Sir,
It assessess foreign currency trading transaction rs.50lacs OLYMP Trade cash deposit and withdraw used for credit card.all trading transaction reflected in ais/tis loss income trading transactions.
Doubt=
Assessess loss trading transaction itr filed mandatory.

A charitable trust created a fund for giving medical aid to people. The members and general public gave money for this fund. Trust kept this money in a separate account. Can this money be treated as corpus fund

Dear Sir,
Charitable Trust having donation income (15,00,000) & also having Fixed Deposit interest(RS55,000) income. but I want to know whether FD interest is taxable and if it is taxable what is the tax rate applicable under new section 115 bbi & under existing one also.

Thanks in Advance,

We have filed the TDS return for Q2 fy 2023-24 with fulfill proper contents i.e. valid Pan data/Name of deductee/date of payment/date of deduction and challan details as per tds compliances. But income tax deptt. sent us a default intimation along with details for default PAN number by referring higher rate of tds deduction / short deduction along with interest of short deductions demanding for the PAN numbers are valid but inoperative for the quarter.
We advised to our deductee to link the PAN-Aadhar on income tax portal as per justification report downloaded from traces site.
My query is that if the deductee will update the PAN and linked with Aadhar and there after can we file the correction statement for the quarter with updating PAN status and without paying short deduction.
How can we resolve this, please advise
Thanks
Vijay

AFTER SUBMITED 26Q2,2023 RETURN , IT DEPARTMNENT ISSUE A DEMAND NOTICE FOR SHORT DEDUCTION RS. 6400.00 For Defaults and/ or PAN Errors have been identified in the Regular statement filed by you for Q2 of FY 2023-24 for Form 26Q and processed by ITD u/s 200A/ 206CB

THEN WE HAVE CHECKING OUR RETURN THOROLY AND NOT FIND ANY MISTAKE DONE FROM OUR SIDE . EXCEPT ONE PARTY HAS PAN NUMBER IS OK BUT HE DOES NOT SUBMITTED HIS INCOME TAX RETURN LAST 5 YEAR AND WE HOPE THAT IT DEPARTMENT CHERGE 20% TDS AGAINST INVOICE VALUE RS. 32000.00(U/S 94C)

HOW TO SOLVE THIS PROBLEM.

We are tax deductor and Some of the Vendor not linked their pan card and Aadhar Card that's why income tax department raised the demand to us.
Now We have approach the vendor to link their pan card and Aadhar card and now vendors link their pan card and Aadhar Card
after that We revised our TDS return for Q2 FY 2023-24 and even after that Demand is still payable.
We contact with the income tax CPC department on their Telephone number they said that on the date of the transcation if pan number is not linked than demand is still payable.
please guide us.

Hi Sir,
A trust want to change their salaried staff (like teachers, admin staff) etc., to contractual staff (i.e., individual contracts between each of them) In this case, TDS needs to be deducted under sec.194C or sec.194J. Please explain.

Thanks in Advance

Sir/Madam
I have one query regarding accounting entry of Sales Bill and Purchase Book. Company maintains books of account in multiple currency i.e INR, USD, Euro etc.

Company charged IGST tax on Sales to Foreign Customer and this IGST not to be paid by Customer because company has to pay IGST Tax. Company passes Journal entry for removing/adjust Forex gain or loss by debiting in INR currency and crediting Foreign Currency!!!
My question is that can it is correct accounting entry debiting in INR and Crediting in Foreign currency?? After passing above entry Forex gain or loss adjusted in Customer Account. thanks



Sir, Please let me clarify about tax refund release in our bank account if adhar card and pan card not linked ?? Tax Return is filed within due date and ITR V was sent at Bangalore office. Return is assessed and tax refund due to assessee. thanks in advance

Hi Experts,
One of my friend has filled ITR - 2 as he is a Partner in a Partnership Firm and he has Income from Partnership Firm (Profit). Along with above income, he has Salary Income from another company.
At the time of filling ITR-2, he showed only Salary Income and by mistake forgot to submit detail of Income from Partnership Firm.

Please guide, how to rectify the same.

Hello, ITR filed on 28.10.23, e-verified on 01.11.2023. But acknowledgement shows Invalid due to Non Verification. What to do in this situation, Experts opinions are sought. Thanks