Income from Interest on Enhanced Compensation is taxable as Income from Other Sources u/s 56(2)(viii) read with Section 145B. Also a deduction u/s 57(iv) for 50% of such interest is available as against such Interest Income. In other words, 50% of Interest is taxable only irrespective of the fact whether the expenses have been incurred or not. Up to assessment year 2010-11, such interest was taxable on due basis as per Supreme Court’s decision in the
case of Rama Bai v. CIT (1990) 181 ITR 400 (SC). Further, interest received on award by court u/s 28 of Land Acquisition Act, 1894 was treated differently.
Now, my query is regarding the nature of Interest income. Whether any interest on Enhanced Compensation will be eligible for such deduction or there is any specific distinction thereof?

I have forgotten to submit my AIR travel bills (I traveled within India in Sep 2022; FY 2022-23; Travel Amount Rs. 26000) to my employer for availing of LTC tax exemption.

For me ITR1 is applicable.

Can I get the tax exemption wrt LTC while filing the ITR1 for FY 2022-23 (AY 2023-24).

I have received distribution from Business Trust as Interest, Dividend & Amortization from SPV Amount is as 1,00,000/- , 2,00,000/- & 3,00,000/- respectively.

How they have deducted Tds Rs 10,000/- only on Interest amount, but in 26AS it shows Income credited Rs 3,00,000/- i.e. Interest & Dividend.

Further while filing ITR 2 i also need to fil schedule PTI (Pass through Income).
I request you to assist in filing PTI Schedule for above & treatment of above income.

Dear Experts,

I have a confusion over Loss set of in Computation of Income through Intra & Inter Heads. Herewith I mention scenario as below for your expert advise.
Scenario-1
If have Business Loss
If have Short Term Capital Loss @ 15% &
If have Long Term Capital Gain (10% or 20% no matter)

Q-1 Will Business Loss (Higher Tax Rate) be adjusted first or Short Term Capital Loss @ 15%?
Q-2 Short Term Capital Loss is permitted to Set off with Long Term Capital Gain so will ST & LT be considered under Inter Head or intra Head?

Scenario-2
If have Short Term Capital Loss @15% &
If have Long Term Capital Gain with 10% and 20% both

Q-1 Will the LTCG @20% adjusted first or LTGC@10%?

Thanks in anticipation for your valuable advises.

income tax raised notice 133(6) for seeking clerification on sale of rular agriculture land to gidi how we can draft a notice

I HAVE QUERY, "CAUGHT ERROR DESCRIPTION AS NULL" HOW I CAN SOLVE IT AND FILE RETURN

Sir,

A person have income from other source Rs.221450/- and agriculture income is Rs.675000/- so during filling ITR-2 which types of Schedule need to select

Please advise

I am filling ITR3 and claiming deduction under 44 ADA. How do I fill donations made u/s 35(1)(iii)? Is it correct to fill Schedule RA, Schedule ESR (# iv) and Part A-P&L (# 43) or I am not eligible for this deduction since I have opted for 44ADA? I do not see the deduction in the final computation (TI or TTI) if I only fill RA or ESR.

I have received a message from a client that the "Transaction of Rs.12,610 against CRN xxxxxx is on hold since there is no response from the bank. You cannot initiate another transaction against this CRN for the time being. If the amount is debited from your account kindly check with your bank."
I have raised challan twice and deleted the first challan as the client could not be able to assist in making the payment. The second challan was done successfully. Please guide me what to do as he is asking about this status.

The error prompt is Business code u/s 44ADA is to be selected for income declared u/s 44ADA. What could be the reason? I am getting this error no matter what code I select. Please advise.