Can we carry forward unclaimed TDS in updated return to next financial year?

XYZ Ltd. is a private limited company. It has taken mobilisation advance from NPCC Ltd. for the contract awarded. Now NPCC Ltd has charged interest @ 12% p.a. on Mobilisation Advance as per the calculation pre defined in the agreement. The interest is deducted from the running bills alongwith other deductions directly by NPCC Ltd at the time of payment of running bills.

Now the query - Is XYZ Ltd. liable to deduct TDS on interest on mobilisation advance deducted by NPCC Ltd.? If not, please help reference to any case laws or specific provisions of the Act.

Please reply in urgent. Case related to FY 22-23 which is under audit due on 30th Sep, 2023.

Remuneration is authorized by partnership firm it is compulsory to pay remuneration to all partner as per profit sharing ration as per deed even if some partner don't want to draw remuneration firm and some partner want remuneration.

My client has received Subsidy against working capital . Whether it is Capital receipt or Revenue . If revenue whether it is shown In Profit & Loss account . whether it will b calculated for 44Ad Turnover limit for 6% or 8% profit. Pl guide.

Capital subsidy received ag machinery credited to Machinery Acnt.

Respected sirs,
Thank you for sparing your precious time.Sir, I bought a plot in 2005 whose indexed value now is 85 Rs. The cost of improvements over time( indexed is )15 Rs. Now I have sold for 150 Rs. Thus I have a clear gain of LTCG 50 Rs. Now I have to buy a plot for 50 RS or for the entire 150 RS. Kindly guide me sir. Thanking you once again.
Kumar

Last year income tax log-in was registered in the old DSC and secured too. While logging in this year for the said account, the site asks for the old DSC. Whereas a new DSC after expiry is taken. In short Income Tax site can not be opened since the old DSC was registered & secured with that. Can it be not opened with a new DSC ?

I wish to know how to set off LTCG against LTCL for Debt and Equity Mutual Fund Units.

All the units both debt and Equity category were bought more than 3 years ago. (But No grandfathering) So 20% tax after indexation is still applicable for the debt funds, as bought before 1/04/2023 and sold now.

1)  If I sell Debt MF after 3 years' holding and incur LTCL after indexation. (bought 4 years back)

2) Also, if I sell my Equity Mutual Fund units after 1 year holding and incur LTCG. Can I set off LTCL from debt fund mentioned in item 1, against the LTCG from the sell of Equity fund? If the LTCL is more than the LTCG, then can I carry forward the LTCL for next 8 years? If the LTCG happens to be more than the LTCL, then the net remaining LTCG is taxable (amount greater than Rs 1lahk), at the rate of 10%, am I right? Next case,

3) I incur LTCG from the sell of Debt Mutual Fund units after indexation after three years.

4) I incur LTCL from the sell of my Equity Mutual Fund units after one year.  Can I set off LTCL from Equity fund mentioned in item 3, against the LTCG from the sell of Debt fund? If the net result is LTCG from the Debt Fund, will it be taxed at the rate of 20%? Please let me know.

My point is, even though the tax treatment of LTCG/LTCL from the sell of Debt and Equity Funds are different, they still can be set off against each other? The net LTCG after set off, is from Debt fund, can it still get Rs. 1 lakh exemption from tax?

Sunil Joshi

suniljoshi2005 @ gmail.com

There is new column inserted "Grossing up indicator" in new TDS return template of Form 27Q for FY 2023-24. Please explain when to mark it "Yes" and when "No"?

Also, please explain whether we need to fill any such information while filing Form 15CB? Currently there is an option namely "In case the remittance is net of taxes, whether tax payable has been grossed up (Yes/No)". Is there any relation of this point to "Grossing up indicator" in Form 27Q.

Cooperative society which are subject to audit as per Cooperative Act can submit return after 31/07/2023 to claim deduction u/s 80P(2)(a)(i) of the IT Act if Turnover is not subject to tax audit. Audit report of the cooperative Act cannot be uploaded for want of provision in IT portal.

Donations received by cash more than 2000/- from each person can be used for application of income otherwise taxable in the case of society registered u/s 12AB
Whether such receipt as a income which can be set of against expenditure by filing return of income in ITR-5