Sir, one of my client lent Rs. 5.00 as unsecured loan to his friend. The friend neither refund the loan nor pays any interest to my client. My client has already written off the said loan in his mind. But for income-tax purpose, can my client show the loan as received vide cash ? Will there be any any complication in income -tax, if my client shows the said loan as received in cash ?

sir how to fill in ITR 2 & 3 Loss of LTG & STG equity shares in all quarter in schedule capital gain F 6

Dear Sir,
I was filed my income tax return for AY 2022-23 and claimed the refund of TDS of Rs 17,993/-. However, I was not able to e- verify the said return within time limitation. On income tax portal the status of return of AY 2022-23 is showing that, "Since the return is not verified within the time allowed , same is deemed to be never furnished" and due to that I was not able to claim the TDS. Now, my question is can I claim the said TDS of AY 2022-23 in the income tax return of current year (AY 2023-24). Further, can I claim the said refund of AY 2022-23 by filing the updated return u/sec 139(8)

Hello!
I’ve a query regarding the “restricted refund” while filing ITR.
I’ve 3 accounts and all comes with same issue.

My name on Aadhar is “Madhan Kumar M”
My name on PAN is “Madhankumar Mariappan”

All my bank has updated the name as per Aadhar name mentioned above.

My questions are :

1. Will I get the refund without rectifying the restricted refund issue on IT site ?
2. Do I need to change the bank acc details and update as per the PAN name given above to rectify the issue?

Any suggestions would greatly appreciated.

Thanks ,
Madhan

Job loss occured in 2022 and started freelancing. For that purpose, bought a laptop. Registered on freelance platforms, by giving PAN and other relevant details. The income received from these platforms deduct TDS. However, no freelance income has been received till 31st March, 2023. Can the laptop be claimed as a deduction? Which ITR should be filed?

Only income for FY22-23 is salary till the day of job loss.

Urgent !

Is TDS applicable for the extended warranty charges for the Laptop which is included in the invoice and not as separate invoice/ contract?

Thanks in advance!

As per requirement from IT all bank account details need to be disclosed while filing IT return.
For an NRI - NRO account details are declared as all income etc in INR gets into this account.
Is it also a must to declare NRE account details also ?

Respected members,
One proprietorship firm engaged in providing tour operation services ( International) has collected TCS U/s 206 during the month of May 2023 . Can anyone please guide under which code it will be deposited online through income tax portal..?
Because there is no description is showing as Tour operation services. Is it fair and correct to select Description as "TCS On foreign remittance " Under Section -206 & Code- 6 CO for depositing TCS collected .

Thanks & Regards
CA Enayat

Respected members,
A haj tour operator providing international tour packages has collected TCS u/s 206C from customers during May 2023. Please guide which description and code shall be selected while depositing this TCS amount online through Income tax portal. Under the deposit screen Foreign tour operator is not showing under description. The following one is there. Can anyone please advise is it correct to deposit this TCS amount under the following .
Description
TCS on Foreign Remittance
Section
206C
Code
6CO

Regards

Dear Sir / Madam,

It is seen in most flat purchase agreements that a person who is earning, keeps their spouse, mother, or father as a joint owner. They are there for the namesake and just to avoid any legal intricacy if something happens to the earning member. Their share is also not defined in the agreement.

Moreover, the housing loan is repaid by the earning co-owner only. The other co-owner doesn't contribute to the repayment also.

But still, in agreement, we have to show them as co-owner and their share, say as 50:50.

My questions are as follows:

1) If that property is rented for say Rs. 500,000/- pa and there is interest on home loan of Rs. 250,000/- then we have to divide the rent between the co-owners.
But the only earning co-owner is repaying the loan, can we show the entire interest on the Home loan of Rs. 250,000/- in his return and Rs. 0 in the other's return?

2) If the answer to 1 is yes and the other co-owner income is only rental income and some savings interest and total income is below the taxable limit. Will it be okay if he doesn't file the return, even though he has a share in the property?

Kindly guide.
Regards,
Suraj