In AY 22-23 Co. has sold Fixed assets for Rs.22 lacs ( original cost - 92 lacs). As per income tax ( WDV concept) Rs.22 lacs should have been deducted from WDV ( sale price). However by mistake 92 lacs was deducted which resulted in lower depreciation. We have paid higher tax due to above mistake.

can we file rectification u/s. 154 or revision application and claim refund ?

Hi Sir,

I purchased some assets and other items from an E-commerce operator on behalf of my company. Due to some fund release issue, I paid out of my pocket to purchase these items. Now Company is going to pay the amount to me as reimbursement .Whether the company requires to deduct TDS on this ?

a company received SCN u/s. 276B for prosecution for delay in deposit of TDS. We have replied to SCN giving reasons for delay and expecting proceedings to drop.

company is thinking of compounding application incase 276B proceeding is not dropped.

I have following queries
1. when to file compounding application - now or later after after our request is rejected ??
2. Also does issue of SCN mean initiation of proceedings u/s. 276B ? if yes then compunding charges would be 2% pm else 3% pm if yes then will apply for compounding now

I have purchased a property of worth 90 Lkhs from DRT Auction.As per TDS On Sale Of Property above 50 Lakhs i have to deduct 1 % tax and deposit to IT department on behalf of Seller.Banker(DRT also) is not allowing to deduct 1 % tax from auction price.

is there any exemptions for 1% income tax deduction under TDS On Sale Of Property by DRT Court.

Thanking you in advance.

If I have taken property on rent @ of Rs. 25000 per month and their is joint ownership of Husband and wife. Is TDS applicable under section 94I. If i am giving two cheque 1 in Husband name and another on wife name 12500/- each

Hello, is it possible to postpone the property sale TDS payment post property registration?

We have a charitable trust having 80G. The compulsion is to spend 85% of income for the purposes of the trust. However we have spent only 75% of the income towards the purposes of trust. On balance 10% what is the tax applicable ?
Can we form a charitable trust without registering with charity commissioner (We do not want 80G facility) ?

Business turnover is 15 Lac - 44AD complied. Professional turnover is 7 Lac- Profit 2 Lac only- 44ADA not complied (less than 50% of gross receipts-44ADA not eligible). Total turnover under the PAN is 22 Lac. Can we do 44AB for profession and adopt 44AD for business?

I want to file revised salary TDS returns for Q-4 of FY 2022-23 (Form 24). However I am getting error "Invalid header length" after I upload it on the portal. The fvu file is getting submitted on the portal. However showing above error. Please help.

Hello, Could anyone please help me on the below query

A Company received a service for Inspection, Examination & Certification of Tools & Tackles from an Individual. The bill amounts to Rs. 55000/-(including GST).

At what rate TDS should be deducted 2% or 10% under sec 194J.

Will the the rate be same if the service is received by an Individual & service provider is a company?