Whether TDS u/s 194Q is applicable for issuance of Privilege Vouchers which will be redeemed later on in the retail stores. At the time of accepting payment against Privilege Vouchers the sale proceeds not completed. In this scenario the supply of goods not ascertained. So our specific query whether TDS u/s 194Q is applicable at the time of acceptance of money as advance ?

HI
Employer contribution to NPS

1. Whatever employer contribuited to Employee NPS is it Perquisiteis ? or only to the extent it exceeds 7,50,000 rupees in a year?
2. Deduction under section 80CCD(2) is lower of emplyer contributed to NPS or 14% of the salary ? or only 14% of salary ??

Mr sharmila Sold a flat of Rs. 570667 as similar to SV on 09/01/2025 whereas it was bought before 01-04-2001 and as on 01-04-2001 the SV is 134230. There is no expenses on account of sale or purchase. Income from other sources is 203830.
Compute tax liability in details.

Dear Experts,
I seek your guidance regarding a client’s foreign investment disclosure issue.
My brother (Resident and Ordinarily Resident) had invested in foreign shares during FY 2021–22 (AY 2022–23) and made further investments in FY 2022–23 and FY 2023–24. However, he did not report these foreign holdings in Schedule FA in the ITRs filed for AY 2022–23 and AY 2023–24.
As of now, he still holds some of those shares and wishes to disclose them correctly in the current ITR for AY 2024–25.
Additional Details:
• Residential Status: Resident and Ordinarily Resident (ROR)
• Years of Investment: FY 2021–22 to FY 2023–24
• Dividend Income: Minimal dividend was received in one or more years (but was not disclosed)
• Total value of shares: Never exceeded ₹1,00,000 in any year
• Current return filing: Planning to file ITR-2 for AY 2024–25
Kindly advise on the following:
1. What are the possible consequences or penalties for non-disclosure of foreign shares and dividend income in earlier years?
2. Can he now disclose only the currently held shares in Schedule FA of AY 2024–25, or is it mandatory to revise or update past ITRs?
3. Is it advisable to file Updated Returns under Section 139(8A) for the previous years even if the dividend income was minimal and tax impact negligible?
4. Will such voluntary disclosure now reduce the risk of scrutiny or penalty under FEMA or the Black Money Act?
Looking forward to guidance from the CA community. Thank you in advance.

Hello

Getting the cited message though I havn't claimed deduction u/s 54F. How to resolve this ?
Pls help

Hi,

I have worked in a company for less than 5 years and left it due to personal issues. As I didn't get work for almost 4 months I withdrew all my EPF amount. Since the amount was withdrawn after I left the company, this withdrawal amount is not showing in form 16.

Since I have done the full EPF withdrawal before 5 years, so i am confused as to how to show this amount in ITR 2. I wanted to ask few questions:
1. Employer Contribution and Interest on it - Where to show in ITR 2
2. Employee Contribution and Interest on it - Where to show in ITR 2
3. I have not claimed EPF deduction in my ITR in earlier years, so the amount which I have not claimed as deduction in earlier years, where should i show that amount. (EPFO has deducted TDS on all amount by the way)

Thanks in Advance

I have gone thru ITR 2 of fy 24-25, but am unable to know how to present the 54 F ( equity ) disallowance of previous fy 23-24 in ITR 2 in fy 24-25 since I will also be claiming both 54 F (equity) and 54 benefits in the current Fy24-25. I have checked with a few CA friends, but have not received any clear reply.

Hello
Could you please advise on the following:
If we do not deduct TDS on professional fees, contractual expenses, foreign payments, and similar items, the expenses will be disallowed in our financials as well as in the Income Tax Return (ITR). If we deduct the TDS in subsequent years, the expenses may be considered allowable.

My question is: we already disallowed the expenses last year, and now we are deducting the TDS. Is it necessary to calculate and pay interest on the delayed deduction of TDS? Is there any way to avoid the interest implications in such cases?

Also, which year TDS return we have to report these delay deduction?? whether it is deducted FY or suppose to be deducted FY??

When Audit of Group Gratuity Fund is compulsory.
In case we want to file ITR for Group Gratuity Fund , what form should we use for Assessment Year 2025-26.
What is the due date for filing return for the Assessment Year 2025-26.

We had received a notice U/S 142 (1) and we have replied to the said notice with the necessary documents before due date.however now the status is showing as e submission re enabled in that whether we have to re submit the reply or wait for notice??