A coparcener of a Hindu Undivided Family (HUF) wishes to provide an interest-free loan to the HUF through the capital account, with the intention of being able to withdraw the loaned amount from the HUF whenever needed. Are there any tax implications for the coparcener in this scenario?

Additionally, what documentation is required for such a loan? Is there a standard loan agreement format that covers details such as the loan amount, interest rate (if any), repayment terms, and consequences in case of default? Please share or repoint to any sample documents.

Please also clarify the tax implications specifically when a coparcener lends money to the HUF.

Dear Sir/Madam, processing of Rectification filed for the AY 2023-24 on 21-Jan-2024 has been completed determining Demand. Intimation has been sent to Taxpayer registered e-mail id. Request Taxpayer to verify registered email id for the intimation. Later, Updated Return filed by the taxpayer for AY 2023-24 was treated as defective u/s 139(9) of the Income Tax Act. In this regard a Notice u/s 139(9) was sent to taxpayer's registered mail ID, followed by reminders intimating the defect and probable resolution. As the defect was not rectified so taxpayer's return for AY 2023-24 has been declared as Invalid.


Taxpayer is requested to contact the Jurisdictional Assessing Officer for further clarification. Further, we regret to inform you that your rectification application filed on 07-Dec-2024 has been rejected. To know the rejection reason please refer to rectification rejection notice which has been sent on 17-Mar-2025 to your email id
This is response of Grievance lodged in CPC portal regarding validity of rectification order of 21st Jan 2024

Rectification Rejection reason rectification is sub moto action and there is no mistake in order which is sought to be rectified
1. So rectification filed on 21st Jan will be valid or not
2. Whether rectification will be taken as final assessment for AY 2023-24

Under which head shall I report withdrawal of Provident fund in ITR 3 in order to claim TDS?

(I can't show it as exempt income as TDS has been deducted. Also, showing it under schedule Other sources will be be flagged defect by IT department.)

Thanks in advance.

Sir, I could not find any option for rectification (u/s 264) on the portal as suggested by you.

when and at which amount capital gain is arise when one company purchase a wholly owned subsidiary from shareholder of that company in consideration of purchasing company's share that is to share swap ..explain me tax implications from point of view of that shareholder as when and on which amount capital gain tax is arise.

Respected Colleagues,
Can we file TDS return in 27Q after payment of TDS before quarter end??

We have paid TDS on Sale of Property (800) for the F.Y.2025-26, under section 194-IA (Form 26QB), Corporation Tax (0020) From XYZ Pvt.Ltd, having PAN vide NO: AXXXXXXXXB who is a buyer, Challan Amount Rs.3,08,022/- Challan Date 05/05/2025. Challan paid to the sellors ie. PQR Pvt.Ltd’s PAN. But lator on, XYZ Pvt.Ltd realized that it need not to pay that amount, however, XYZ Pvt.Ltd also depositing every month TDS amount, hence, now can the XYZ Pvt.Ltd transfer such amount to its TAN number from the Seller’s PAN ie. Buyers PAN.

I have filed First Qtr Return of 24 Q, 26 Q and 27EQ then I have file non filing declaration for Two Qtr for 24 Q and 27EQ due to no deduction now I have filed Last Qtr Return of 24Q but message showing on Income tax site portal - "Rejected by Traces" - I have filed All Qtr Return for 26 Q and all accepted by Traces.

Sir.
The Company have some guest houses which they leased to a party on monthly rent (Rs.100000/-er month)basis on agreement.
As per agreement current month's rent fall due at the end of the month and have to pay within 7 days of next month.
But the party often fails to comply the time frame. ie they pay 6 months rent at a time after 6 month.
My query is does we have to show rent due(with necessary TDS adjustment U/S 194I) from party in our account(as debtor) at the end of every month though actually we received rent after 6 month or shows in our account only when rent actually received.
Regards
Abhijit

LLP (carries out Event management) makes payment towards event Fees to foreign Party (INR amounting to approx 4.80L)

to make the payment Form 15CA is required

Whether LLP is liable to deduct TDS on such payment?