Dear Sir,

We have received the statement of Share of Income from AIF Mutual Fund for FY 2022-23.
The Share of income received from Business Trust & Investment fund. The Nature of Income is :
1)Share in dividend income
2) Short-term capital gains / (loss)-STT Paid
3)Long-term capital gains / (loss)-STT Paid.
4)Gains arising from buyback of shares exempt u/s 10(34A)
5)Interest Income.
One of AIF Mutual Fund has also deducted TDS on share of income, in the rest there is no TDS.

My question is whether that part of share of income which is reported from AIF Mutual Fund should be shown in the books of accounts of the company or not, or only reporting in Schedule PTI in ITR in Income Tax Return. Schedule PTI : Pass Through Income details from business trust or investment fund as per section 115UA, 115UB.

Kindly give your valuable advice on the above subject.

Thanks & Regards
N Kadam

Mr A who is NRI , given power of Attorney to Mr B ( Resident ) is Father . Mr B Father on the basis of Power of Attorney rented out property of Mr A to Mr C ( lets say with consent of Mr A ) , with an agreement .

now question is , C while paying the Rent to Mr B ,( Resident Father) should deduct TDS under section 195 of the Income Tax act .

Note - In agreement nothing has been mentioned regarding Mr A ( NRI )

Thanks in Advance .

Hi,

I have purchased property which is under-construction from the seller(Seller took it from builder). Seller made 90% of the payment.
Property allotment letter is in the name of husband and wife but only wife has made all the payment to the builder from her account as per the seller. They asked me to transfer the amount to wife account only. I did transfer 30L to the wife account and deducted TDS on it.

I applied for home loan for rest of the amount, now bank is giving 2 cheques stating that property is in the name of both husband and wife. Let's say, remaining loan is 50L so 25L to husband name and 25L to wife name.

What's TDS liability on my end ? In above case, Amount credited to wife account is 30+25 = 55L and amount credited to husband account is 25L. This seems not correct as there is no proportion to the property value to husband and wife.
Please suggest me what should be the right thing to do.

As per ITR 5 instruction:
a) Assessee are required to fill in No books of accounts in Balance sheet and P&L if "whether you have maintained the accounts as per section 44AA" is selected as "No".
b) Part A - P& L (Item No. 65) In case you are not required to maintain regular books of accounts in respect of the business or profession carried on during the year, please fill up the summary details in respect of such activity at column 65 viz. gross receipts, gross profit, expenses and net profit. Declaring of loss from business / profession under no books of accounts is restricted.

so if my income is less than 120000, which will be so if my business is in loss, and my gross receipt in last 3 year is less than 1000000, i can not declare loss as partA p&l (item 65) does not allow declaration of losses. under which section of IT act it is so? what to do if i face such a situation. i am a partnership firm( non llp).

Salary income
& professional services receipt income
& contro sub contractors Sub income

After validation of the bank account number, restricted status continues. Saw your answer on this topic. Just now updated KYC in the SBI. The account holder name in the PAN & Bank are same.
In the bank husband's name is given. But in the PAN father's name is there. Is this a reason for restricted refund status. Please help to resolve this. Thanks in advance.
Kasiraj G

What if I filled return U/s 44AD 2 years ago, and didnt fill the ITR last year, This time can I file U/s 44AD or not.
The website is accepting the return, what will happen if I file ITR U/s 44AD with 4,00,000 income.

How to Apply for Advance Ruling under Income tax ? , on income Tax portal online please guide .

I had purchased a Resedentail plot in resale in 2011 . I was givien the Physical possesion of Plot in 2015 by developer . Registry for the plot was done in 2016.

Now i am selling this Plot now.

What date (year) will be considered as Purchase date while calculating Capital gain.

Dear All

We are running Xerox & online work business. in our business we are doing money transfer through star communication online source wallet... how should i file ITR,