Limit of section 44AB

Dear Sir
How much is the tax relief in the case of the following scenario ?

Fy 23-24
Gross income-10 lakhs
Deductions-pf 1.5 lakhs and housing loan 1.5 lakhs and standard deduction 50000
Gross total of arrears of fy 22-23 received in fy 23-24-4 lakhs
Deduction of pf from arrears-1 lakh


Fy 22-23
Gross income-7 lakhs
Deductions-1 lakh pf and 50000 standard deduction


Old regime is opted in both the years

In filing of ITR U For AY22-23 My client has tds Rs 8500 as per 26as . But no tax liability. In filing return it will shown sr 4 can not be grater than sr 6i in PARTB ATI how to rectify and file return

Sir , As per my AIS Interest is as Rs 5 Lakh (Bank FD 2 Lakh , Post office i 3 lakh ) .

As per IT return it is 3 Lakh ( Bank FD 2 lakh, Post office 1 Lakh) .

Reason of variation is Post office interest shown on accual basis.

Now I have received SMS/Email from Deptt that High Value transaction which does not appear to be in line with IT return .

And they have marked * on FD interesrt to give feed back ..
Option A .Information is correct .
Option B. Information is not fully correct option C information relates to other PAN/year and
Option D information is duplicate

. In this case which option to be selected . They hace not marked on post office interest but marked on Bank interest.
Whether option A to be selected or option C to be selected.

Dear Experts.

i have filed income tax return for partnership firm. after return processing received intimation 143 (1) with demand due. i will check the intimation, in annexure Profit and loss account "as computed u/s 143 (1) Salary/Remuneration paid to Partners of the firm is 0. So, demand is arise.
what is the problems. please let me know. Thank you

The Assessee Sold his ancestral land over a period of two years in small lots & constructed three houses over a period of two years.( consumption of capital gain is subsequently applied to construction).

Three (3) combined(Adjoining) plots are purchased & three different Maps are approved in the name of assessee ( as he has three sons he made all three together)

Can the assessee claim exemption U/s 54f for all three houses in two years period.

Respecting Sir/Madam,

"Sale of Agricultural Land in Rural area is not a Capital Asset" so no capital gain tax is applicable.

But,
1) Whether Sale consideration is accepted in the mode of 'cash' ?
2) if, in case " mode of cash is acceptable", Whether he can Deposit the cash in Bank?
3) The client wants to sell his 5 acres of agricultural land in rural area @ Rs.15,00,000. but stamp duty value is Rs.10,00,000.

Whether he can Deposited in Total amount of Rs. 75,00,000. in his bank account or he can only Rs.50,00,000. and also is there any tax complications.

4) Whether he can Receive Total amount of Rs.75 Lakhs in a mode other than cash WIthout any tax impacts.

Please give me proper advise.

RESPECTED SIR
HIGH VALUE TRANSACTION ALREADY INCLUDED IN ITR RETURN FOR AY 23-24 AND RETURN ALREADY PROCESSED. IS IT NEED TO RESPONSE E CAMPAIGN NOTICE? ASSESSEE IS A LIC AGENT. IN E CAMPAIGN NOTICE IT IS MENTION THAT IF HISH VALUE TRANSACRION ALREADY ACCOUNTED IN ITR THEN IGNORE THIS MASSAGE.

We filed returns correctly for the A.Y.2023-2024. But, we got below mentioned error for every Educational Society / Trust claimed exemption u/s 10(23C)(iiiad) for the A.Y.2023-2024. Please suggest us.


Income due to disallowance of exemption under clauses of section 10 entered at Sl. No. 1(e) of Schedule OS is less than the difference between the "Gross receipts" in Sl. No. 3 of Schedule IE-4 and exemption claimed in Part B2 of Part B TI. Hence, the amount mentioned at Sl. No. 1(e). 'Income due to disallowance of exemption under clauses of Section 10' in Schedule OS is recomputed accordingly.

Plot of land purchased in FY 2008-09 and sold in FY 2020-21. The sale receipts were deposited in capital gain account and Sec 54 deduction was claimed. Subsequently the assessee dropped the idea of constructing the new house and it was decided to withdraw the amount from capital gains account in FY 22.23, necessary capital gain tax is paid. Now how to show this amount in return of income.