I am an Individual tax payer. I had received interest from my bank account on 1 April 2025, However the interest was till 31 March 2025. Should I consider this income for FY 24-25 or FY 25-26?

143(1) order was of Oct 2021.
Cut(a) order awaited till today.
Can tax demand stay petition be filed with ao now?

My view unfortunately 220(6) only says within 30 days of demand notice..so i can't right?

An individual likely to join a consulting company which do not allow employee and their family members to invest or trade in stock markets directly. Family members of the individual has investment in stocks and trade in stocks actively. What option is left for the family members of the individual to keep their investment in stocks and can trade in stocks. Please suggest the option to keep their investments and trading in stocks as per law and manageable manner. Partnership firm of family members or HUF ? In partnership firm, stocks can be kept in DMAT of partners account and trading account can be in the name of partnership firm. Please advice the way and option.
Thanks in anticipation.
Regards

Hello Sir ,
My wife give gift amount to my mother ( Daughter in law gave gift to mother in law) My mother open FD from that ammount. Will clubbing of income application in this case . Basically for intrest gain from FD , If my Wife need to show that intrest in her income ?

if assessed income is more than 2 times the returned income , demand cannot be pressed till cit(a) decides.

is it correct?
my view --> yes, in view of CBDT instruction No. 96 dated 21/8/1969 and Instruction No. 1914 of 1993 dated 2/12/1993, where the income determined in substantially higher than the returned income, that is twice the latter amount or more, then the collection of Tax in dispute should be held in abeyance till the decision on appeal is taken

i feel Yes, in view of CBDT instruction No. 96 dated 21/8/1969 and Instruction No. 1914 of 1993 dated 2/12/1993, where the income determined in substantially higher than the returned income, that is twice the latter amount or more, then the collection of Tax in dispute should be held in abeyance till the decision on appeal is taken

stakes are high, hence asking opinion.

my q is --> what is his time limit within which authorities have to pass the rectification order?

my view -> 6 months or 4 years, i am confused.
4 years or 6 months?
see this 154 line --> No order of rectification can be passed after the expiry of 4 years from the end of the financial year in which order sought to be rectified was passed

n now see this line --> No order of rectification can be passed after the expiry of 4 years from the end of the financial year in which order sought to be rectified was passed

A trust has received four separate demand notices under section 220 for the interest on late payment of tax and also late filing fee u/s 234E. Is it possible to file one appeal for all the four demand notices or should we file four different appeals. But only one appeal is going in the portal for one assessment year. Can the experts guide in this issue please.

I've sold the ancestral property(agri land) during April 2023 and opened the capital gain account in June 2023 with nationalized bank for the sold amount .During December 2022 I've entered into sale agreement with one Builder(Gated community) to purchase residential flat, which complete the construction and handover the flat as per RERA and I am releasing the funds to builder from capital gain funds by submitting form C and form D to bank according to phase wise construction. I have claimed the income tax under 54F for the financial year 2023-24.Now in June 2025 I want go for flat registration. As I am going for flat registration after 2 years of property sale,is it eligible under 54F claim? and Sale agreement with builder does come under construction clause of 54F? My understanding is we can claim under 54F if we purchase the residential house within 2 years or construct the house within 3 years. Please guide.

Respected Expert

Kindly suggest which ITR I have to file income tax return as I have salary plus Business income. My business income is less than 15 lakhs

Also suggest for My wife having salary + short term gain in share.

Please suggest

Your early response shall be highly appreciated.

Hi Respected Friends,

Could you guide if clubbing of allowances for reimbursement to employees is allowed ? We are capping allowances for Fuel and Internet together to maximum Rs. 2000 per month but want to give option to employees that they decide which allowance to opt for. One of the issue is payroll system does not have feature to cap overall allowances to above limit and hence one of the suggestion was to create "General Allowance" and define it as combination of fuel and internet allowance with capping of 2k per month.
Is this allowed ?