Can a parnership firm insert a clause in its deed wherein it is stated that the Interest on Capital will be payable to the partners at rate not above 12% and the same shall only be payable on the opening credit capital balance of the partners.No interest shall be payable on the capital withdrawn or introduced during the Financial Year for which the Interest is to be calculated.

AO CAN RE-OPEN CASE ON BASIS OF CASH DEPOSIT?

At the time of online correction in TDS return Modify / Add deductee details, an error generate at the time of saving the correction, as below since last 10 to 15 days

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An assessee does not own any residential house property on the date of transfer of a long-term capital asset (other than a residential house). The assessee proposes to purchase two residential house properties out of the capital gains.

In such a case, can the assessee claim exemption under Section 54F in respect of both the houses, or is the exemption restricted to investment in only one residential house?

Further, does the one-time option of investing in two houses (capital gains up to ₹2 crore) apply to Section 54F as well, or is it restricted only to Section 54?

Respected Sir,
Propert Value is 60,00,000

Buyer is 4
Seller is 2

While Filling Form 26QB in Column Total Value of Consideration (property Value ) is 60 Lakh or Proportionate Basis respect of One Seller i.e 7,50,000 Rs.

on You tube Channel Name CA GURUJi suggest TDS on full property value, while other professionals suggest proportionate value.
Kindly clarify the correct legal position

We Entered Full Value i.e. 60 Lakh So any notice Will be Received ?

Rent paid to NRI by individual tenant. Whether TAN number is to be obtained by Indian individual tenant ? As I know that there is no basic limit of rent paid to NRI . correct ?

Dear Sir/Ma'am,
This query is pertaining to AY 2024-25.
I had filed the return u/s139(1) under old regime where I had claimed 100% deduction for donation made to "The National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities constituted under sub-section (1) of section 3 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999". However, few days ago I have received an SMS alert from the income tax department saying that "Our records show that you claimed charitable/relief fund donation deductions in your AY 2024-25 ITR. However, based on the PAN you provided, the organisation you donated to may not be eligible for the deduction you claimed.

You need to update your ITR to either add the correct PAN or remove the deduction. To do this,visit https://www.incometax.gov.in. Once logged in, navigate to “e-File” → “File Income Tax Return → “Select Assessment Year” → “Select Filing Type” → choose “139(8A) - Updated Return” → “ Select ITR Type” → “Continue” and update section 80G/80GGC".
As per the provisions of section 80G, donation to the above entity is eligible for 100% deduction.
Now I am getting a tax payable along with interest u/234A, 234B and 234C to pay the tax on this donation amount.
Can anyone please guide me how to resolve this query.
Also is there any way in which I can verify the PAN of the Donee Entity.

A, B and C own a flat where major financing is done by A and around 25% is financed through loan from Bank by C. C has been paying the emi and loan is almost paid.
A expired 2 years ago. A had three legal heirs i.e. B D and E of which B is the joint owner as stated above.
Under the premises kindly advise on the treatment of sale proceeds to be distributed between B,C,D and E as also the TDS by Buyer?

default tax regime is new regime. hence whether updated return can be filed in old regime ?

Dear Expert,
My clint sold property (One Home) in may 2024 of Rs 65 Lakh and he used this amount in construction new home and get the exemption U/S 54 of Income Tax. He mostly make payment in cheuqe for material but he pay Some cash Approx 5 Lakh to labour for construction work which is actual. Now My Question is can we consider cash expenses for labour work for construction under Section 54 (In Constructon of New Property) of Income Tax.

Thanks in Advance kindly give me suggession soon. if answer in yes than which section allow this.