE ASSESSING OFFICER WHO HAS ASKED FOR SOME DOCUMENTS . NOW THE SELLER HAS AGREED TO APY THE BALANCE DEMAND TDS ALONG WITH INTEREST AS PER NOTICE.
1. WHETHER IT CAN BE DONE? SINCE HE WAS UNABLE TO PAY THROUGH E-TAX SINCE BUYER'S PAN IS BLOCKED
2. WHETHER HE HAS TO APPLY FOR CANCELLATION OF CORRECTION REQUEST?
3. ONCE CANCELLATION IS DONE AND DEMAND PAID, WHAT HAPPENS TO THE NOTICE GIVEN NY THE ASSESSING OFFICER? WILL IT BE CLOSED OR NOT?
THANKS