Under section 54F, if a taxpayer opts for purchasing land & then constructing it within 3 years from date of transfer,
then in such case, exemption is available for only construction cost, or for both (cost of land + cost of construction)?

Sir, tax payer sec 44ada gross income rs:20 lacs profit declared rs:10 lacs f.y.23-24 and gross income rs:16 lacs profit declared rs:10 lacs f.y.24-25 question: Assessess selection of scrunity provision applicable f.y.24-25

Bank asks borrower to obtain IT Certificate under section 281 of Act. But Dept does not issue. At the same time,,GST holds higher stake. Then why not Lending bank asks similar Certificate from GST dept. Both are Statutory Auth.
Kindly guide.

Dear experts,

If husband and wife both paying rent of Rs 35,000 seperately i.e Rs 70,000 in total then in that case TDS to be deducted?

Pls advice

Regards,

Query on applicability of TDS under Section 194 C :

X is a Company engaged in Real Estate Business and Y is a Contractor (Individual) working for Company X .

Now Y receives the following amount of payments from X during the whole Financial Year for two different works :
1. Rs. 10,00,000/- received for supply of tent house material (Shamiana , Chairs , Tables , etc., ) at the site of Company X for promotion of its business and
2. Rs. 50,000/- received (in small amounts of less than 5,000/- on different dates) for catering services.

In the first case TDS was effected on the total payment of Rs. 10,00,000/- and whereas in the second case TDS was not effected on the total payment of Rs. 50,000/- as the aggregate amount of payment for doing this second work has not exceeded the threshold limit of Rs. 1,00,000/- during the F Y

Query is :
Since the person Y is a single Contractor and doing two different works altogether for Company X and received the payment from Company X , Is TDS applicable on the second payment of Rs. 50,000/- also or not ?

Kindly clarify .

Thank You.

SIR, A DEFAULT NOTICE WAS RECEIVED FOR NOT DEDUCTING TDS AT 20% INSTEAD IF 1%. THE ASSESSEE APPLIED FOR CORRECTION OF DATE IN TRACES WHICH WAS APPROVED BY THE SELLER AND HAS GONE TO THE ASSESSING OFFICER WHO HAS ASKED FOR SOME DOCUMENTS . NOW THE SELLER HAS AGREED TO APY THE BALANCE DEMAND TDS ALONG WITH INTEREST AS PER NOTICE.
1. WHETHER IT CAN BE DONE? SINCE HE WAS UNABLE TO PAY THROUGH E-TAX SINCE BUYER'S PAN IS BLOCKED
2. WHETHER HE HAS TO APPLY FOR CANCELLATION OF CORRECTION REQUEST?
3. ONCE CANCELLATION IS DONE AND DEMAND PAID, WHAT HAPPENS TO THE NOTICE GIVEN NY THE ASSESSING OFFICER? WILL IT BE CLOSED OR NOT?
THANKS

I forgot to submit my Response to Confirm or Revise claim of refund for AY 2024-25, Then next step to get refund.

One of my client who is salaried, has filed the ITR for the AY 2023-24 on 30/7/2023 by selecting the new tax regime in the ITR form, but failed to file Form 10IE before filing the ITR.The return was processed in Dec 2023. A demand was raised by the Dept in December 2023 calculating the tax liability under Old tax regime, because of failure to file Form 10IE.

Now, the difference between the tax liability calculated by dept under old regime and new regime = Rs 53,085. (which needs to be paid)

A rectification request is been submitted by the client in August 2024 but the client received Rectification order u/s 154 in October 2024 to pay the above amount.

Further after, for the next AY i,e AY 2024-25, this demand had no reference in that Intimation order

What can be the possible solutions for this issue.

It would be a great help if anyone can provide me the possible solution about how to proceed for the same .

Thank You.

Respected Colleagues,
A person have a gross salary approx 8,00,000/- in FY 2024-25, now i want to know what are the eligible deductions and planning to save from income tax because upto 7.75 lakhs exempt but excess 25000/- income makes a problem , TDS already been deducted by the employer, but in july we want to file ITR with eligible claims, so we will get full refund......... please share your valuable advice for the same?

Dear Experts
I faced a problem in the payment of TDS on rent in Form 26QC of my client. He pays rent on the property INR 90000/- per month and he vacated the property on 28th February 2025. TDS @5% was deducted & deposited for 6 months rent (i.e April-24 to Sep-24) & @2% was deducted & deposited for 5 months rent (i.e. Oct -24 to Feb-25) by submission of 2 No. Challan Cum Statement 26QC.
But TDS certificate 16C was generated @2% instead @5% deposited on total of rental amount INR 540000/- (Rent paid from Apr-24 to Sep -24) from the portal.
The date of Deduction & date of payment is 26th February 2025 mentioned in 2 No. From-26QC
1) Is the rate calculated @5% on 6 month rental amount if i mention TDS deduction & date of rent payment was 30th Sep -24 instead 26th Feb-25, I think i need to pay the interest & late filling fees from 1st Oct-24 to 26th Feb-25. OR
2) Challan INR 16200/-was showing unconsumed in the portal, can I make a refund request to my client bank account without any digital signature?