My client has purchased One property for the total sum of Rs.1,50,00,000/- . There will be one sale deed executed by e five sellers of the property means share of each seller comes to Rs.30,00,000/- . Should I deduct TDS @ 1% and fill form 26QB against this transaction.

After filling the first page of F35 with DIN of the Order against which Appeal is filed, Date of Order and Date of service of Order, i am getting an error message "No matching data found for the given details. Do you want to continue?". The Rectification Order I want to appeal is Dated 12th November 2024 and the Date of Receipt is also 12th november by email. I am logging in almost every day to complete filling and filing of F35 but i continue to get the same error.I have raised a grievance in this regard in the Portal on 21st November 2024 which remains unresolved while the last date to file Appeal is fast approching.

VSV SCHEME 2024, IS APPLICABLE IN CASE OF APPEAL FILED BY ASSESSEE AFTER 22/07/2024?

WE OPTED 44 AD
AND PAID TO SALARY TO EMPLOYEE 30000 PER MONTH
WE ARE LIABLE TO DEDUCT TDS UNDER 44AD RETURN
THANKS IN ADVANCE

If an NRI is employed in USA for a US company for salary and lets say later it turns out that the US company is controlled from India, Is that income considered income from business controlled from India for the NRI?

A Person who wants to file his return under 44AD but also has income from online gaming, which I T R form should he file?

Dear Sir,

I have been seeking guidance through this forum on my issues related to Finance, Tax etc.,
I am extremely contended with the response and the clarity I am provided.

Sir, I need clarification on the following queries/subjects/points:

My son is NRI and purchased a flat from the reputed Corporate builder in India. Further details/inputs are furnished hereunder to enable you to guide me.

1]Date of purchase(Sale agreement) of Flat in October 2021.
2]Total cost of the Flat including Stamp duty towards registration:Rs.198 lacs
3]Loan sanctioned by the BanK based on his income abroad:Rs.132 lacs(present outstanding)
4]Equity Rs.66 lacs
5]He doesn’t have any income in India

Now he wants to sell the flat and the Sale price is Rs.228 lacs

Prospective buyer is also taking a loan from a bank for the amount. Buyer’s bank will release Rs.132.00 lacs directly to the my son’s loan account and the balance amount Rs.96.00 lacs for the credit of my son’s account.
Seeking Guidance on the following points:
1]Applicable LTCG is @12.5% on Rs.30.00 lacs i.e. Rs.375000.00 + Cess+Surcharge if any. No indexation option since he is NRI.

Please confirm whether the above is correct?

2] Is the TDS @20% is to be deducted by the buyer, is it on Rs.228.00 lacs(being sale consideration) or on Rs.96.00 lacs(being the amount credited to my son’s account).
Alternatively deduct only the amount equal to Tax on LTCG i.e.(capital gain portion i.e.Rs.30.00 lacs) that is Rs.375000.00 lacs. He has no income in India and not paid any taxes.

My son wishes to get the amount repatriated to his country[USA].

3]Is there any way to exempt/reduce the TDS within the frame work of law as the TDS on Rs.228.00 lacs will be a huge sum and to close the loan, he has to pay out of the difference amount he gets i.e.Rs.96 lacs?

Kindly guide.
Regards,

M A Rasheed

TAN rectification has been done and reflect in TRACES but not reflect in ITD portal what is remedy

Can Rectification return for A.Y. 2023-24 can be filed as updated return because assesses has not see 26AS deduction u/s 194C.
Now assesses can filed return for AY 2023-24 as updated return or not ?

Hi,
can someone clarify how to report dividend income from Indian Co. ADS (American Depositary shares) held by a Resident in a brokerage account in US?
So far it is being reported under Sch FSI but with India & PAN as source country. TDS too is being reported in Sch TR & Form 67 but the US broker doesn't issue a TDS cert for this - merely an account Statement showing tax withheld and the gross/net dividends are shown.
The problem is the ADS are held in street name by the broker and not in ultimate beneficiary's name. So wondering how to take credit for this TDS.
thanks