Error Description
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.

Probable Resolution
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.

Kindly Note as per Form 26AS TDS has been deducted u/s 192 & 194S.

I sell online gaming stickers and cards (virtual). how are profit from sale taxed in Income tax regarding these gaming stickers and cards? Is it slab wise or they are treated as VDA?

income earned form JCB machine on hire basis to individual can be covered US 44AD or 44AE

Dear Experts,
I have income from Salary, Other sources and STCG+LTCG (Shares) and Home Loan (Self Occupied). While filing ITR2, Home Loan Interest is appearing in CFL. It is not deducting from total income. Pls guide, where i am wrong (I have chosen Old Tax Regime).
Thanks in advance.

Dear Sir,
Request you to provide salary structure so employee can get maximum tax benefit for company.

Dear Experts,

For commission income (business income) of Rs 4,50,000/- , there is business expenditure of around 2.5 lakhs . Hence net business income is around 2L.

Also the total taxable income is 2.90 lakhs under new regime. Will there be any tax audit applicability here in terms of profit % or any other clause?

Please advice

Regards,

Hi all
I am an individual and paid the TDS for buying a property. Unfortunately, the sale was cancelled. Now I went to TRACES and tried to submit the refund under statement - raise a refund -> refund due to cancellation.

After I fill all the challan details, I get the below error "Refund request can be submitted for OLTAS challan (s) where available amount in challan is equal to or greater than ₹1."

I read in the forum that we need to revise the corresponding TDS return and cancel the payment made to seller.

Can you please advise, the steps to revise the TDS and cancel the payment to seller?
Do I need to do this
go to statement -> Request for correction - > provide challan details -> go to correction request and make the amount paid and property value as zero? if yes what should I mention for other details like property and seller etc.,

Sir I HAD BEEN GIVEN A COMPENSATION FROM BUILDER AS DELAYED INTEREST ON POSSESSION OF FLAT BOOKED IN 2013 and agreed date of possession is 31 dec 2016 . I am not exiting thevproject and soon possession of flat will be given by builder in next month. Whether there is any laiblity of Income Tax or Not

Request to inform about:-
Filed IT return during last FY 2022-23 - with old tax regime

1. yet to file for FY 2023-24 - already informed to company for old tax regime and they deducted TDS for the same, but before filling IT return shall change from Old regime to New regime

2. for current year FY 2024-25 - informed to company for old regime they also started to deducting TDS, shall change my regime as New

Pl advice on the same.

Thanks

Need Advice on below

Residential Property A - Purchased in 1981, Sold on 27 Sep 2023 Capital Gain of 1.94 Cr
Residential Property B: - Purchased on 18 Oct 2023 Purchased for 2.68 Cr#
Exemption on CG claimed u/s Section 54 in AY2024-25


Residential Property C -Inherited and sold on July 22, 2024 with Capital Gain of 0.55 Cr. Intend to claim capital gain exemption for Property C u/s Section 54 against residual purchase amount of property B in current AY2025-26, since Capital gain from A & C is less than amount invested in Property B

Queries
1. Can I claim CG exemption for property C under Section 54 since Property B was purchased within previous 1 year of selling property C and the amount invested in Property B was more than CG in Property A and Property C?

2. Is it possible to make Sec 54 claim twice spread across 2 seperate Assessment years, since it is generally said that this benefit can be claimed “once in a lifetime”?

3. If the answer to above two is yes, can i use the amount of 0.55 Cr received from sale of Property C in repaying the loan of 0.74 Cr I had taken at time of purchase of Property B?

4. Residential Property C: this was originally purchased by great grandfather in 1961, after which he had passed it on to his successors through a will in 1971. However, it was in 2017 only, finally a partition deed was signed / registered and each successor got his/her own share. Accordingly, my share in property was registered in 2017 only.

a. What year should be considered for inheritance in my name?
b. Since this is an ancestral property and cost of acquisition for me was nil, What should be the base year for considering cost of acquisition / indexation?