Dear All
is there any other tax structure & rule , which required to follow for deduction from RA bill of Contractor & their advance except TDS U/s 194C (2 %) ?

Plz reply with reference..

Regards

S Mallick

Dear experts, is there any maximum time limit till when IT notice under section 144 can be issued....like we have in section 149 of 3 years and 10 years....Thanks in advance....

As per Section 45(5A) of Income Tax Act, 1961, relaxation to pay tax arising from a Joint Development Agreement at the time of receipt of occupancy certificate is given only to Individuals & HUF. There in the case of a pertnership firm or an LLP, tax is still payable at the time of entering into Joint Development Agreement. My query here is, in the case of an LLP or a Partnership firm that is in real estate business, the tax on Joint Development Agreement shall be paid under the head Capital Gains or Income from Business ?

I am an individual (Buyer) buying a flat from a Company (Seller). When I try to fill up the form 26QB, i see the portal is auto selecting the major head as "Corporation Tax (0020)".

Builder document says it should be "0021". Is there a bug on the income tax portal or the selection is OK?

Sir,

I want to know the TDS applicability in respect of the below transaction. One of my group Company which was liable for audit availed vacant land under government scheme from KINFR (a government undertaking). During the financial year 2023-24 they have issued invoice under SAC 997212 for a total value of Rs. 284049 and out of the total amount Rs. 139359 was relates to the previous financial year 2022-23. Respective financial year invoices were issued separately. Whether TDS was applicable in this case?.

As per settlement reached between bank unions and Indian Banks Association, Banks will be disbursing ex-gratia to bank pensioners. This is on monthly basis and the calculation is based on some formula which in turn depend on the retirement period and the pension that is being drawn now. The amount may vary between Rs.400 to Rs.5600.

Is it true that the said ex-gratia is not taxable? There seems to be a case (Arunbhai R Naik) decided by the Gujarat High Court on the matter wherein it was held that such ex-gratia will not be treated as profit in lieu of salary within the ambit of ‘income from salaries’.

Please also refer to a write up in the Economic Times (https://economictimes.indiatimes.com/definition/ex-gratia-payment)

S Kalyanasundaram

Hello sir, once filed updated return if it is declared invalid, can we file updated return again for same assessment year

I have income of Rs 2 lakhs as business income from intraday trading and Rs 15 lakhs from short term capital gains from share trading. Should I opt for old regime or new regime for the financial year 2023-24?

Dear Experts

I run a coaching center of ILETS, PTE and Visa services etc

can i file ITR-4 and show profit 8% or more under sec-44AD

if no, what is the Tax Audit Limit in that case

Thanks

Billdesk issues invoice for their charges for GST Payment through Credit Card. Whether we have to deduct TDS? If yes, then under which section?