Dear Sir
Our case is 2 buyers and 2 Sellers (both sides husband and wife with 50:50 share). Property value is 1.85 cr as per agreement.
While filling form 26QB, please confirm:-

1. Each Buyer will fill 2 forms 26QB in name of each seller...is it correct ?

2. If point no. 1 is correct, then while filling 2 forms 26QB by each buyer - what value should be mentioned in Total Sale Consideration column...is it 46.25 lac in each form considering total 4 forms to be filled (each buyer filling 2 forms in name of each seller) ? Or in all 4 forms, the Total Sale Consideration value needs to be filled as 1.85 cr ?

hiii!!! i earn profit from partnership firm as 20,68,562/- which is exempt in my hands. and my income form other sources is 1,20,500/-. please guide me whether i am liable to file income tax return.

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My client has started business of pharmaceuticals under Partnership Firm. They started the business on October 2024. In December 2024 they got the GST Registration.

They bought some materials & some fixed assets. But they do not have any sale till now & according to them this FY (2024-25) their sale will be NIL.

Is ITR filling is mandatory & if yes is audit required as they have loss arise due to depreciation on Fixed Asset & some expenses to run the business.

While filling Form 26QB Stamp value of the property is to be entered.
When payment towards property is in installments what stamp duty to be entered ?

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a pvt.discretionary trust is partner in a partnership firm, trust received 80 lakhs as share of prift as it was partner in firm (claimed exmpt).

same amount was given by trust to individual beneficiary of the trust,

if a pvt.disc. trust gives a cheqe to its benefeciaries, i think its distrubtion of capital,, hence not taxable in beneferias's hands.

but AO taxed in beneficiarie's hands stating , pvt. disc. trust earned exempt income which it distribtuted to its beneficiary and hence, as beneficiary is not directly earning exempt income as partner in firm, its taxable in beneficiary as other source income.

my view--> trust has just distributed capital , where is it income of the beneferciary?
is ao right?

Sir,
We filed updated return for the year 2022-2023 on July 2024 17th.But due to technical reason the audit report not got uploaded on same day. Audit report was filed on 24th July.Json error was the reason for the delay.Notice was issued for defective return,but was unable to submit the reply.so the department treated as invalid return.We have paid nearly 2 lakh rupees tax for the same.Kindly help what to do next.Can we file appeal for the same.Pls help.We tried to reply the notice but was not able to submit the same.Please help