one worker was died in accident occurred in business premises, Due to death of that worker Business owner has incurred hospitalization expense of that worker around 4 lakh , but unfortunately worker was died and business owner has paid another 4 lakh to his family member, Than 8 lakh will be allowed as business expenditure or not ??

Sir
I have paid Self Assessment tax of Rs 1890 but forgot to mention in ITR U 139 8A tax details. What will happen. Will the return will become defective/invalid. This pertains to AY2023-2024

Hi,

I have registered document for residential property and want to pay TDS.
My property value is 70 lac, but I have just paid 5 lac for registration as lumpsum and balance will be paid later.

1. on which amount I have to pay TDS?
2. can I pay on full mount of 70 lac? (if yes , I would like to pay in full)
3. in any case "amount paid/credited to seller" will be 5 lac?

Thank you in advance

Suppose my seller and I had an agreement on 4th August - property value - 70 lac
And on the same day I paid an installment of 10lac (didn't deduct tds- credited full amount in his account)

And now 60lac will be paid (40 by home loan nd 20lac by me ) on date of property registration ie 3rd October


Presently current date is 15th sep

(I still have time to file 26qb ie tds payment to govt - last date 30th sep(31st August(4th August month lastdate) + 30 days))
How to go about it - should I file 26b today with 10k and 60k 26b on 3rd October and deduct 60k+10k=70k from the seller while paying him 60lac remaining together on 3rd October


Or
I just don't do anything and deduct tds 70k =60k+10k on 3rd October and just file 70k lumpsum 26qb on same day and just ignore that 10lac was actually paid as installment earlier


And if I do it now 10lac has been credited so should I consider it 99% and now since 10lac is considered 99% my tds amount will be in decimal which makes the whole process cumbersome


And mind I have not yet added that seller and buyer both are joint owners



And last isn't it logical that I just file 10k now and then 60k later irrespective that I paid full amount of installment to seller as I can take the tds from him while making the final amount
And just pay govt the tds for now from my account (I can reimburse from the seller)

Hi , We pay municipal Tax on Self occupied property
Can we claim it under income from house property and claim in let out property
Rent received
Less Municipal taxes for both sop and lop

Here municipal taxes means only for let out property or both sop and lop

Plz may I know the correct answer !
Thank you so much in advance !

Just wanted to check income tax

Respected sir, State government or central government gives family pension to the family member of pensioner. Family pension is taxed under the head of other income. In this case TDS should be deducted or not on family pension ? If yes - then under which section . please guide

Sir/Madam

I have received notice for defective return and not able to reply it and time bar.
Can I will be eligible to file revised return today for getting refund of Rs. 30000??

Please clarify me on urgent basis.

Thanks,

(a) Any sum paid to an employee as bonus or commission for services rendered, where such sum was otherwise payableto him as profits or dividend [Section 36(1)(ii)].

Dear all a company pay bonus under long term incentive plan every year , lets say 10 lacs is LTIP which will be paid to employees 15%, 25% , 30% & 30% respectively in 1 to 4 years.

Do we need to disclose the same in clause 20 for tax audit ??

Company A made an advance payment of ₹3 crores to Company B for the acquisition of the latter’s business during FY 23-24, approximately 6-9 months ago. No TDS was deducted on this advance payment.

In August 2024, the deal to acquire the business failed, and Company A now intends to use the advance amount to purchase certain assets from Company B instead.

When does TDS under Section 194Q become applicable in this situation? Should TDS be deducted in August 2024, and if so, is there a need to pay any interest or penalties for the delay?