Hello Members,

Last week of Dec there were quiet few SMS received from Income Tax asking to confirm certain high Value transactions.
My Query is
In case of negative confirmation - Transaction not relating to us - we needed to respond,
In case the transaction is right - do we still need to confirm the same. What would be the implication if the same is not confirmed?
Thanks

partnership firm is there which are converting into Limited Liability partnership reason is to upgrade entity for marketable point of view.
but question arised , in this change in entity PAN number could have change or not? becasue we need change in PAN as general thinking. is it correct.

also development agreement had executed in firm by paid stamp duty for property development, by conversion fo entity , shall there need to pay again stamp duty as per transfer of property act, registration act and so on.

pls experts opinion . with kind regards.

Dear Expert,
Need to understand capital gain implication on following.

We have ancestral/inherited flat (purchased approx 50 years ago) which we have agreed to given to developer, and against the same developer had given us new flat for Rs20 Lacs (20 lacs as a construction cost of new flat). We have registered new flat 5 years back. Now we are selling this flat for Rs50L. We need to understand how much capital gain need to pay and when to pay.

one client Paid 100EUR out of india, for publication of his article in the magzine .
what purposed code and RBI code have to file in 15CA. and 15Cb is require for this due to amout not more than Rs. 5 Lakhs .

Client has been served a show cause notice u/s 148A (b). Upon checking on the portal it was noticed that the return for AY 2020-21 was not filed.
Kindly let me know how to proceed in answering this notice. Also let me know the penalty that would be charged

As per section 285BA of the Income Tax Act 1961 & under rule 114E of the Income Tax Rule, 1962. It is mentioned under SFT 005 that "One or more time deposits ( other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person" shall be reported to Income Tax Department.

Does it also apply to transactions on NRE accounts as these are non-taxable? I understand @CA R SEETHARAMAN had mentioned that there are circulars from IT department to confirm these don't have to be included for reporting by the bank but haven't found them myself.

Anyone can point me to the circular?

dear sir

i filed individual itr-1 for ay 23-24 on 30.06.23 and forgot to mention long term capital loss in the same
now i am trying to file updated return-2 under 139-8a using the income tax utility it is giving me following error:-
string does not match pattern pls advice

IS LTC TAXABLE IN NEW TAX REGIME?

Hi,

I did a mistake while filing 26Qb form and I deduct all the TDS but property is in joint ownership with my wife. Could anyone please help on how I can rectify it if property registration is already done.

Dear All

Please let me know whether we can deduct rebate u/s 89(1) in form of 10E in new tax regime? please anyone answer me. It's very urgent