Respected Sir,
I have filled the ITR-3 for FY 22-23 with claim of TDS refund dated 30th Dec 23 and for some reason, I could not verified the ITR within Stipulated time date 30th Jan 2024 and after that I have sent the ITR V at CPC Bangalore and after 5 days I received following mail dated 5th Feb 2024,

"Your ITR-V has been received after the stipulated period of 30 days. Hence, in terms of CBDT (Directorate of Systems) Notification No. 05 of 2022 dated 29.07.2022, this ITR-V is not valid and hence your ITR is treated as 'Non-est' (not filed). "

So my humble request to experts kindly guide what to do in this situation.

Thanks & Regards

Raj

Hello CA Club Tax Experts:

Current status: OCI holder with foreign residency.

As we approach retirement in the next few years, we are exploring options of staying in India for extended periods of time, for example, for a few weeks to few months.

What would be the tax implication for us in India and our home country of citizenship if we stay in India for 3 months or 6 months or more in a year? We have foreign passports with an OCI card.

Regards,
Sunil Kumar Bali

op. wdv on 1.4.2023 Rs. 1 crore
add purchase in Feb 2024 50 lakhs

Less sale value in Dec 2023 Rs. 2.5 crore (here on 31.12.2024, block becomes negative)
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WDV on 31.3.2024 minus Rs. 1.0 crore
===========================
my question is --> even if block becomes negative on 31.12.2024, (i.e. opening 1 crore minus sale 2.5 crore), its ok? i mean, short term cap gain will be only rs. 1 crore for fy2324, right?

my view --> yes, stcg will be only 1 crore for entire fy2324, because, sequence in section 50 is op + acquired DURING PREVIOUS YEAR minus sale value.
regards,
ca kunjan

Hi All,

I am looking for detailed information books on the below topics. Could anyone please help suggest which is a good one to go for?
1. HUF
2. Capital Gain Taxation
3. Taxation for NRI

Regards

We have deducted TDS 194C@1% of Individuals and filed TDS return but due to inoperative PAN department has raised notice to deduct 20% TDS. Now we have linked PAN with Aadhar then how we can reduce TDS liability?

IF THERE ARE 5 SELLER OF PROPERTY AND OUT OF THEM 3 ARE NON RESIDENTS AND 2 ARE RESIDENTS THEN TDS WOULD BE DEDUCTED OF ALL SELLERS OR ONLY TDS OF NON RESIDENTS IS TO BE DEDUCTED IF SALE CONSIDERATION IS LESS THAN 50LAKH?

Respected Sir/Madam
Is TDS deducted u/s 194Q on Capital goods purchased? Normally as per goods we consider only goods we manufacture or resale not capital goods we capitalized in business?? So should we deduct on capex?? Kindly advice

If an individual trader purchases scrap from manufacturer registered under MSME act then if payment not made within specified time limit, will provision disallowance applicable for such trader under 43(b)(h)?

Exhibition Charges to a Supplier has been amounted to Rs. 3Lakhs and TDS on same has been deducted u/s 94C @ 2%. Also membership fee is payable to same supplier amounting to Rs.25,000. Shall TDS be deducted on such membership fee? If yes, under which section and at what rate.?

I am seeking detailed information on the specific provisions and guidelines governing the taxation of judicial officials' income. I am particularly interested in understanding the allowances that are exempted from income tax, as per the relevant sections of the Income Tax Act.

To provide context to my inquiry, I have thoroughly reviewed the available resources on the official website of the Income Tax Department, but I believe that a direct clarification from the department would be invaluable in ensuring accurate compliance with the prevailing tax regulations.

I have attached Judgement Order copy towards tax free of sumptuary allowance, Medical allowance & Leave encashment allowace to assist in framing my query more precisely.

I kindly request your assistance in providing comprehensive information on the following points:

Clarification on the specific allowances exempted from income tax for judicial officials.
Any recent circulars or notifications that may impact the taxation of judicial officials' income.
Procedures to be followed for availing the aforementioned exemptions.

And also, major number of judicial officials in Karnataka calculating their income tax by deducting allowances (i.e., Sumptuary allowance, medical allowance & Leave encashment allowance including arrears thereon) in Gross salary before showing in computation (Only showing Net salary)

I understand that your time is valuable, and I appreciate any guidance or assistance you can provide to address my queries. If there are specific forms or documentation required to facilitate this process, please inform me, and I will promptly comply.

Thank you for your attention to this matter. I look forward to receiving your response at your earliest convenience.