Dear All,

The Assessment Unit of the Income Tax Department made an assessment for the Assessment Year 2018-19 under section 147 read with section 144B on 14.02.2024 and a Demand of Rs 1,62,256 is raised. The demand is raised without giving credit of the self assessment tax paid on 07.04.2023 at the time of Filing Return of Income U/s 148 i.e. Rs. 60,917.

Rectification petition for credit of Rs. 60,917 has been filed with the Jurisdictional Assessing Officer and is pending for processing.

Balance Demand Rs. 1,01,339 (1,62,256 – 60,917) paid within 30 days of demand raised. Now, I am unable to file the application U/s 270AA (Form 68- Immunity from Imposition of Penalty).

In Point 8 of Form 68--- “Details of amounts paid”, since the date of amount paid as self assessment tax at the time of Filing Return of Income U/s 148 is before the date of service of order so an error message is displayed as “Error: Please enter valid date of deposit and it cannot be before date of service of order”

What course of action should one take in such a case so that the Form 68 is successfully filed for grant of Immunity from Imposition of Penalty?

One of the options I feel is to wait for the processing of rectification filed with the Jurisdictional Assessing Officer so that the demand gets reduced and the credit of Self Assessment Tax is given.

What are the other options available?

Please suggest.

Dear Sir, after taken from last bill of contractor, his threshold limit is cross 1 lakh, now contractor total bills Ledger amount is 130,000/-
then which will be taxable amount for calculate his TDS ,
on overall total amount (130000) Or exclusive threshold limit 1 lakh. ( on only Rs. 30000 )
Thanks

Me and my wife purchased an apartment in Nov 2017 as co-owners for value of 72 Lacs. For purchase of property PAN was given by both of us. The Home Loan EMI is completely paid by me, also TDS was paid by me. But in Income tax department sent a notice on 1st April 2022 to my wife for purchase of immovable property and source of income. This notice I responded by giving explanation and all documents. But after that many notices came which we somehow missed responding , Now the IT dept has sent a closure notice with order passed u/s147 r.w.s 144 read with section 144B of the Income-tax Act. The amount is very high amounting to 2 Cr+ which is impossible for me to pay, all property related documents and transactions I have.
Also u/s 270A notice is recieved stating '. You are required to show cause why an order imposing penalty u/s 270A of the Income-tax Act,1961
should not be passed.'

Can you experts please help on this

CAN TAKEN DEDUCATION IN UPDATED RETURN

I have received a information mismatch communication for fy 22-23 to the effect that interest on deposit as reflected in AIS &as reported in ITR Is not matching.However the amount shown as mismatch is the taxable interest on PF accumulations which is already reflected in OS schedule of ITR2 at B(bv) &is not interest on deposits. Options in drop down menu on compliance portal do not contain such explanation provision.How to respond please advise.

RESPECTED SIR
TDS DEDUTED AS PER OLD TAX REGIME FY 23-24 BY EMPLOYER, CAN BE FILLED INCOME TAX RETURN AS PER NEW TAX REGIME AND CLAIM TDS REFUND? PLEASE ADVICE THANKS

Hi All

can any one please let me know TDS for the HSN code 998314 also the threshold for TDS

Dear Sir,

If a dairy company appoint distributors for milk sales area wise and doing sales properly.
in additional freight per kilometer with diesel paid to distributors for proper sales.
in this transaction reimbursement of freight with diesel cover under TDS-194R or not

Manpower providing company gives cash prizes to employee. They raised invoice to us for the cash prize and with their charges. If we have to deduct TDS then deduct u/s 194R or 194C as SAC code mentioned in the bill 998311.

One person has not linked his pan to aadhar card and due this reason his pan was inoperative. He has not a return filer. So he missed to link. Now he has came into a contract of property of property sale. In that section 194QB has been applicable. The deductor has made the TDS at 1%. But due to inoperative of pan the deductor has received demand notice of 19% amount i.e.(20%-1%). The deductor has deposited some amount against the demand amount.
Now we have checked the 26AS of deductee the amount are reflecting in 26 AS. In 26AS part IV column demand payment for 1% amount it is showing as NO and in second row it is showing as demand amount yes.
Whether we can claim that 20% deducted amount in our return of income which was due to inoperative of pan. Now the client has linked pan to adhar.