Are we liable to deduct any TDS u/s 195 on payment to foreign consultancy to lawyer for providing legal consultancy regarding case of anti dumping duty filed against us.

Lawyer does not have any permanent establishment nor does it provide any service in India.

If yes @ which rate and benefit of DTAA shall be available to Lawyer or not?

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29 May 2023 at 17:22

How to change the mobile number

Dear Experts,

01. We have registered with one mobile number with the Income tax department Insight reporting portal.

02. While filing the SFT during this month, we wanted to change the Principal Officer's mobile number.

03. We have changed the mobile number from My Profile menu and we got the message stating that the " Successfully Changed".

04.But after getting this message, again we tried to check the same,.

05.At that time, the earlier mobile number was not changed.

06.Pl clarify how to change the mobile number.

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Vaneet Monga

Dear Sir,

Please suggest we have Cash Credit limit in HDFC and some Unsecured Loan from relatives. In balance sheet Where we can show under (a) (1) from Banks or (b)(1) Loan repayable on demand
a Term loans
i from banks
ii from other parties

b Loans repayable on demand
i from banks
ii from other parties
and Unsecured loan from relatives show under (a)(!!) from other parties Or (b)(!!) from other parties
a Term loans
i from banks
ii from other parties

b Loans repayable on demand
i from banks
ii from other parties

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Chandra Kala
25 May 2023 at 17:17

Reassessment u/s 147

Is it not compulsory to issue draft assessment in the case of reassessment u/s 147

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Raakesh R

I'm working for a foreign company based in Finland and receiving salary to my Indian Bank. I'm a Indian resident. I didn't pay any tax to the particular foreign country - Finland.
I'm confused with ITR 2 - Schedule FA vs FSI

Should I need to fill both?
Can I get 50000 std deduction?

My tax auditor saying i won't get 50000 deduction b/c my company is not registered in India. And he is not giving importance to schedule fsi! He is filling only schedule FA in some software!

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25 May 2023 at 11:41


Can Any one please help me we have received a message while validate tds returns T-FV-3139 BSR code not present in list of authorized bank branches
But Clearly Mentioned Bsr Code In Challan From Income Tax Portal

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Dear Sir,
In June 2021 (F.Y. 2021-22) the assesse purchased a property under section 54 of the Income Tax Act, 1961 so as to avail the exemption from long term capital gain tax on transfer of long term capital asset. However the property was purchased in the name of the grandson and not in the name of assesse. Grandson showed it as land received as gift from grandmother (assesse) in his books of account in the F.Y. 2021-22 however no gift deed was executed. In Jan 2023 (Previous F.Y. 2022-23) the assesse died and the grandson on whose name the property is purchased by the assesse in June 2021(F.Y. 2021-22) wants to sell this property in July 2023 (i.e. after 2 years of purchase in current F.Y. 2023-24).

Question 1 – Kindly suggest the correct accounting treatment:-
Option A - Whether the above accounting treatment done by the grandson in his books of account in the F.Y. 2021-22 was correct?
Option B - Whether the land purchased even in the name of grandson should have been shown in the books of assesse only in the F.Y. 2021-22 and the same should have been shown as inherited property in the books of grandson in the previous F.Y. 2022-23 on the demise of the assesse?

Question 2 – The gain arising on the sale of property by grandson in future month July 2023 (i.e. after 2 years of purchase of property) will be termed as short term capital gain or long term capital gain?

Question 3 – If the answer to question no. 2 is long term capital gain than whether the grandson is eligible to claim exemption u/s 54 if he further purchases a new land from the proceeds of capital gain arising from the sale of property(shown as received land as gift from grandmother in F.Y. 2021-22) as the property which he selling though was purchased in his name however not even a single penny was spent by him for its purchase whole of the amount was spent by the deceased assesse only i.e. if the gain is long term capital gain arising from the sale of property not purchased from own money than whether this gain is eligible for claiming exemption u/s 54.

Question 4 – The sale of property by the grandson (which was purchased under section 54 by the assesse in the name of grandson) within 3 years of purchase whether will be termed as contravention of section 54 i.e. transfer of land purchased under section 54 within 3 years of its purchase. So in this case whether the grandson will be liable to pay short term capital gain tax as the assesse who had spent the amount for purchase of this land under section 54 has been died or whether there will be no tax implications in the hands of the grandson. The computation of short term capital gain u/s 54 will be done by deducting the capital gain claimed as exempt under section 54 from the cost of acquisition of the land purchased under section 54.
If possible, I humbly request to please provide the relevant provision or case law used as a basis to provide the answers for my query.

Shruti Agarwal

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One of our clients is dealer and manufacturer in high-end jewellery. The foreign customers visiting India and buying jewellery from their showroom with single transactions exceeding Rs.50 Lakhs. Foreign buyers are making payment through swap of forex card against the delivery of the jewellery as per bills issued by the jeweler. The client wants clarifications of TCS liability as per the interpretation of section206C(1H) of Income Tax Act, 1961.
Section 206(1H) read as under :
(1H)…….. Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section(1) or sub-section (1F) or sub-section(1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 percent of the sale consideration exceeding fifty lakh rupees as income-tax :
Provided that if the buyer has not provided the Permanent Account Number or the Aadhar number to the seller, then the provisions of clause (ii) of sub-section(1) of section 206CC shall be read as if for the words “five percent”, the words “one percent” had been substituted :
Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount.
Following are our queries for TCS from foreign buyers purchasing locally :
1. Foreign buyers are not having PAN or Aadhar Card.
2. The foreign sales invoice made by jewelers exceeding Rs.50 Lakhs which was paid by foreign buyer by swap of forex card against delivery of goods.
3. Whether the assessee is required collect TCS from foreign buyers who are purchasing goods locally ?
4. If Yes, what is the rate of TCS to be collected ? in view of above situation and proviso 1 to sub-section 1H to section 206C of Income Tax Act,1961.
5. Foreign buyers are not ready to pay TCS as they are paying GST on Invoice value and not claiming TCS credit in their home country.

Please provide clarification on the matter to determine the TCS liability u/s 206C(1H) of Income Tax Act, 1961.
Awaiting your early reply.

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Dear Experts,

01. A company is remitting the fund to the foreign country for the purpose of Business trip of Director.

02.Is there any TDS implications on this transactions? 03.Is there any TCS implications 5%?

Pl clarify

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10 May 2023 at 18:09


Respected Sirs,

Error in establishing connection with TRACES Websocket Esigner. Please ensure that WebSigner Setup is installed and service is running on your machine and there are no proxies enabled on the browser while doing DSC activities.

Sir I have to make correction in TDS Return. Please guide me and oblige.

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