RESPECTED SIR, I WANT TO KNOW THAT MY INCOME TAX CASE UNDER SECTION 142(1) FOR THE FINANCIAL YEAR 2020-21 VIDE ITS NOTICE DATED MAY 2025 AND IN THIS NOTICE AO FACELESS ASKED TO PRODUCE THE CASH BOOK , BALANCE SHEET PROFIT AND LOSS ACCOUNT, CAPITAL ACCOUNT FOR THE FINANCIAL YEAR 2019-2020.SIR CAN THE ASSESSING OFFICER DEMAND TO PRODUCE THE ABOVE SAID DOCUMENTS FOR THE YEAR 2019-2020, BECAUSE AS ON 31ST DAY OF 2025 6 YEAR HAS BEEN COMPLETED. THANKS

Sir,
Tax audit f.y.24-25 due date September -25 or extended dec-25.

Mr. X has a plot in his books of accounts which was shown as stock in trade. Now, If Mr. X has relinquished their rights against his relative of this plot. Is it valid?
1. It should be treated as capital gain or stock in trade?

I received VRS receipts along with gratuity amount Rs 1675200/- and Rs 198420/- respectively in FY 2024-25. My employer deducted tax on my VRS receipts [on Rs 1675200/-]. Then how much exemption from my VRS receipts should I claim in my Income Tax return for AY 2025-26???

Hello All,

We are the importers of Industrial Machines .

We have received Rs. 19.00 lac USD 22 k from our offshore vendor under P1006

How to account for it and under which section is TDS payable.

64(1)(vi) Daughter-in-law
Sir
Can income from assets transferred to Daughter-in-law without adequate consideration be clubbed under section 64(1)(vi) with the income of transferor- i.e., father-in-law/mother-in-law?
Sir
As per section 64(1)(iv), if an individual transfers (directly or indirectly) his/her asset (other than house property) to his or her spouse otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor). Income from transfer of house property without adequate consideration will also attract clubbing provisions, however, in such a case clubbing will be done as per section 27 and not under section 64(1)(iv).

Further can income from house property transferred to Daughter-in-law without adequate consideration be clubbed as per section 27 and not under section 64(1)(vi). with the income of transferor- i.e., father-in-law/mother-in-law (as allowed in section 64(1)(iv))?
Regards
K M Goyal

Sir/Madam

Can we have to mentioned FNO transaction in ITR form if FNO transaction are not reflecting in AIS Report for the fy 25-26??

Please suggest me. Howcan we see FNO transaction in income tax portal??

Thanks

In FY 2022-23, In AIS amount shown by Bank
1) SFT (003) Cash deposited Rs. 0 Actual amount deposited Rs.580000/-
2) SFE (003) Cash withdrawal Rs. 1100000/- Actual amount Rs.1194000/-
How to respond to the department.

At the time of verification of an ITR1 for the A.Y. 2025-26, a message comes (#/ITR/ITR1/REFUND/BANKACCOUNTDTLS/ADDTNBANKDETAILS/5/ACCOUNT TYPE: IS NOT A VALID ENUM VALUE).
Kindly help me by providing your valuable direction to overcome the said errors. Your kind help is highly solicited. Regards, Tarak Kumar Roy, 150/1/1, Banerjee Para Road, P.O. Naihati – 743165, Dist.24Parganas(n), west Bengal

I have 2 company, Payment of TCS on sale of good of one company but wrongly I paid TCS from another company. Then how can I get the refund amount.

Please suggest on this matter.