Two persons Mr. A and Mr. B are holding a saving account in a bank jointly and the cash deposit during a financial year was Rs.24 lacs. Mr. A is proprietor of a business and Mr. B is an employee in that business. PAN and Aadhaar of both holders was provided to the bank. Mr. A is the first holder and the account is operated by anyone of Mr. A or Mr. B. The Bank in its SFT return (Statement of Financial Transactions) has reported the amount of 24 lacs as cash deposited in the PAN of Mr. A as well as Mr. B. In the Form 26AS / AIS of both the account holders it is shown that cash of Rs.24 lacs was deposited by A and Rs.24 lacs by B as well. This results in double reporting, whereby the cash deposit has been reported Rs.48 lacs. The bank account is duly recorded in the books of Mr. A and all transactions are duly recorded in the books of account of Mr. A.

My query is that whether the reporting of same amount as cash deposit in SFT in both the names is correct ? Had there been 3 joint holders, then is the bank justified in reporting same transactions of cash deposit in all three accounts ?

I AM A SALARIED PERSON FILED MY RETURN IN NEW REGIME IN THE ORIGINAL BEFORE THE DUE DATE U/S 139(1). THEN AFTER I REVISED MY RETURN TO THE OLD REGIME ON 31.12.2022, A NOTICE TO SEEK FOR CLARIFICATION WAS SENT. WHAT SHOULD I DO? Following the information they want.
Submit Response
"Do you agree with the defect? Agree or Disagree"

Our Client is a start up registered under DPIIT and has a revenue less than INR 100 Crores . For a transfer of shares to other sharesholder and also to a new Co - Founder as sweat equity do we need to have Fair Market Valuation .. What should be the basis fo transfer for such start up when it transfers it share ? Face value ??

Mr. x is running a business where he has employed boys for cutting hair, hair styling and other related services. he purchases various materials required for the above service. he plans to expand his business to unisex salon and provide various other services in future.

Q-1. Can he opt for presumptive tax scheme u/s 44AD and based on total turn over presume 8% as taxable income. (wrt his current profession, wrt his future plans & also as per subject head for all such kind of business so that every other can benefit from this thread)
Q-2. What is the turnover limit under 44AD for F.Y. 2022-23 & F.Y. 2023-24
Q-3. What will be the GST turnover limit for this profession.

Thank you.

Hi all,
The TDS is being deducted by the company from its employees salary.
When I try to pay TDS under 192B, I don't get the option of 'Company deductee'. By default I have to pay it under "other than company deductee". Please let me know I can continue to pay the TDS under other than company?

Hello All,

Our company which is a proprietorship, to close the business is selling its stock to the newly formed pvt. ltd co. ( the proprietor is the director of the new co ) also money is being transferred to the newly co. to meet its expenses. How it should be shown in the books of the new co.

Is it valid in the law of income tax to do so ...., if not then what are the consequences.

please can anyone help me

An inherited property (which was purchased in 1964) was sold by 6 brothers/persons on 20.12.2022 worth Rs. 1 Cr. One of them received Rs. 2000000/- by a/c payee cheque as full and final settlement. How to work out Capital gain or loss for the current A.Y. 2023-24 for IT return. (Know CII for F.Y. 2001-02 = 100 and CII for the F.Y.2022-23 is 331). Kindly let me know your valuable direction for the matter cited above. Regards, Tarak Kumar Roy, West Bengal.

The bank account is Validated and EVC Enabled on income tax portal. It has also been enabled for Refund nomination.

However it shows "Restricted refund" in bank account details displayed in profile on income tax portal.

1) What is the meaning of "Restricted refund" ?

2) Can this bank account be used for claiming refund?

3) what can be done to enable the refund on this account?

Dear Sir,

While opening of Form 26AS I'm not able to open the Form 26AS instead I'm getting the message as follows, "Due to large size of Annual Tax Statement/Form 26AS, this request can only be processed on-demand. Please login to TRACES and submit download request for Annual Tax Statement/Form 26AS which would be made available to you in text format. If you have not yet registered on TRACES, please register by clicking on 'Register as New User' on TRACES home page and selecting type of user as 'Tax Payer', kindly advice.

Warm Regards

IS STITCHING INCOME BUSINESS INCOME OR PROFETION INCOME AS PER INCOME TAX ACTS ?
WHAT IS BUSINESS/ PROFETION CODE OF TAIRING/STITCHING INCOME ?