Return for the A.Y 2022 23 file before due date and process under 143(1) and after that notice under section 143(2) issue. Now we have realised that some mistake have been made in return. Now can I file the revise return and what is the time limit for that.
Can we file the revise return before filing the reply to income tax against notice

Scenario:
1) Father or mother gifts by cash over Rs.50000/- to daughter;
2) Daughter gifts by cash over Rs.50000/- to father or mother.
3) Father gifts by cash (less than Rs.50000/- to daughter and
4) Daughter gifts cash (less than Rs.50000/- to father.
Queries:
a) will the gift be treated as the income of the recipient and taxed or
b) will the donar taxed? or
c) income arising out of the gift will only be taxed in the hands of the donee.
d) Is there a limit to the amount of gift?
e) whether documents (gift deed)to be prepared ?
f) Even if the gifted amount is less thanRs.50000/ should gift deed be prepared?
Please educate with detailed answer for all the queries. I shall thank you in advance.
vsraj

While filing of ITR-U for AY 21-22, I have taken the income as displayed in Form 26AS in my ITR but I dont want to claim the TDS deducted as refunds are not allowed while filing ITR-U. However I have paid the late fee as applicable u/s 234F of Rs. 1000. I have a TDS credit of Rs. 1700 , but i dont want to claim the credit, however I have declared the corresponding income in my ITR. Will it be the correct way to file the ITR or there may be an issue while processing the ITR-U?

Hi ,

I checked my AIS report for FY 2023-24 & found that :-

1- There are some transactions related to purchase & sale from share market
which are still not reflecting in them

2-There are some transactions with incorrect amount. Sale & purchase amounts do not match with Contract notes which i have for these transactions.

Can i file Income Tax Return as per contract notes data available with me.

Is it mandatory to provide feedback to AIS data?

Respected Expert

Kindly advise that If HUF give gift to it's members than it is taxable income or exempt income to the members?

Your early response shall be highly apprecited.

Hello Members,

While entering the data pertaining to speculative loss in shares and of FnO, since thre is a loss, where do we enter this in the winman software. The system apparently shows in case of loss its needs to get audited.
Request if someone could please guide what option to be used to claim this loss.

Regards

A private limited company had decided to take over an llp which have huge amount of carry forwarded losses. In this case, is the private limited company can avail the loss of llp

Initially an employee is exempted from PT based on salary slab. But organization decided to give increment with retrospective effect. Due to which employee will be covered under PT from the last few months. Do we have to deduct PT arrears of salary paid retrospectively. Kindly quote with provision or section .

Helo professionals,
Income from 194H (Recharge Commission) Is 9,000
I still need to file ITR 3 Or I can File ITR 4 And declare in Other sources income ?

Good morning all,

My friend is working in a company as employee but TDS is being deducted u/s. 194JB from his monthly salary.
In this scenario, which ITR form is to be used for Filing and where to report this Income.
Thanks...