We received advance money of Rs3 lakhs by a party but party did not gave us balance 2 lakhs rupees. We forfeited the party's amount.how will we show in income tax? Is any gst payable on the forfeited amount although no supply of goods was made by us to the party? Please advise?

Hello

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

Dear Sir/Madam,

Please guide how to file Revision under Section 264 in The Income Tax Act, 1961. As I'm not able to find any direct or indirect facility in the income tax, e-filing portal. Although few experts, on this platform are guiding to file Rectification (u/s 264), but in my perspective this a wrong practice.

As Revision and Rectification under the Income Tax Act, 1961 are two distinct mechanisms.
Kindly advise the correct procedure for filing a revision under Section 264.

After reading a few questions on tds under 195, I got a few questions, if anyone can kindly help me understand.

1. If I purchase courses from coursera for personal use. The invoice mentions their foreign address. Do I need to deduct TDS under section 195. I have also purchased a few courses from udemy but the invoices mention Haryana office.
2. As a part of the same question, do I need to deduct tds for payment to Netflix and prime video. Both of the invoice have the India address of Netflix and prime.
3. I have also booked travel air tickets from Agoda and few sites which also have their foreign addresses in the invoice. Do I need to deduct TDS in this case?
4. Also, as an individual, what should I check to know if I need to deduct TDS?

As an individual with no audit or anything, is there any scrutiny for these things

what is TDS rate on employment news and Rating agency Like Crisil.

An individual & his spouse purchased a flat in joint names while they were employed and were resident in India. Thereafter they both went abroad and become subsequently NRIs. But flat in India is still lying closed and is not rented out and is in self possession only and they are not earning any rent etc as it is not let out . There is no loan and no interest liability . Hence following queries:-

1. Are they still required to fill schedule of " Income from House property " in their respective ITRs when income of house property is NIL. OR they are really not required to fill schedule at all , as there is only one property and is in self possession only. ?

2 Are both of them required to show same flat in their individual returns ( as there is only one flat ). as the flat is in their joint names as " co-owners " ,??

3. Is it compulsory to fill schedule of " Income of house property " even if there is one property and that too in self possession and with "NIL" income therefrom.???

4 Will there be any issue foreseen when they will sell this flat some time in future but are not filling schedule of " Income from House Property" of present years when they are still owners.????

Pls guide on above four points assuming that there is no loan interest to be paid .

I have payment due of rs 25000 since fy 2021-22, supplier is a trader of chips . Supplier fulfils criteria of msme . In this case do i need to make payment before31-3-2024.


And in case supplier has closed down business how can i make payment . To that msme if it is required to be paid

Good Day.
When a company buyback the unlisted shares, is it required to deduct any tds from the amount payable ?
I understand company has to pay tds for buyback but not clear if company is required to deduct any tds while paying to shareholders of such unlisted shares .
Please help with the correct position in this regard.
Thanks

Dear Experts,
1 A company is having the opening WDV for ups batteries as on 01-Apr-2023 say for Example Rs 1,00,000.00
2 During the current FY, it sold all of them for Rs 30,000.00 dated 31-Jan-2024
3 Now the calculation for depreciation to be considered for 12 monthly?
4 How the accounting treatment to be carried out.
5 Please confirm

IF PROPERTY PURCHASED FROM NRI AS ON 01/01/2024 AND TDS IS DEPOSITED AS ON 06/02/2024 IS THERE ANY INTEREST APPLICABLE IN SUCH CASE?
AND IF TDS RETURN OF FORM 27Q CAN BE FILED BEFORE THE END OF QUARTER 4 OF F.Y.2023-24?