Hello everyone,

A ltd has received an invoice from consultant - professional fees 100000, out of pocket expenses-15000 (food, travel & accomodation ) total 115000

He has provided evidence of accomodation.

should we deduct tds on 100000 or 115000

if suppose he issues two seperate invoice one for 100000 and one for reimbursement of OPE then what would be implication on TDS ??

Thanks

I have a proprietorship firm engaged in exports of handicrafts. I had a car in the name of the firm with book value 3 lakhs. I sold it for 4 lakhs (1 lakh profit) . After 4 days I purchased a new car for 10 lakhs.
How do I account for it ? After claiming depreciation till date of sale , do I show profit on sale of fixed asset (old car) ? Or do I just make an entry for sale of old car and a new entry for purchase of new car in my books in which case I won't have to show profits ? Thanks for clarifying.

Dear sir,
We are a society registered U/s 12A and 80G. We are having an FDR of Rs 2 Crores and on that the interest accrued but not received is Approx Rs 15 Lacs the interest gets added to FDR amount.

We are also falling short of 85% utilization of our Gross receipts. Sir my question is do we have to file two forms form no 9A for interest of FDR accrued but not received and form 10 for short utilization of 85%.
my second question is do we have to add the interest accrued but not received in total receipts and then calculate 85% or exclude the interest figure and then calculate 85%

my demat account was with Citi bank and Citi bank migrated in to Axis bank on july 2024
my demat a/c automatically converted to Axis demat account now if I sell my shared ,it is consider as short term capital gain with profit while I purchased shares in 2015 and it is LTCG with loss
I talked with Bank but they are clueless.
can anyone guide me please??

Thanks in Advance

good evening Sir, client was issued a notice for defective return u/s 139(9) on 01 AUG 2024, last date for response was 16 AUG 2024, as he filed return in ITR 1, where as he was having income from VDA and LTCG in listed shares, now he has come to me to file return. what should be done now, as the option to response for defective return has been disabled.

can i filed Revised Return u/s 139(5) under old regime as the original return was filed in old regime for this case?

Hello,
Had a query since ITR 2 was filed for LIC Agent Commission Income now, Department have issued defective return notice, but unable to revise the return or respond to defective return notice with new Form Type ITR 3.
Process of filing is getting stuck at last for validation in both cases u/s 139(5) & after selecting option respond to Notice u/s 139(9).
Even manual Utility is having issue at Point - whether you are Director of any co ? Green Field Macros is not opening to let me answer Yes or No. Despite macros have been runned properly, this field is still Grey & protected.
Can anyone help?

Client's Case :
My relative would like to send the following amounts directly to my bank account from abroad for the following two purposes :

1. An amount of Rs. 10-15 Lakh for the purpose of cost of education of my son.

2. Another amount of Rs. 10-15 Lakh further utilising which I shall purchase a residential house for myself.

Queries :
1.What will be the income tax implications of the above receipts in the hands of the recipient who is a resident and ordinarily resident individual in India having no other source of income at present ?

2. Will the implications be any different if the amounts are smaller, say Rs. 5 Lakh in each of the above cases ?

3. Will there be any implication of FEMA provisions on the recipient for receipt of above amounts from abroad directly into his bank account ?

Thank you and best regards.

Dear All

Please note we are providing travel allowance per day - for foreign travel based on grade of employees, in USD. Based on categories of employees, amount of USD varies from 5- to 100 USD per day. This payment is done to their bank account, and this is done as per HR policy. We account this expense as Travel Expenses. Can you please suggest whether we have to deduct TDS for the same?

I have engaged in a private company; Company has Mediclaim policy with United India Insurance. As per the company policy employee can top up the limit of mediclaim under the same policy .

For Example Company paid for medical insurance Rs-4000/- for covering medical insurance of 4Lcs for individual employee, in the same policy the insurance company provide an option to top upto Rs-6 Lacs for which Employee has to pay Rs- 1000/- which will be deducted from the salary of the respective employee. Although the single policy is in the name of company but the insurance company provide separate Mediclaim card for availing the medical benefit for every individual.

In this regard my question whether the respective employee can claim [partial portion] u/s 80D and which documents or proof is required to be produce for claiming the deduction?

1) Policy Single in the name of the company
2) Entire payment initially made by the company and enhance amount will be adjusted in the subsequent period by adjustment of salary.

Invested in Single Premium ULIP policy in 2005 Rs.1 lakh with coverage of same amount. Current Value is around 18 lakhs. What are the tax implications on partial or full withdrawal. If the withdrawn amount is taxed, it will be taxed under which head. Is there an opportunity to set off Short/Long Term Capital Loss or Business Loss against such withdrawals