As per Budget 2022 amendments in the income tax law, for the purpose of filing income tax returns in the case of trusts, application of income shall be allowed on cash basis only. Thus amount of application shall be considered only if it is actually paid irrespective of the year in which liability arises. These provision of amendment is applicable since Assessment Year 2022-23.

Suppose in earlier years the expenses are booked on mercantile / accrual basis and payment of creditors are made in the current year. In such cases, whether the payment to creditors will be treated as applicaiton of income for the purpose of filing income tax return. Also deficit not allowed to carried formwad. in such case what will be treatment of brought fporward deficit. Kinldy advise us

I AM PAID TDS CHALLAN 194B INSTED OF 192B
SO THE PAID CHALLAN US 194B, VALID & ADJUST US 192B ?

please advice.

Dear Experts,

Please clarify the application of Corpus Fund - Tax Exempt Category.

We received a corpus fund for fulfilling a specific purpose.

There are some expenses, which are necessary for fulfilling the specific purpose - such as payment gateway expenses, remuneration of persons who are working to fulfil that specific purpose, travel expenses etc.

Can these expenses be allowed as an application of the Corpus Fund as per the Income Tax Act 1961 and the current Finance Act?

Please clarify which expenses are allowed from such specific corpus Fund.

One of my client missed the dadeline for deposit of TDS of July 23 I.E. 7th Aug 23. He deposit the total TDS amount in 8th Aug 23.by different challan in different section .Now he want to deposit the TDS interest amount in Sep 23. Is he able to deposit the hole amount of Interest in a single challan by mentioning most big amount of TDS section of Aug 23 or need to create sepetate challans interest column in sepetate section wise?

Dear Sir,
As for as Income Tax Act is concerned, what are all the Assessment sections? kindly enlighten me.

Sir,
Can husband (also nominee) of deceased wife inheriting assets including securities bank accounts of deceased wife, forms HUF with daughter having seperate PAN open a new account in HUF name and transfer all inherited money securities in HUF name. Can he show income (including interest etc) from such assets/ securities under newly formed HUF (PAN).

Dear Sir,

We was made and Paid the TDS on Professional Fees in Last year on provisional basis.

We received the bills at lower amount as compare to provision. hence TDS was paid on excess Provision.

Can we adjust this TDS against current year Expenses.

I sold a house in FY:2021-22 Buyers have to pay TDS as property value is more than 50L.

The buyer has to pay TDS for the property sold in the month of Feb 2022, but due to some reason, he submitted a TDS return on 18 July 2022.

I filled my ITR on 08/07/2022 and I couldn't claim this TDS as it was not appearing in my 26AS.

Now please let me know how I can claim this TDS. My regular assessment is over I have filled rectification but it has not been allowed.

Please let me know how I can claim this refund.

Where to report LLP current account balance in MCA Form 11 of LLP

Dear Experts,
Can any one guide me how much perquisite value to be added for TV given by employer to employee and how many years we need to add this perquisite for calculating TDS of employee.
Thank you.