1) What are the consequences' and which return shall be considered as valid return?
2) What if intimation u/s 143(1) consider the return under old regime and moreover not considering the deduction under old regime( such as 80c, std. deduction from salary)

Hi,
I plan to start a Real Estate LLP firm.
Primary aim is to buy and hold Commercial real estate for rental and capital appreciatoin.
If I am able to put the entire rental income back into real-estate, will I have to pay any taxes
e.g. if my rental income is 15lacs and I buy fractional CRE from strat-prop for the same amount, will there be a tax outgo?
If I sell a property bought under the name of the LLP, and have gain in it, and if that money too is ploughed back into buying real-estate, what would be tax outgo?
Regards,
#Valmick

Sir

One of my friend is about to file ITR for FY 21 - 22. On downloading the Form 26AS, he found that the TDS deducted from his commission payments by one of his principle, has been shown under Section 194I(b) - Rent on other than Plant and Machinery, instead of section 194H. My friend does not own a house.
The auto populated ITR form is showing the said amount as Income from house property.
Shall we make it as "Zero" under the head "Income from house property " and add that amount
with commission income ?

Pls. advice.

what is withholding Tax , What is form use to pay withholding Tax and what is due date to pay withholding Tax.

A company is situated in India and does not have a permanent establishment in the country of Kuwait. The Indian company is doing IT based service at Kuwait. For that work, Indian co engaged a company based in Kuwait. The work at Kuwait is done by the employees of the Kuwait company on behalf of the Indian Company. The Indian company pays an adhoc amount to the Kuwait company monthly. Whether withholding tax is applicable? Whether Form 15CB is to be issued?

I am looking to purchase a flat in Mumbai for 1.37 Crs. The seller is an NRI. I am taking a loan of 1Cr and 37Lakhs will be my own contribution. Since I have to deduct TDS on the entire 1.37Crs, what is the percent of TDS that I will I need to deduct since he is an NRI customer and by when do I need to deposit this TDS amount...as in before registration of the flat or after? Also how much time do I have to deposit this?

Sir/mam,

Future and options profit raised income which head we have to show this income under Income tax head, which ITR form we have to use.

please guide me

Thanking you,

Dear Sir / Madam,

Mr A had invested in NCDs of reputed NBFC which is now matured but not recoverable as the matter is with the court. The due date is already over and maturity amount is not received. The purchase cost was Rs. 25000/- and Maturity amount is Rs. 33400/-.

Is it required to be shown under capital gain even though no maturity amount is received? how to treat this in ITR?

Kindly guide
Regards,
Suraj

If the dependant parents receive foreign remittance to support the family, and medical expenses etc, should such receipts, be added to the income and tax patable, when such amount is part of the income already taxed at the foreign government.

Dear Sir,

There is off-market transfer of few shares from Mother to her son. These transactions are appearing as Value of off market debit transactions of listed equity share in mother's Annual Information Statement (AIS). End of the Day value is Rs. 7182/- and consideration column has zero value.

What are the implications of this transactions? whether they are required to be reported in Income Tax Return of Mother?

Kindly guide.
Thanks & Regards,
Suraj