sir, am I required to make cash payments within 20000 for purchase of goods, to grant exemption under rule 6DD

R/sir, One of my client is selling a plot, which may attract long term capital gain. Selling consideration will be about 18,50,000 and registry is due in may 2016. Buyer is giving 15,00,000 as advance in March 2016. Please let me know whether my client have to show the money received in adv in his itr for ass year 2016-17 or to show and pay ltcg tax in ass year 2017-18 as registry will be done in acc year 2016-17 Please suggest Regards

buyer has made the default in deducting the TDS u/s 194IA for FY 2013-14 however, Seller has paid the tax i.(capital gain) etc
Kindly advice now what buyer should do ??
he cannot now deduct tds (cannot collect the amount of tax from seller) & if buyer will pay from his pocket then there will be double taxation of same transaction...

Note : buyer has received the notice on 4-3-16 for default made u/s 194IA. from IT department having sub of "Calling for info. regarding investment in immovable property" & gave time limit of only 10days to make the default good...

kindly advice what should be done ???

Sir,

I have following incomes in A.Y.13-14.

1.Selling of shares-Long term
2.Commision on which TDS Deducted

So please tell me which ITR Form is applicable to me & how to show capital gain in ITR.

Thnaks..

RELEVANT FACTS OF THE CASE
An Individual got a Plot of Land allotted in his name from HUDA in Haryana in F.Y 1991-92 at the allotment cost of Rs. 175,000/- ,which were duly paid in full via instalments each year till F.Y 1998-99 and got the possession in F.Y 2000-01.
In F.Y 2009-10, Individual transferred the said plot of land via family transfer permission under HUDA and the said plot of land was re-allotted in his wife’s name via conveyance deed registered at transfer value of Rs. 201,000/- and Rs. 6,000/- was paid as registration fees. However, in actual, no consideration was paid for the above transfer and now, wife wants to sell this plot of land in F.Y 2015-16.

QUERY
I would like to know your suggestions on the following below mentioned points:-
a) Whether the above transfer between husband and wife be termed as exempt transfer (gift of immovable property) u/s 56(2)(vii) ?
b) Whether, wife can claim Cost of indexation as per section 49(1) and period of holding as per section 2(42A) of the said plot of land?
c) Whether, clubbing provisions will apply in above case in above case of transfer of land for inadequate consideration ?

Hii All Can anybody answer me what are the amendmends in Belated return in 2016-17 budget and when it will be applicable onwards?

Dear all,
I have to file the correction statement for FY 2011-12 for a nationalised bank. I found that in all cases of PANNOTABVL, Deductors name and PAN were filled, i.e all credit has been availed by bank. It can be intentionally or unintentionally, because it is very old case, but what to do now???
How can i correct this error??

Thanks & Regards

today i am received one bill
transaction in contract base 94 C 2%
Ass.Value : 30,000/=
Service Tax: 4,200/=
Total Amount Paid : 34200/=

So Can I deduct TDS On this Transaction or not ?
Beacuse of 94 C Payment of Contract Rules Rs.30000/= For Single Payment
but as per rules tds deducted on Before Service tax amount ...

Dear Sir/Madam,
I got notice from IT dept. it says your return is defective due to no receipt or income has been offered in any heads of the incime for the TDS claimed in the return. We have filed ITR-7 within due date However we have not given any details in schedules of ITR-7. My college has earned income less than 15% of gross profits from educational activities and interest on fixed deposits. Whether this income should be mentioned in Schedule-BP and OS in ITR-7? And how to claim exemption u/s 11 in ITR-7? Please clarify.
Thanks and regards
Nagaraju

Our client has received a notice from ITD regarding non filing of income tax return of A.Y.2014-15.In Information Summary, AIR-001 Deposited Cash of Rs.10,00,000 or more in a Saving Bank Account is mentioned.Actually,cash is deposited for tax payment of various persons.Thus, there is no source of income from which such cash is received i.e. no actual income.
Quesion is which option to select in efiling portal compliance section?