Individual A is a majority shareholder in Company C, which is a privately held company. In Aug 2023, C issues fresh shares to another company X. At the same time, C also issues Convertible Debentures to X where the conversion ratio is fixed at 1:1. The shares as well as the debentures are of face value Rs 10 but issued at Rs 300 (i.e. premium of Rs 290). X now holds 60% equity in C on a fully-diluted basis. Both C and X are Indian companies and A is also an Indian national.

In May 2024, C converts the debentures into shares. Immediately after conversion, A buys 45% of the holding from X at face value i.e. Rs 10 as X fails to meet some of the covenants agreed upon at the time of the issuance.

Considering that the shares which were originally valued at Rs 300 have now changed hands at Rs 10, is there any tax implication of the transfer either on A, C or X?

HAME 44AD KE HISAB SE 8 PERCENT PROFIT DIKHA KE RETURN FILE KARNA HAI LEKIN JO DEPRICATION HAI VO YADI HUM PROFIT AND LOSS MEIN DEBIT KARTE HAI TO. HAMARI PROFIT RATIO 8 PERCENT SE BI KAM HO RAHA HAI ARROND 4 PERCENT TO ABH HUME DEPRICATION BI LAGANA HAI PROFIT BI 8 PERCENT RAHE USKE LIYE KYA KARNA HOGA

THANKS IN ADVANCE

My brother has an NRI status and has received dividends from HDFC Mutual Fund for Rs 6531 u/s 196A and TDS @ 20.8%+ is deducted and deposited as per 26AS. As per my understanding this amount needs to be entered either in Sch - Other Sources (OS) or in sub-section 115A(1)(a)(i)- Dividends in case of non-residents under Schedule -SI (Income Chargeable at Special Rate). But in the AIS Summary the amount is shown in Schedule -SI (Special income) under 'Income received in respect of units of UTI purchased in Foreign Currency u/s 115A(1)(a)(iii)' which is leading to tax liability of Rs 1359 i.e., equivalent to 20.8% of dividend income.
My brother has total taxable income ( from dividend and saving bank interest) of Rs. 120,000 during the FY 2023-24 hence accordingly he should be eligible for full TDS refund but in this case his refund amount is getting reduced by the tax liability of Rs. 1359 occurred due to mutual fund dividend income reported under u/s 115A(1)(a)(iii) of Schedule -SI.
Please advise the correct way of reporting this particular income in ITR.
Thanks for your time and help.

I have given a godown on rent to a party.The party wants to give Rs33000/ rent in cash to me every month. Can I take rent in cash without any issues from income tax? Please clarify?

Assessee gives online lectures and offline lectures also
From his fees tds u/s 194J is deducted

My question is this will come under 44AD or 44ADA ?

I am seeing dividend SFT-015 income reported in May 2024 by entities in AIS for 2023-2024. I checked the same in my bank accounts and the credits are not there till date. Please suggest whether I can ignore Ais information or otherwise. Thanks

WHICH DOCUMENTS REQUIRED FOR ITR-1 SHAHJ & WHICH AMOUNT OF BANK ACCOUNT WILL HIGHLY IMPACT IN ITR-1 PLZ PERCEIVE ME HOW TO FILE ITR-1 .

My query is ,
My uncle retired from a PSU in June'2023. Employer shown a deduction of Rs. 71130 u/s 80CCD(2) in Form 16 part B (TRACES) and deducted the TDS accordingly. Now when I am going to file the return AY 2024-25(FY 2023-24) in ITR 2 , System is showing "Amount eligible for deduction under section 80CCD(2) = Rs. 0 "
why is this happening ?

1) retired person is not eligible to claim deduction u/s 80CCD(2) ? (then how the employer show the deduction amount in TRACES Form 16 part B ? )
OR
2) it is a system fault ?

Is a return of income processed by CPC u/s 143(1) subject to audit by CAG while auditing the assessments made by the Jurisdiction Assessing Officer?

The audit party carries out audit of assessments made by the Assessing Officer to check if there is any leakage of revenue.

Facts : a return of income of a company was filed well within the due date and the same was processed by CPC with no demand no refund. There has not been a scrutiny assessment against this return. While carrying out audit at the office of the jurisdictional assessing officer. A scrutiny assessment of a return of succeeding year was done by JAO and while audit of that assessment the audit party found that there has been an amalgamation of another company in the preceding year in terms of approved scheme and shares were allotted to the shareholders of the amalgamating company. The audit objection is with reference to valuation of shares.

which is the best software for filing income tax return ?