Sir,
The it tax payer cash loan to relatives rs:15 lacs through on cash mode paid dt:10-1-25
After another date:10-2-25
Cash loan from relatives rs:15 lacs amount repayment through on bank channel mode received
Question:
Assessess above transaction violation of cash rules penalty imposed in it act.

Assessee has file income tax return for AY 2023-24 , but forgot to claim TDS. Now it want TDS refund how to claim?

Wheather assessee can file condonation of delays u/s 119(2)(b) or Form 71.

A person (Age 42) has a salary income of ₹6 lakh per annum and earns ₹50,000 as FD interest. Can he submit Form 15G to avoid TDS deduction on interest? If not, what are the alternatives to minimize TDS or claim a refund?

HUF PAN card was obtained few years ago, but HUF did not have taxable income above the threshold limit. So it never filed tax return and not assessed to tax. Karta now wants to dissolve the HUF by distributing whatever little assets - MF investment and bank balance- it has amongst the co parceners. Please advise the procedure to be followed from tax law point of view as sec 171 does not apply. What are requitements under Income tax act to be complied with under such situation?

Hello,

Could you please confirm if TDS needs to be deducted at 10% on hotel room rent if it exceeds ₹2,40,000 in the financial year 2024-25?

Dear Sir / Madam,

I would like to understand taxation in simple terms in the case of the redevelopment of a building for its members. I have read a few articles but did not get clarity on taxation and its reporting in the ITR etc. My queries are as follows:

This building is a Pagdi building situated in Mumbai, where the tenants have come together for the redevelopment of the building through a developer. They will receive 450 sqft in exchange for their earlier 240 sqft. The building was constructed in 1945.

There are two types of tenants: A) Tenants who are not going for additional area other than what they are eligible for, i.e., 450 sqft. B) Tenants who are going for additional area beyond what they are eligible for, i.e., may go up to 600 sqft.

The development agreement is entered into on 14-02-2025. All tenants are opting for flat in exchange of their property.

My questions are as follows:

1) Is the tenant required to show this transaction in their ITR for AY 2025-26 as a sale of property to developer? If yes, what could be the cost price and sale value? Will there be any capital gain in both cases mentioned above?
2) Is the tenant required to obtain a valuation report as of 01-04-2001 and 14-02-2025?
3) If not shown in AY 2025-26, and the construction is completed after two years, say on 14-02-2027, is the tenant required to show this transaction in the ITR for AY 2027-28? What would the cost price and sale value be in this case?
4) Is the rent received from the developer for relocation to another place taxable?
5) Is any hardship allowance received taxable in the hands of the tenant?
6) Is GST payable by the tenant at any point during the entire redevelopment process?

I would be grateful if someone could clarify the above points and provide any additional considerations from a taxation and ITR reporting perspective.

Thanks & Regards,
Suraj

Sir,

One of my client have filed his ITR for the assessment year 2022-23 (non audit cases) on 27-10-2022 by choosing new tax regime by filing form 10IE on 14-03-2022. Whether he can eligible to file his ITR under new tax regime.

Sir, if an NGO receives funds from an organization for welfare works, and in this context, they give work contracts to individuals for tasks like repairing school buildings or renovating hospitals, the NGO is required to deduct TDS under Section 94C from those receiving the work contracts."

Sir,
I submitted my daughter's original IT return for the F.Y 2023-24 on 17.6.2024 and a revised return on the next day i.e on 18.6.2024. But still now the status of the return is showing "processing". Am I to do anything to complete the processing?
Thanking you
Prasanta Sengupta

Dear Sir/Madam
Plz guide

I have deposited TDS For FY 2024-25 In December 2024 under
Major Head: Income Tax Other than Companies (0021) &
Minor Head: TDS/TCS Payable by Taxpayer (200)
BUT by mistake I have Shown it in Tax Break up details of Challan as Interest & Fees under Section 234E
Can this Challan amount be used to pay TDS Tax of February 2025 Month.