Hello
can clarify the below mentioned Query
whether Clause 27(a) is applicable to all registered business dealer under GST or it is applicable to only 5 products dealer petroleum crude, diesel, petrol, aviation turbine fuel, natural
gas and tobacco for ITC utilization as it is not clearly mentioned for ITC related part under Tax audit guidance note

Hai,
Till now , i am unable to download ITR 3 filed form for AY 2024-25 even after 7 days after the due date.
Anyone facing the same glitch?
I raised grievance also, no one is bothered to reply also from past 5 days from Income tax team.

Error Description
The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the year in which the credit for the TDS is being claimed.

Probable Resolution
If the receipts as per Form 26AS is not offered in the year in which the TDS credit is claimed, then the claim of TDS will be restricted on the basis of proportion of the receipts offered in the return of income to the receipts in Form 26AS, as per Rule 37BA of the IT Rules. The correction of this defect is to be made by filing the corrected return by offering all the receipts as per form 26AS or by claiming the TDS proportionately as above.

Sir/Madam

following notice received by email.
Assessee has salary income, Arrears salary received for the fy-2022-23 & 23-24 and form 16 is received salary including arrears salary of fy-2022-23 and form 10E is not issued by employer-

Please guide me

Error Description
The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the year in which the credit for the TDS is being claimed.

Probable Resolution
If the receipts as per Form 26AS is not offered in the year in which the TDS credit is claimed, then the claim of TDS will be restricted on the basis of proportion of the receipts offered in the return of income to the receipts in Form 26AS, as per Rule 37BA of the IT Rules. The correction of this defect is to be made by filing the corrected return by offering all the receipts as per form 26AS or by claiming the TDS proportionately as above.

Sir/Madam

following notice received by email.
Assessee has salary income, Arrears salary received for the fy-2022-23 & 23-24 and form 16 is received salary including arrears salary of fy-2022-23 and form 10E is not issued by employer-

Please guide me

rror Description
The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the year in which the credit for the TDS is being claimed.

Probable Resolution
If the receipts as per Form 26AS is not offered in the year in which the TDS credit is claimed, then the claim of TDS will be restricted on the basis of proportion of the receipts offered in the return of income to the receipts in Form 26AS, as per Rule 37BA of the IT Rules. The correction of this defect is to be made by filing the corrected return by offering all the receipts as per form 26AS or by claiming the TDS proportionately as above.

Suppose I have paid a challan and deposited it to someone in a TDS return, but later I canceled the transaction with that person. Can I remove that challan to use it in a future period?

Dear All

Please confirm what is the rate of TDS while a company gives sales incentive to a salaried employee. Whether we have to treat it as part of salary and deduct TDS accordingly or can we deduct the portion of Incentive under TDS for Commission?

Hello sir ,
My wife I have ITR1 with old Regime on 8th July (No Refund and no Demand,some Tax Self Assignment tax already paid).

We want to revised it . Can I select New Regime while revised After due date as it seems Beneficial to us

Hi,

I bought an under construction apartment in 2006 directly from a local builder and paid via installments (a total of XX Lakhs) for which an agreement for sale was executed and installments were paid based on construction progress, I was also able to finance a part of the purchase via home loan from bank using the AFS as basis for YY lakhs which I was able to repay with interest in around 5 years. The apartment was registered in my name in 2008 with Sale deed reflecting only value of N Lakhs (without including Registration and Stamp Duty) by builder

Now I am trying to sell this property in 2024. I had the following questions:

1) What would be the Cost of acquisition for this flat I can use since Sale deed only reflects N Lakhs but I actually paid XX lakhs as per AFS to builder (I also have bank loan of YY lakhs as proof)? (YY+N=XX)

2) Can I show YY Lakhs as Cost of betterment to be included if only N lakhs is allowed as Cost of acquisition in 1)?

3) Assuming that Indexation benefit is still available to me in current FY, What would be the indexed cost of acquisition (apply indexation factor 363/122 around 2.97) to entire XX lakhs. Please confirm the indexed cost of acquisition I can use to calculated LTCG?

4) Assuming indexation benefit is not available to me in current FY, what would be the unindexed Cost of acquisition for the apartment?

Thanks for the clarification in advance.

Regards,

MY CLIENT HAS TAKEN A PROPERTY ON RENT FROM A NRI .HE IS DEDUCTING TDS @31.20% AND DEPOSITING THE BALANCE AMOUNT IN HIS INDIAN ACCOUNT WHICH IS WITH ICICI BANK. MY QUESTION IS WHETHER HE IS REQUITED TO FILE 15 CA ALSO AS HE IS NOT TRANSFERRING THE RENT IN FOREIGN EXCHANGE.