If an Indian citizen lives in Nepal, whether employed or not, would he be considered an NRI (Non-Resident Indian) under
A) FEMA
B) ITA (Income Tax Act)
C) BOTH FEMA and ITA
D) NEITHER FEMA NOR ITA

What is the correct answer - A, B, C or D?

Dear Team,

If any invoice raised on us during Sep-24 which attract TDS @5% U/s 194H, now what is the TDS rate if the same were accounted in Oct-24 at our end. (As TDS rate revised to 2% from 01.10.24).

Kindly advice.

Regards,

Dilip Baranwal

Extended due date is applicable for directors return like partner of firm returns?

Application of EPF & EST. Conditions for application

Please tell that whether Form 29B is applicable on my company in the following circumstances
My Turnover 20 Crores
Profit as per Financials 88 Lakhs
Book Profit (for MAT calculation) : 36 lakhs
Tax Liability = 0 (due to set off losses of previous financial years)
Current Year MAT: 5.7 Lakhs
What is the income which should be considered while checking the eligibility of Form 29B and whether the same is applicable in this case or not

Dear Sir one of our client want take gift of immovable property worth Rs 1.5 Cr from his brother in law son i.e Sala's Son i.e wife brother's son is this relation covered under the defination of relative under income tax can he take gift kindly guide

Thanks for your reply sir.. please consider below example once and confirm whether my understanding is correct or not.

For example Mr. X earns salary Rs.50,000/- per month from january 2022 to september 2023 and later on increased to Rs.60,000/- and tax payable for fy.2022-23 is Rs. 23,400/- on 6 lakh salary (1,950 p.m) and for fy.23-24 is Rs. 35,880/- on 6,60,000 salary (2,990 p.m) (tax computation done as per old scheme).

As per above provisions of sec.192 TDS of march 2023 salary paid in april 2023 and March-2024 salary paid in april 2024 and accordingly TDS need to pay in 7th may. Based on above Salary particulars as per 26AS for the FY.2023-24 is Rs. 6,50,000/- ((50000*7-including march 2023)+(60000*5- EXCLUSING MARCH-2024 SALARY)) and TDs amount is Rs.34,840 (1950+32890) but as per sec.15 the salary amount to be reported in IT return is Rs.6,60,000/- and TDS amount should be actually 35,880/-...

The above difference exist in form 26AS and IT return based on provisions of sec.192 and sec.15..

Is my understanding on above sections is correct sir

I want to know whether late filing fee on tds 24q statement is eligible for considering in the amnesty scheme. If yes , how to file the application.

If an individual files a return with RNOR status, is he required to file Schedule FA and declare foreign assets? Also, is he required to declare foreign income?

Thanks for your reply sir.. please consider below example once and confirm whether my understanding is correct or not.

For example Mr. X earns salary Rs.50,000/- per month from january 2022 to september 2023 and later on increased to Rs.60,000/- and tax payable for fy.2022-23 is Rs. 23,400/- on 6 lakh salary (1,950 p.m) and for fy.23-24 is Rs. 35,880/- on 6,60,000 salary (2,990 p.m) (tax computation done as per old scheme).

As per above provisions of sec.192 TDS of march 2023 salary paid in april 2023 and March-2024 salary paid in april 2024 and accordingly TDS need to pay in 7th may. Based on above Salary particulars as per 26AS for the FY.2023-24 is Rs. 6,50,000/- ((50000*7-including march 2023)+(60000*5- EXCLUSING MARCH-2024 SALARY)) and TDs amount is Rs.34,840 (1950+32890) but as per sec.15 the salary amount to be reported in IT return is Rs.6,60,000/- and TDS amount should be actually 35,880/-...

The above difference exist in form 26AS and IT return based on provisions of sec.192 and sec.15..

Is my understanding on above sections is correct sir.