Hi,
Is variable dearness allowance part of calculating leave encashment? Same should consider while calculating exemption ( avg salary of 10 months) ? Please guide in detail..

One of my client has entered into a Lease cum sale agreement on purchase of immoveable property, where the tenure of the lease is 10 years and thereafter the ownership is transferred to the client. The agreement is entered with KSSIDC (Karnataka Government Entity).

Here is the extract:

NOW THIS LEASE CUM SALE WITNESSESTHAS FOLLOWS

Allotment of Industrial Plot allotted by KSSIDC to the entrepreneurs belonging to 2A Category
the Government of Karnataka has granted 6 Quarterly Installment of Balance amount of Plot
Rs. 34,78,406/- Plot along with interest at 12.5% p.a in 8 equal quarterly instalments, as under :

1. Total Cost of the Plot Rs._____________________________Rs. 60,72,000

2. Less EMD Paid Rs.___________________________________Rs. 16,00,397

3. Balance amount to be paid__________________________Rs. 44,71,603

4. Six Quarterly installment amount ___________________Rs. 8,57,738
5. (StartingFrom:17/06/2023)

On receipt of the payment of EMD vide receipt No.1208 dated 01.07.20222Rs. 6,07,200 /- and vide receipt No, 1282 dated 04.05.2023 Rs.9,93,197/- whereof, the KSSIDC hereby acknowledges the KSSIDC doth hereby demise to the Allottee on Lease cum Sale the Plot on land numbered as mentioned in the schedule.


How do I account for taxation purposes. Kindly assist.

What is the adjournment process of hearing notice of ITAT ?

I sell online gaming stickers and cards (virtual). how are profit from sale taxed in Income tax regarding these gaming stickers and cards? Is it slab wise or they are treated as VDA?

Dear Experts,

For commission income (business income) of Rs 4,50,000/- , there is business expenditure of around 2.5 lakhs . Hence net business income is around 2L.

Also the total taxable income is 2.90 lakhs under new regime. Will there be any tax audit applicability here in terms of profit % or any other clause?

Please advice

Regards,

I sell online gaming stickers and cards (virtual). how are profit from sale taxed in Income tax regarding these gaming stickers and cards? Is it slab wise or they are treated as VDA?

if any of employee's PAN Number is not linked with his Aadhar on Income Tax Portal and this employee falls under the Tax Slab of > 10 Lacs, then What is the liability of Employer for TDS deduction from his Salary?

Invested money with a real estate developer in Sep 2021 by entering into an MOU. However developer failed to launch the project to date and refusing to give back the amount. One of the key partners of the Developer passed away in Nov 2023. Assessee is unable to recover the monies invested. Can the individual claim the amount so invested and lost as Capital Loss. Please note this individual is not in business but invested in individual capacity.

I have filed my ITR on 19-July-24 and got this message. Im a salaried person.

The return of income filed by you as per the above details is considered as defective with-in the meaning of section 139(9) of the IT Act for the following reason:
Reason

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

Probable Resolution
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.

When I have tried to file correction statement it was rejected due to Line No 2 - Invalid Previous RRR Number.