There is a sale of residential property in current year after July 2024 budget which was purchased in year 2001 if we take benefit of COI(i.e. old regim) then other income such as business income , rent income etc. can be shown in new regim scheme???. I understand that there is no connection between the selection of regim for calculatioin of capital gain tax in new and old regim and rest of income under old or new regim.

I have recd through a will my father's property which comprises of a house built on a plot in harihara a town in karnataka. I want to know whether any tax will have to be paid me after sale if do how much . Iunder which section i have to show the income from salecof property in mu income tax return. Thanks

Respected Sir

in case of Individual & HUF When it Compulsory to obtain TAN ?

Some Consultant Said it is based on t/o and Some said it is based on Audit

now if it is based on audit than

44ABa-Clause 44AB(a)- Total sales/turnover/gross receipts of business exceeding specified limits;

44ABe-Clause 44AB(e)- When provisions of section 44AD(4) are applicable;

if t is based on audit than both Section of Audit TAN is applicable or Only 44AB(a) Audit applicable for TAN Requirement

Kindly clarify, Whether an assessee can avail the indexation benefit under both the tax regimes (i.e. old and new tax regime) sold after 23.07.2024.

GOVERMENT HAS INTRODUED GST TDS ON SCRAP FROM 1ST OCTOBER 2024 @2%.

SCRAP PURCHASE VALUE RS. 52,00,000
CGST RS. 4,68,000
SGST RS. 4,68,000
TOTAL RS. 61,36,000

GST TDS AMOUNT WILL BE RS. 1,04,000(52,00,000@2%)
NOW 194Q IS ASO APPLICABLE TO US SO QUESTION IS 194Q IS BECOME APPLICABLE ON WHICH AMOUNT RS. 52,00,000 OR 50,96,000 (52,00,000-1,04,000 GST TDS ON SCRAP) @0.10%

EMPLOYEE OF A COMPANY VISTI A CLIENT IN PUNE, STAYS IN A HOTEL GET BILL IN EMPLOYEE NAME WITH COMPANY NAME AND ADDRESS AND GST NO. THE SAME IS REIMBURSED TO HIM BY CO. IN THROUGHOUT YEAR DIFFERENT EMPLOYEES OF THE SAME CO. STAY IN SAME HOTEL AND THREESHOLD LIMIT OF 194I IS CROSSED, WILL COMPANY BE LIABLE TO DEDUCT TDS ON RENT, HOWEVER NOT A SINGLE PAYMENT IS DONE DIRECTLY BY THE COMPANY, TOTAL PAYMENT WAS REIMBURSED TO EMPOYEES, BILL JUST TO GET GST CREDIT

We had to make payment in indian rupees to NRE account for land purchase in india. What is rate of TDS? Whether 15CA is required?

Dear Experts. I have seen / heard conflicting comments on this issue. Hence bringing it up to the CA experts here. Appreciate if more experts share their views on the below

1. EPF: As per EPFO rules, a salaried employee can continue his EPF membership without any restrictions. However if no contribution is received in the account for 3 consecutive years, after 3 years no interest will be earned. Income Tax Act says EPF withdrawal upon retirement is tax free. Given this situation, in case of an employee who works with a company for more than 5 years, retires at age 60, does not withdraw the EPF accumulation until age 63, will the interest earned between age 60 and 63 be a tax free income or is it taxable?
2. NPS: Upon retirement at 60 years, a subscriber can withdraw 60% of the corpus as a lumpsum, which is tax free and has to take an annuity for the balance 40%. PFRDA has recently introduced a new withdrawal option “Systematic Lumpsum Withdrawal (SLW)”. Under SLW, a subscriber can make the withdrawals in a phased manner instead of a lumpsum. Withdrawals can be made monthly, quarterly, half yearly or annually upto age 75. If a retiree opts for SLW, are the returns earned during the deferment period tax free? Deferment period refers to time from age 60 upto period when SLW ends, max 75 years.

Hello experts,

From next year, the tax slabs have been increased to 12 lakhs.. i have invested a good amount in debt funds on my spouse name in July 2024 and planning to redeem it august 2025.. she is not working right now.. the expected profit gains from redemption is around 11 lakhs.. should i pay any tax on the profits ? the debt funds are held for 13 months only..

During the FY 2024-25 my Capital Gain - Long term is Rs.410,000 and Short Term Rs. 80,000. My Query is:
1. what is the exemption available on LTCG and STCG.
2 What is the rebate available u/s 87A for LTCG and STCG (Referring to the recent High Court Matter on claiming rebate u/s 87A for Capital Gain)
3 What is my Tax liability on the above both Capital Gain income.
4. Does my above earning fall within or outside the slated income tax slab.
5. Should i pay advance tax now ie in Feb 2025 as the earnings has been mostly during June-Dec 2024.
6. Until now i have been filing returns as Individual under old regime, is it advisable to file returns under new regime as my other Income is within 3.50 Lacs p.a. comprising of House Rental income, Dividend and Bank Interest.
pls advise