Respected Experts,

One Client approached me with a Intimation Notice of 143(1) with a Demand Raised for 88K pertaining to AY 2023-24.

Actually, the Client has filed an Original Return with 490K as Net Income and NIL Tax

Whereas while applying loan, the bank agents filed an Revised ITR with Tax Liability of 88K and Filed with Dummy Challan.


Now the Demand Raised for the 88K Tax Liability,

The Client doesnt aware of this and asked me to resolve the same.


I try to file an Updated Return U/s 139(8A) by reducing the Liability as Zero.

But the ITR Filing is not allowing me to file since the liability is less when compared to previous return.

My Question is;

Since the Client doesnt aware of this issue, kindly suggest how to resolve this.


Request your valuable advise

if necessary will provide the file and pay necessary fee.

thank you !

I received money along with my bothers sisters and uncles when property inherited by us from my paternal grandfather, was sold ten years before. my 1/12th share. (2 uncles and 2 siblings and mother). Rs.10 Lac was not given by the builder then and held back as security until premises made vacant by tenants. But builder lapsed on the agreement for ten years for lack of money . Now after raising a legal notice by us, he has agreed to restart the project and pay Rs. 10 lac withheld. I had disclosed the full amount before ten years in my IT return as Capital Gains. I had put the indexed amount under NHAI bonds for 5 years. This amount then included the INR Ten lac receivable now. So Should I now re-disclose this INR 10 Lac amount in FY 24-25 ?. Is it necessary?
In the meantime I lost my mother 2 years back. so her share of INR 10 Lac will be divided among her 3 children. So I will receive INR 10 lac/ 3 from my mothers bank account ,which is operable by my sister. how to treat this money in my return next year?
The builder will enter into a agreement now to give interest on INR 10 Lac for ten years (as per previous agreement) in the form of space of 100 sft. but again convert this 100 sft x Rate per square foot to INR and pay at the time of plinth may be 1.5 to 2 years hence to me (and all others as well) . How to treat this substantial money to tax then?

Is TDS deducted on licence renewal fees and tour and travelling expenses please explain.

Sir,

I am constructing a residential building for own living purpose.
Whether i have to show in IT file.

Re: Error in TDS file (Form 24Q, Q-4,Regular Statement)--
Please note that while filing Form 24Q (4th Quarter), an error code 'T-FV-3173' comes and not able to file the Return. Please help.
Subir Mukherjee
msubir47@gmail.com

T_FV_6351 Applicable and Mandatory For Financial Year 202324 onwards 'Other special allowances under section 10(14)'. This error appears while processing correction
statement

Mrs A wants to transfer a sum of rs 1.5 lakh to her sister Mrs B's account. And then Mrs A wants Mrs B to donate the amount to an NGO. Will mrs A get the benefit of 80g in this case?

Dear Experts,

An individual, who was a partner in a partnership firm has received an immovable property from
the partnership firm on account of dissolution on 31/10/2006 at book value.

Now the said transferred property is getting sold by the receiving partner. In this case what will be the cost for the purpose of capital gain - Book value OR cost to partnership firm on purchase of property. Purchase made in July 2000.

Please advice

Regards,

Hi Experts,

I have the following query.

Suppose If I sell a house property in May 2024, and if the purchase of a new house property takes time, what is the time limit for depositing the Capital Gains in CGAS Scheme. Should I have to deposit the CG before July 31st 2024 or 6 months from the sale date which will fall in Oct'24.

Thank you

T_FV_6351 Applicable and Mandatory For Financial Year 202324 onwards 'Other special allowances under section 10(14)'. (CORRECTION FILE)
HOW TO SOLVE ABOVE THE PROBLEM.