Deemed Dividend u/s 2(22)(e) covers
Payment of any sum (whether representing a part of the assets of the company or otherwise) by way of advance or
loan to a shareholder (and payment to concerns in which such share holder holds substantial interest);
My question is whether the above clause will be applicable if Pvt Ltd Company advances or gives loan to LLP and in both concerns directors held more than 10% shares and voting power ?

Deductee PAN was inoperative in FY 23-24
TDS default notices were received asking to pay 20% TDS and demand has been raised for difference
Deductee PAN is operative from 6th August, 2024 and linked to Aadhar

Whether in this case short payment is payable ?

Dear Sir,

One of our employees deposited ₹250,000 in the post office as NSC in June 2019, with a maturity date in June 2024.

The interest for the NSC was not reflected in his AIS until FY 2022-23, even though he filed his ITR for that year. In FY 2023-24, only the interest for FY 2023-24 was reflected. Based on this, please clarify the following:

1. Why was the interest for the first three years not reflected in the AIS? Is there a possibility that it was tax-exempt, or was there another reason? Please note that he did not claim any Section 80C exemption for interest reinvestment in previous years.

2. What will be reflected in the AIS for FY 2024-25? Will it include only the interest for the final year, or will it show the cumulative interest for the entire period, including the first three years and the last year?

3. If the cumulative interest for the first three years is not reflected in the next AIS, should he declare it as other income for those years?

Thank you in advance for your assistance.

Is employers contribution to gratity taxable in the hands of employee??
And also is employers contribution towards life insurance of employee is taxable in hands of employee??

Sir, I have to change Karta name in a HUF file, as the previous Karta has already expired. What is the procedure for the same ?

How can I avail 80EEA interest deduction in below scenario.
Principle: 50,000/-
Interest on Loan: 350,000/-
LIC: 150,000/-

As mentioned above Can I avail deduction as below.
80C: 150,000/- (LIC & Loan Principle)
24: 200,000/-
80EEA: 150,000/- (Remaining amount to be claim for Interest on loan)

In short I want to understand how can I use this 80EEA section deduction.

Can anyone calculate income Tax from following details :
I. Monthly Components Amount (INR)
1. Basic Salary: 64,900
2. House Rent Allowance (50%): 32,450 ( rent paid 22,000 pm , city: pune)
3. Company contribution to E.P.F./Special Pay I: 7,788
4. Superannuation fund/Special Pay II (15%): 9,735
5. National Pension Scheme/Special Pay III (10%): 6,490
6. Leave Travel Assistance (10%): 8.490
7. Statutory Bonus/Ex-Gratia (20%): 12,980
8. Miscellaneous Allowance: 21,571
Total to be paid monthly (M)= 1,62,404
Total for the year [M12] [A] : 19,48,848

II.Variable Components
1. Annual Performance Bonus [APB] Per Month [M]: 18,333
Total APB 10.0% of Annual Gross Salary [B]: 2,19,996

III.Annual Component
1. Provision for your gratuity[C] (4.0%): 31,152
Annual Gross Salary [A+B+C] =21,99,996

IV. Major Benefits [Average cost per person p.a.)
Insurance and Food" [D] =41,000

Cost To Company (CTC) (A+B+C+D) =22,40,996

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable

I have written a bad debt for a party. The party got income tax notice and department treated my bad debts as party's income and department charged 100% penalty on income tax.The party now wants to return my money. What should I do now? Shall I take my money back?

In tax regime, where I have to enter my income detail in the ITR form 3 for tax deducted under section 194C and 194jb