Trust registered under section 12 A has sold the mutual fund of rs 50 lakhs and and profit of rupees 14 lakhs. Entire sale proceeds of rs 50 lakhs has been Re invested in purchase of another Mutual Fund can a trust claim exemption? Or liable to pay tax on 14 lacs income

Hello,

solve below mentioned query

whether an employer can deduct TDS when they take an individual health insurance policy for employees.

We are paying bunquet hall dinner party bill to 3 star hotel, amount of Rs. 80 Lac.
Can this dinner bill is treated as commodity & is attract TDS u/s 194 Q.
Please guide

We have purchased goods from one seller of Rs.51,42,380/- including GST amount. So, should we deduct TDS 0.1%
In financial year 2024-2025 our Turnover is 3 Cr.

Respected Sir/Madam

Bankers asked for updated details after demise of Karta for periodic kyc
they sent a message that you have to update the same on income tax portal and apply for new pan card after update and submit the new document with fresh kyc of new karta

What are the compliances being required to be updated on Income Tax Portal.
Please reply

Regards

Tribhuvan

Dear Sir / Madam,

I seek your expert guidance on a specific income-tax issue relating to a proposed Demat and Trading Account for my son, who is a Person with Disability (PwD) suffering from Autism Spectrum Disorder (ASD).

Background:
My son Shounak Ghosh is an adult (major) and is on the autism spectrum. Owing to his condition, he is considered of unsound mind and cannot independently operate a trading account. I am his legal guardian and intend to open a Demat and Trading Account in his name, to be operated by me as guardian, in accordance with SEBI guidelines.

I have referred to SEBI’s “FAQ on Account Opening by Persons with Disabilities”, which permits account opening in the name of a PwD with operation by a guardian, subject to KYC and guardianship requirements.

I have also received the following clarification from Zerodha, the broker with whom I am exploring account opening:

“The child is considered an individual taxpayer, and the income from the account will be assessed in his name, subject to standard income tax slabs.”

My specific queries are:

1. In such a case, who will be legally liable for income-tax obligations arising from trading activities:

> the PwD account holder, or

> the legal guardian who operates the account on his behalf?

2. Will the income (capital gains, dividend, interest, etc.) be:

> assessed entirely in the name of the PwD, or

> clubbed with the guardian’s income under any provision of the Income-tax Act?

3. Are there any special provisions, exemptions, or reporting requirements applicable when:

> the account holder is a PwD (autism), and

> the account is operated by a guardian under SEBI-compliant arrangements?

4. From a compliance and future-dispute perspective, is it advisable to:

> file a separate ITR in the PwD’s name, or

> adopt any additional safeguards or declarations?

Your guidance will help me proceed correctly and compliantly before opening the account.

Thank you for your time and expert advice.


Warm regards,
Bikash Ghosh
(Legal Guardian)

Dear Sir/Madam,

We seek your professional opinion regarding the applicability of TDS under Section 195 of the Income-tax Act, 1961, on payments made to Adobe Systems Software Ireland Limited towards Adobe subscription charges.

1- Background of the transaction:
Payments have been made for Adobe software subscriptions.
The payments were routed through credit card / online payment gateway.
Adobe Systems Software Ireland Limited has provided the following documents:
No Permanent Establishment (PE) declaration in India
Form 10F
2- Clarifications received from Adobe:
Payments made via credit card fall under the proviso to Section 194Q and relevant CBDT clarifications.
TDS obligation does not apply where:
a) Payment is made through credit cards, debit cards, or similar electronic modes; and
b) The bank / payment gateway acts as an intermediary for the transaction.
The responsibility for tax collection does not shift to Adobe in such cases.

3- Our queries for your expert advice:
Whether TDS is applicable under Section 195 on the above payments made to Adobe Systems Software Ireland Limited?
If TDS is applicable, please advise:
The nature of income (royalty / FTS / other),
The applicable rate of TDS, and
Whether DTAA provisions between India–Ireland can be applied in this case.
Whether payment through a credit card/payment gateway alters the TDS obligation under Section 195.

Your guidance on the above will help us ensure correct tax compliance.

Thanking you in advance.
Warm regards,

My income tax returns are already processed for FY 24-25 and I have got TCS credit in form 26 AS after processing returns. Can I claim FY 24-25 TCs refund in FY 25-26

for FY 24-25 AY 25-26 The assessee is in Goa and while filing his return of income everything was shown between him and spouse at 50%.
only prepaid taxes were different and accordingly refund asked was for different amounts
There was business loss to be set off against income from other sources.
In wife case As per intimation received u/s 143(1) business loss was adjusted against income from other sources
However in husband case as per intimation u/s 143(1) business loss is not adjusted against income from other sources resulting in demand
rectification request was filed u/s 154 but in the order again the benefit of business loss is not given and demand is confirmed
My question is
what can be done in above case so that business loss is adjusted against other income like already given in wife case ?

Dear Sir
Is the gratuity and leave encashment received on death of employee in private sector is 100% exempt or upto the specified limits. For leave encashment, is still the letter no. 573 of 1965 still applicable.