Sir,there was cash deposits of Rs.35,00,000 plus in to the bank which was generated from carpentary business as the assessee is the carpenter, accordingly, income tax return has been filed u/s.44AD while declaring the profit more than 8%. lator, there was scrutiny assessment under faceless and subsequetnly commissioner appeals and now we are before the ITAT as the assessee has not been sucessfull before the two authorities. Now my quesiton is whether can I submit the books of accounts before the ITAT. I have doubt as to since the ROI is filed under Presumptive taxation, whether books of accounts can be produced

one of the trust is being constructing a temple at Ramagundam, for which they are in need of money to build construct said temple,

(1) can they accept cash
(2) what is the procedure of providing exemption certificate to donors for the donations given

One of my friend received receipts from various persons via google pay and other upi apps . Total receipts for the year 2024-25 is Rs. 16,10,000

Do we have to file income tax return by declaring it as receipts and declare @ 8%

If he is not filing the return, is they any problem from Income Tax Department ?
Kindly advise

Hi

A charitable company X invested in shared of a for profit company Y from it's reserve funds. X wants to sell the share to a buyer Z at a higher agreed valuation. Z is proposing to invoke provisions of section 194Q and withholding u/s @0.1% on the purchase consideration. Questions -

1. Is the section 8 company as above exempt from provisions of TDS u/s 194Q?
2. If yes, is there a notification released by the Income Tax Department?

Thank you.

Rajesh

Hi,
This question is w.r.t Final payment of TDS for property sale.
This is for 1 buyer and 1 seller.

Total Value of Consideration (Property Value) - 1,00,00,000 INR

Total amount paid/ credited in previous installments, if any (A) - 60,00,000 INR
Amount paid/credited currently (B) - 40,00,000 INR
Total stamp duty value of the property (C) - 1,00,00,000

Amount on which TDS to be deducted (D) is directly getting calculated at - 1,00,00,000 INR.

Ideally, since it is last installment, amount on which TDS to be deducted needs to be visible as 40,00,000 INR. However, it is showing 1,00,00,000.

Even, as I checked with other's Queries to change amount of C at 40,00,000 but it does not work it is calculating Total of A and B.

Kindly help and update what needs to be filled in A, B & C so that I pay TDS of 1% on 40,00,000 INR only.

i want last three years IT returns
I am unable to file IT returns for FY 2024-25(last financial year ending March 2025)
When will the Income tax portal open for Returns filing FOR AY 2025-26

Thanks and Regards
Suresh R

Should I pay TDS on advance amount paid to builder before executing sale agreement on property purchase? The total value of the property is more than 50 lakhs. Also in the case of joint buyers and one seller if the total property value is 60 lac what is the total value of consideration to be entered in form 26qb for each of the buyer. Is it 60 lac in both form 26qb or 30 lac in each form.

Hi Team,

If income is under Basic Exemption Limit one can submit Form 15G to avoid TDS on dividend given by a company if it crosses threshold.
As per Union Budget tax on RS 0 to RS 4 LAC is NIL. Does it mean 4 LAC is Basic Exemption Limit? or is it still 2.5 LAC?

I submitted 26B form online for refund for excess Taxes paid. However, it's asking to submit documents to AO. How to submit that? It's says submit within 14 days. Can this be signed and emailed to AO? Or can it be uploaded some portal?

does purchase of agricultural land need deduction of tds @1% if value over 50 lacs