I have filled my ITR according to new tax regime but after processing I have got a notice for outstanding tax demand as the tax was calculated using old tax regime and I have filled no deductions.
Please help me correct it.

Dear Sir,
a person carrying status of Residence of India. Now from 1st oct 2020 he is staying in Netherland for PHD.
Query 01: If he get Scholarship of Rs. 11 lakh from University Netherland then is exempted u/s
10(16)?
Query 02: If he get Rs.11 lakh as a salary then it is taxable ?. if Yes then under which section?

Please Reply as early as possible
Thanking You

Hi,

I am thinking to help one good student (but underprivileged) to study their higher education(B.Tech). I am doing this because many of us have been there.

The Tutuion fee is about 1 lakh rupees per annum. I would like to know if I can get some form of Tax exemption for this amount. I am fine with taking a certain approach if that saves tax.

Thanks in advance..

Dear all

I have one question regarding to start new business for dealing in share, mf and other instruments.

One of my friends have fund exceed of Rs.1 crs. And he wants to start or take franchise for dealing in share and other security. He wants to know how to start new business and need clarification of doubts. His main motto to clear foll. Doubts are he want to reduce tax liability-

1) He will start business as a Proprietor or create new partnership firm
2) He will start business as new company incorporate
3) He will create Investor Institutional -legal entity (also want to know how to create investor institution and where to apply and what is charges for that??)

Please clarify to me at earliest. He want to start new business from April 2022 onwards

If A Takes a Building from B on Rent for 1L PM and make Interior for App 100L then how it will be capitalized by Tenant

To
The senior experts

Concerned Company is a Govt owned Company whose auditors are appointed by AG. The Board of Directors fix the remuneration of Auditors Rs.2,00,000/- for Statutory Audit including Tax Audit. This amount agreed by AG and communicated the Company via letter.
However Auditor states that the amount exclude I Tax/GST.(but nowhere it was mentioned whether the amount(Rs.2,00,000/-) was include/exclude I Tax/GST).
Now my query is:
1. How we treat Rs.2,00,000/- (audit fee) inclusive or exclusive of I Tax/GST?
2. If we pay auditors some extra amount by way of Out of pocket expenses will it be included in auditors fee and tax will be deducted?
Thanks
Abhijit

Hi, Im a software engineer and want to hire a CA who can manage my finances and investment plans.

Dear experts,
We have issued 340000/- invoice to customer on 18/3/22 and received 250000/- as cash on 23/3/22 and out of that few items returned by customer amounted to Rs 130000/- on 24/3/22 and again invoiced around Rs 130000/- on same day. I would like to know by splitting cash receipt 250000/- to 190000/- in a day and in another day 60000/- whether we can avoid penalty as per the sec 269st income tax? or what to be done in this matter . kindly suggest

Thanks in advance
Regards
Rajesh

Sir,

Can you please clarify regarding the TDS Applicability under section 194Q in case electricity payments. I have currently received letter form the electricity board to deduct TDS if the total charges exceeds the threshold limit.
Our company have five branches and electricity liability for the financial year 2021-22 well exceeds the threshold limit of Rs. 50,00,000. But all the branched have rented building and electricity bill was in the name of building owner. Then I want to know whether the company was liable to deducted TDS?

Mr. A is having salary income regularly till FY 2019-20.
However, during COVID he lost job and was doing some business during FY 2020-21 and having banking transactions likes loans & advances.

And after situations is favorable again he has salary income for FY 2021-22.

So, normally he files ITR-1 so which return can we file for FY 2020-21 ?
Can he file ITR - 4 considering 44AD income or ITR - 3 normal business income or ITR - 1 showing other income.

Can anyone help on this.