Whether Foreign Exchange Translation Loss Allowed in Indonesia Income Tax? Please share the relevant act transcript.

Dear Sir / Madam,

Section 54EC of the Income Tax Act says the amount of capital gain should be invested within 6 months from the date of transfer to avail this exemption. My two scenarios are as follow:

Scenario 1 -
Mr. A sold a flat on 21/03/2024. So he can invest the capital gain amount in 54EC-eligible bonds till 20/09/2024.
But since the due date of filing his ITR is 31/07/2024, this investment is required to be done before 31/07/2024. Am I right?

Scenario 2 - Mr. A decides to invest the capital gain amount in the New house property. For resale property, he has a time limit of 2 years after the sale of the old property i.e. up to 20/03/2026 OR he can invest in self-construction or under-construction property till the end of 3 years after the sale of the old property i.e. up to 20/03/2027.
Therefore, he keeps this capital gain amount in the Capital Gains Deposit account scheme. But just before the completion of 2 years, on 01/03/2026 he decided not to invest in new property.
So my query is that: Can he NOW invest this capital gain amount kept in the Capital Gains Deposit Account Scheme (before the completion of 2 years) in 54EC-eligible bonds? or this option is gone and the capital gain not invested would be taxable in 2026?

Please guide.

Thanks & Regards,
Suraj

A Resident individual holding foreign (USA) company (pvt ltd)'s shares & If he sells the same whether he is liable to tax in USA?

This pertains to my IT return for AY 21-22. I had filed the ITR return within due date (i.e. before 31st Dec 2021). The Due Tax payment (self-assessment Tax) of about INR 2 Lacs was paid within 4 days of the filing of Tax. I also paid interest of around 7000/-, as was showing in the Income Tax system, though no interest should have been applicable

Please let know whether I can file:

1) Rectification to update my challan for payment of INR 2 Lacs: -
I was told that last date of filing rectification was 31st Dec 2023, for AY21-22. Can you please confirm whether I can file rectification. In this case I am getting Tax due of around 35,000/-, as system is not capturing date of my challan payment of INR 2 Lacs and calculating interest for delay. Actually, no interest should be applicable.

2) Updated return under 139 (8A):-

In this case, I am getting marginal refund of around 6500/- (nearly same as the interest amount I had paid), but since refund is not allowed under 139 (8A), I have to manually make it zero, before system allows the filing.

Please confirm whether 1) or 2) is the right way to proceed.

I have received RSUs from my company during the calendar years 2021 and 2023, but due to ignorance I failed to update schedule FA of ITR-2. How can I go about fixing this, will I be able to update the previous 2 ITRs using ITR-U?

Respected Expert

I have received demand notice from TDS dept. regarding short payment. Kindly let me know how i can know the short payment deduction and how can reply the same.

Your positive and early response shall be highly appreciated.

dear sir,

one of my client purchased one site by availing gold loan of about 3500000/- by in his son's name and also his son availed gold loan as well as same as his father. the site will be registered by his son's name. my client also gst dealer and bank appraiser.

this kind of transaction is correct and might be a source of income for purchasing land.

thank you

regards

Dear experts,

I have 2 residential properties and some RSU stock options. I wish to sell them and invest all the proceeds in buying another property closer by to my work place. How could I structure the sale so that i avoid capital gains tax? Can i invest the capital gains from both properties into a 3rd property? Can i invest the RSU capital gains into 3rd property?

Kindly guide.

Respected Sir/Madam,
My query in context to Sec 194Q TDS and Sec 206C TCS, If Seller collect TCS till dec 2023 on sales but turnover of buyer exceeds 10 crores in previous year then 194Q prevails, In this case now, buyer deduct TDS from Jan 2024 and send declaration to Seller for deduction of TDS 194Q then for previous nine months till dec 2023 buyer not able to deduct TDS 194Q then in this case is there any non compliance notice received from the dept or any demand notice issued by dept.

Kindly guide or help in this regard

sir,
Payment to MSME in sec 43b(H) provision applicable for sec 44ada and sec 44ad it persons.