My client is a developer company. He appoints security personnel at the main gate & other areas of his constructed projects & pays subscription fees to subscribe 'My -GATE' software & 3 nos accessories to the security personnel for control entering people into the project. He considered subscription fees of the above software & accessories u/s 94c and did not deduct TDS as the quarterly bill including GST is INR10620/-. Is the above software subscription fees will be deducted u/s 94I(a) as the threshold limit will be exceed above INR 30000/- excluding GST? please clarify.

Is it possible to file itr 6 for a private limited company now. Fy 2022-23

Dear sir/madam
Can we show rental income form house subletting under presumptive income u/s 44AD or 44ADA
or is it to be shown as income from house property while filing ITR?

Respected Sir/ Madam

In 26AS of FY 2022-23 bit of TDS of 2021-22 is appearing and is claimed in return of FY 2022-23.

Income of FY 2021-22 whose TDS is now showing in 26AS of FY 2022-23 has been correctly accounted for in FY 21-22 and Income given for taxation in the return of FY 21-22 although TDS on this income had not been claimed in FY 2021-22 as it was not appearing in 26AS of past year.

CPC has not given credit of past years TDS in return of FY 2022-23.
Return processed without giving credit of TDS of FY 2021-22

Now Return of FY 2022-23 is processed and Intimation u/s 139(1) has been received with Computation of Restriction of TDS based on Rule 37BA which has reduced total TDS claimed in return by amount of TDS that pertains to past year (FY 2021-22)

What to do now to get credit of total TDS ( TDS of 2021-22 + TDS of 2022-23) in return of FY 2022-23.

Please Guide

Thanks & Regards

20-01-2024

1. We have tried several times for doing above. After redirecting by TRACES site for TAN log in, under Contact details, PIN code, Post office, Area, Town, State is not taken . POP up & redirects is enabled, but no result

2. Is there Site problem. We are trying above since yesterday

3. Or alternatively, for filing First TDS return, Now TDS paid challans are not being sent by mail.
If we can get BSR code & Challan no. of the challan paid , then TDS return can be filed with NSDL
Pl help us in getting BSR code & challan no. of payment made for filing TDS returns
Thanks!
CA Laxmi Mittal
Vapi

i am director of a private limited company my question is
1) can my father give loan to company from borrowed funds?
2) he borrowed personal loan from bank and give loan to my company?

My client was making a payment through Agoda travel agent for hotel booking worth Rs 23000.

He got this msg from SBI bank:

*Dear Customer, TDS of INR 2,301.90 deducted in account no XXXXX629200 on account of cash withdrawals under section 194N of Income Tax Act-SBI*

He contacted Bank inquiring about the same. Bank said it will show as TDS in your account however it is TCS deducted by bank. It is understood that this is tcs on foreign remittance. But still it does not match with the rules as according to rules tcs is 5% below 7 lakh remittance and 20% above it. And my client has not exceeded the limit. However once he had converted 4 lakh rupee to dollar but it was not used and again recoverted to rupee.

How can we challenge this in income tax dept. Pls guide

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.

Hello Experts,

I would need your advise on below query.

-ABC co. has no working capital and unable to buy computers / Other Fixed Assets in India.

-XYZ co. being foreign holding company of ABC co. desires to pay the amount directly out of foreign country.

Can ABC Co. recognize as assets?

Pl advise if that is possible or if there are any legal/tax implications.

Note: ABC Startup company and holding company is paid amount directly to vendor for computers

My client was making a payment through Agoda travel agent for international hotel booking worth Rs 23000.

He got this msg from SBI bank:

*Dear Customer, TDS of INR 2,301.90 deducted in account no XXXXX629200 on account of cash withdrawals under section 194N of Income Tax Act-SBI*

He contacted Bank inquiring about the same. Bank said it will show as TDS in your account however it is TCS deducted by bank.

Can you pls explain under which provision or section this amount is deducted?