Whether Assessee is laible to pay Interest levied u/s 234ABC & Other penalties other than disputed tax if he opts for payment of tax under Vivadh se viswas scheme 2024

Sir,
Assessess sec 44ad provision declared net income rs:8 lacs f.y.24-25 and purchase of silver and gold jewellery transaction rs:10 lacs two times f.y.24-25
Question:
Assessess purchase of silver and gold jewellery transaction how many times and how much purchase worth one fincial year of it act
2.assessee declared income vs purchase worth difference tax applicable or not.

Dear Sir,

I have won the prize for card games of Rs.31000/- and they deducted TDS Rs. 9300/-.

Can I get the refund for the same?

Thanks

Dear Sir / Madam,

I wish to know about taxation, in layman's language, in the case of the redevelopment of a building for its members. I have read a few articles, but I did not get clarity on taxation, its reporting in ITR, etc. My queries are as follows:

This building is a Pagdi building situated in Mumbai, where the tenants have come together for the redevelopment of the building. They will receive 450 sqft in exchange for their earlier 240 sqft. The building was constructed in 1945.

There are two types of tenants: A) Tenants who are not going for additional area other than what they are eligible for, i.e., 450 sqft. B) Tenants who are going for additional area beyond what they are eligible for, i.e., may go up to 600 sqft.

The development agreement is entered into on 14-02-2025. Also, note that the tenant is not selling the flat.

My questions are as follows:

1) Is the tenant required to show this transaction in their ITR for AY 2025-26 as a sale of property? If yes, what could be the cost price and sale value? Will there be any capital gain in both cases mentioned above?
2) Is the tenant required to obtain a valuation report as of 01-04-2001 and 14-02-2025?
3) If not shown in AY 2025-26, and the construction is completed after two years, say on 14-02-2027, is the tenant required to show this transaction in the ITR for AY 2027-28? What would the cost price and sale value be in this case?
4) Is the rent received from the developer for relocation to another place taxable?
5) Is any hardship allowance received taxable in the hands of the tenant?
6) Is GST payable by the tenant at any point during the entire redevelopment process?

I would be grateful if someone could clarify the above points and also provide any additional points to consider from a taxation and ITR reporting perspective.

Kindly revert.
Regards,
Suraj 

Dear Experts,

ABC Pvt. Ltd. (Company) has setup Gratuity Trust in FY 2016-17 and started gratuity investment with LIC. At that time, LIC informed to Company that they just need to intimate Income Tax department and don’t need any other approval.

Company has further started another manufacturing plant Gratuity Trust investment with another private Company.

So, in current situation, Company has Gratuity Trust Deed & PAN, but don’t have any approval of Income Tax Department. They just have intimated to Income tax department in FY 2016-17

Now in FY 2024-25, Company wants to switch to other Company by way of withdrawing funds from LIC, because of higher interest rate and other benefits.

Now for withdrawal of fund from LIC, LIC is asking for permission of income tax department. My questions are:

1. What is the process to obtain permission from the Income Tax Department for withdrawing funds from LIC?
2. What will be tax implication on withdrawal of funds from LIC?
3. Since the company only intimated the Income Tax Department in FY 2016-17 and did not obtain approval, does the existing Gratuity Trust qualify as an "Approved Gratuity Trust" under the Income Tax Act, 1961?
4. Are there any potential penalties, interest, or disallowances under the Income Tax Act due to the lack of prior approval for the gratuity trust investment?
5. Will the withdrawal and transfer of gratuity funds impact the tax treatment of past gratuity contributions made by the company?

Your guidance needed.

Regards,
Sandip

Dear Experts,

For FY 24-25 , rebate on short term capital gain is allowed if net total income is below Rs 5L under old regime. However is the same available under new regime if net total income is below Rs 7L. Last year the same was controversial , but is there any clarification for FY 24-25 for new regime?

Also in Budget 2025 , is it removed for both - old and new scheme?

Please advice

Regards,

Under new Tax Regime, deduction U/S.80CCD(2) is allowed, if contribution is made by employer. What does it mean ? If my employer did not make any contribution, may I request my employer to contribute the same ? Whether this contribution amount will be deducted from my salary ?

Hello everyone,

AO passed order u/s 143(3) and raised demand of 5 lacs incl interest for AY 2013-14 and AY 2014-15.

Ay 2013-14 demand was adjusted against refund due and AY 2014-15 demand was collected by attaching the bank account.

both the years matter is pending in appeal with CIT(A) and client would like to settle the matter under VVSVS 2024.

While filing Form-1 (application) it asks for tax already paid and we need to mention BSR and challan no. what to write in this case since we do not have any challan ??

Do client need to pay the tax as per scheme and claim amt already paid/recovered by income tax as refund ???

Dear Sir
Priva te company directors are eligible for diviedend . If eligible what will be the tax for the dividend .
Thank you

I deducted TDS at 5% per month on behalf of landlord and deposited the same last month for the whole year. However today when i downloaded form 16C to be shared with my landlord, the TDS deducted is showing as only at 2%. How do i get this corrected to reflect the correct amount