Can a parnership firm insert a clause in its deed wherein it is stated that the Interest on Capital will be payable to the partners at rate not above 12% and the same shall only be payable on the opening credit capital balance of the partners.No interest shall be payable on the capital withdrawn or introduced during the Financial Year for which the Interest is to be calculated.

AO CAN RE-OPEN CASE ON BASIS OF CASH DEPOSIT?

At the time of online correction in TDS return Modify / Add deductee details, an error generate at the time of saving the correction, as below since last 10 to 15 days

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An assessee does not own any residential house property on the date of transfer of a long-term capital asset (other than a residential house). The assessee proposes to purchase two residential house properties out of the capital gains.

In such a case, can the assessee claim exemption under Section 54F in respect of both the houses, or is the exemption restricted to investment in only one residential house?

Further, does the one-time option of investing in two houses (capital gains up to ₹2 crore) apply to Section 54F as well, or is it restricted only to Section 54?

Respected Sir,
Propert Value is 60,00,000

Buyer is 4
Seller is 2

While Filling Form 26QB in Column Total Value of Consideration (property Value ) is 60 Lakh or Proportionate Basis respect of One Seller i.e 7,50,000 Rs.

on You tube Channel Name CA GURUJi suggest TDS on full property value, while other professionals suggest proportionate value.
Kindly clarify the correct legal position

We Entered Full Value i.e. 60 Lakh So any notice Will be Received ?

Rent paid to NRI by individual tenant. Whether TAN number is to be obtained by Indian individual tenant ? As I know that there is no basic limit of rent paid to NRI . correct ?

A, B and C own a flat where major financing is done by A and around 25% is financed through loan from Bank by C. C has been paying the emi and loan is almost paid.
A expired 2 years ago. A had three legal heirs i.e. B D and E of which B is the joint owner as stated above.
Under the premises kindly advise on the treatment of sale proceeds to be distributed between B,C,D and E as also the TDS by Buyer?

default tax regime is new regime. hence whether updated return can be filed in old regime ?

Dear Expert,
My clint sold property (One Home) in may 2024 of Rs 65 Lakh and he used this amount in construction new home and get the exemption U/S 54 of Income Tax. He mostly make payment in cheuqe for material but he pay Some cash Approx 5 Lakh to labour for construction work which is actual. Now My Question is can we consider cash expenses for labour work for construction under Section 54 (In Constructon of New Property) of Income Tax.

Thanks in Advance kindly give me suggession soon. if answer in yes than which section allow this.

IF ASESSEE HAS FILED ITR 3 FOR AY 24-25 UNDER OLD REGIME AND NOW HE WANTS TO FILE UPDATED ITR FOR AY 25-26. SINCE DEAFAULT REGIME FOR UPDATED ITR IS NEW REGIME AND ASSESSEE WAS UNDER OLD REGIME LAST YEAR SO AT THE TIME OF FILING UPDATED ITR IN NEW REGIME, FORM 10IE ACKNOWLEDGEMENT NUMBER IS REQUIRED AND FORM 10IE CANNOT BE FILED AFTER DUE DATE.

HOW THE ASSESSE WOULD BE ABLE TO FILE UPDATED ITR 3 FOR AY 25-26?