On February month, 2025, one of my client was inadvertently paid the ITAT appeal fees for the Assessment Year 2016-17 under wrong column. The payment of Rs.10,000 was made through electronically. Since, the ITAT was to be filed, I made a fresh payment of Rs. 10,000 correctly and the application has been filed with ITAT. So I decided to go for challan correction which was wrongly paid by our client and I requested the IT department in writing to change the relevant year from 'AY 2016-17' to 'AY 2025-26' as 'Advance Tax' from 'Appeal Fees' so that the paid amount can be utilized for the current tax period. However, till now the challan was still not rectified. Is there any proceeding to be forwarded or it may take a time duration? Kindly rectify my query, it will be grateful.

Dear experts

ussauly partners withrawn every month for house hold exps and drwaings during the other purpose and credit the remunartion & interest on capital etc to capital accounts at end of year. In regrds of TDS under sec 194T, query is TDS is applicable on House Hold Exps and drwaings at the time of debiting the capital account or at time of credit the remunaration or interest at the end of the year.
Pl clarify.

Thanks

Dear All,

Original Income Tax return was filed with refund claim. Refund was also issued by department. Now it is came to notice that certain income was not offered in that Income tax return.

Now if updated return is prepared, we got less amt. of refund than that which was earlier claimed by us and issued by department which means we have to pay that refund which was wrongly claimed along with 25%/50% additional tax.

We need not to pay any income tax if that income was properly offered in that income tax return at the time of filing of original return rather we got less refund in that ITR.

Now my question is that whether any interest liability u/s 234A/234B/234C will arise in such situation while filing updated return u/s 139(8A)?

Thanking You
Nirmal Dave

S THERE ANY LIMIT IN CASE OF NRE ACCOUNT TO INDIAN ACCOUNT AMOUNT TRANSFER ?

Dear Sir / Madam,

My query is as follows:

Mr. X sold his house on 05/03/2024, generating a capital gain of ₹20 lakhs. He then invested ₹40 lakhs in an under-construction residential flat (Flat A) in March 2024, claiming a capital gain exemption.
As of today, the new property is still under construction. He is now interested in another residential project (Project B) and plans to sell his under-construction Flat A.

1) What will be the tax implications in the case of the sale of an under-construction flat A?

2) Will his previous capital gain exemption of Rs. 20 lakhs be revoked? Will that be treated as income for FY 2024-25, chargeable to tax at the slab rate?

3) Will this flat in the new project B be eligible for a claiming period of three years for under-construction property?

Please guide.
Thanks & Regards,
Suraj

Sir,
I've to file ITR-U for AY 22-23 and AY 21-22 after 1st April 25 according to budget 25 provisions and I've not filed ITR u/s 139(1) for both assesment years.
My question is,
Can I file both ITRs in old tax regime or I've to file both in new tax regime compulsorily?
Thanks

Is 87A rebate allowed for Non Resident people filling ITR in INDIA ?

Hello Sir,

During my ITR filing, I had an outstanding amount to be paid. I made the payment using a challan through ICICI Bank, but the challan details were not entered into the ITR system. As a result, after two months, I received an outstanding demand notice from the Income Tax Department.

To resolve this, I paid the outstanding demand again using a challan from ICICI Bank and correctly entered the details in the ITR system. My outstanding demand was closed, and my ITR was successfully verified.

However, I had already made the first payment, which was not accounted for in the system. How can I claim a refund or adjustment for the first challan payment?

Hello all...
Can I select New Tax Regime while filing updated returns u/s 139(8A) for AY 2022-23. ??
Please note that I have not filed ITR previously.

Foreign holding company transferring its holding in shares of Indian company to an another foreign company.

Whether provisions of TDS applicable in this case? Both the foreign companies is not having PAN.

Any case laws is there in connection with the same?