I have received mail from IT dept that Rectify the defect in your return. Return is defective. You have filed the return in form ITR 1.As per your 26AS taxes deducted u/s 194IA/194IC/194M/194S/194C etc. These section s imply heads of income for which ITR 1 is not appropriate formal. You are being provided with opportunity to make necessary correction and file a return in appropriate form duly disclosing complete gross receipt reflecting in 26AS under the relevant schedule of ITR. Pl note as per rule 37 BA credit of TDS is allowable." Kindly guide me I should file a fresh or revised and in which ITR form.

I got following notice:

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.

I checked my AIS and have the following three TDS:
1) Salary - TDS 192 - Salary Received (section 192)
2) Business Receipts - TDS 194H - Commision or brokerage received (section 194H)
3) Receipts on transfer of virtual digital asset - TDS 194S - Amount received on transfer of virtual digital asset (section 194S)

For point 2 and 3 above, the count is 1 each and the amount received is below Rs.100 on both the cases.

Which ITR to file now?

Can a hospital accept cash from the patient party more than Rs 20000.

I am getting the error message as "In Schedule OS/ Schedule EI, the amount of dividend income mentioned is cannot be more than the dividend income reduced from Schedule BP;#;Kindly ensure that dividend income mentioned in schedule OS or schedule EI should be equal to dividend income reduced from Schedule BP." while validation of ITR-3.

P/L and Schedule BP process already done.
please help me out.

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.
I paid 2 rupees TDS because of crypto

One of my client has entered into a Lease cum sale agreement on purchase of immoveable property, where the tenure of the lease is 10 years and thereafter the ownership is transferred to the client. The agreement is entered with KSSIDC (Karnataka Government Entity).

Here is the extract:

NOW THIS LEASE CUM SALE WITNESSESTHAS FOLLOWS

Allotment of Industrial Plot allotted by KSSIDC to the entrepreneurs belonging to 2A Category
the Government of Karnataka has granted 6 Quarterly Installment of Balance amount of Plot
Rs. 34,78,406/- Plot along with interest at 12.5% p.a in 8 equal quarterly instalments, as under :

1. Total Cost of the Plot Rs._____________________________Rs. 60,72,000

2. Less EMD Paid Rs.___________________________________Rs. 16,00,397

3. Balance amount to be paid__________________________Rs. 44,71,603

4. Six Quarterly installment amount ___________________Rs. 8,57,738
5. (StartingFrom:17/06/2023)

On receipt of the payment of EMD vide receipt No.1208 dated 01.07.20222Rs. 6,07,200 /- and vide receipt No, 1282 dated 04.05.2023 Rs.9,93,197/- whereof, the KSSIDC hereby acknowledges the KSSIDC doth hereby demise to the Allottee on Lease cum Sale the Plot on land numbered as mentioned in the schedule.


How do I account for taxation purposes. Kindly assist.

Sir/Madam
Please Guide
If Assessee has Turnover of 6219360
Presumptive income @8.5% is 528646
Gross Total Income is 531148
Can I File ITR 4
if Not which ITR should be filed
Thanks in advance

I gave loan of Rs1800000/ to a party of which party returned me Rs600000/ by banking channel in April 2023.Now the remaining Rs12 lakhs party is not returning.I filed a case in court and party tells court he paid in cash Rs1200000/

I want to bring this matter in notice of Income tax department so that income tax department can take actions for concealment of income and showing false cash payments.please advise in this matter urgently.

Hello
Scenario:
If a person (say Mr A) purchases an apartment in a real estate project during launch for an amount of 10 lacs by entering into purchase agreement with the builder and holds the agreement for 2 years without doing actual registry of the property.

After 2 years (which would qualify the property as long term) Mr A sells the property to another person (Say Mr B) say for 20 lacs and the builder does actual registry of the flat in the name of Mr B.

Now will the gains of Mr A of Rs 10 lacs qualify as long term capital gain and be taxed as per new amendments at 12.5% or will it be IFOS since actual registry of the flat is not done?

What is the adjournment process of hearing notice of ITAT ?