Dear Experts,

We have received a notice due to clerical error - In 3CD we have mentioned the GST late fee and interest payment disallowance under clause Expenditure by way of penalty or fine for violation of any law, but in ITR we disallowed it under 40 section.

So now we received a notice saying that there is an inconsistency in expenditure shown in 3cd and ITR, saying we have amount entered in Expenditure by way of penalty or fine for violation of any law but it is not disallowed in ITR.

What should be better to do now? Can we just give a response that its clerical mistake

1.We are exporting services to U.S and raising the invoice in usd...kindly tell from where to take foreign exchange rate in case of export of service.

2. We are importing services from European country. Recieving invoice in Euros. Kindly tell from which site or place to see forex. Inr

An assesee having business income filed Income tax Return Opting new sec.115 BAC of Income Tax act, 1961 for the F.Y.2020-2021. But in F.Y.2021-2022 Income tax return was not filled with in the due date for the same assessee but filed after due date. In this case can we opt New sec.115 BAC or opt out from new sec.115BAC. In summary, in one F.Y.2020-2021 filed income tax return by opting new sec.115BAC with in the due date after next F.Y.2021-2022 return filed after due date. In this case new sec.115BAC can opt or not. Thanks in Advance.

Dear Sir/Mam,

I have salary greater than 5 lakhs rupees per year and apart from this salary I am earning 20000 rupees per year by Google admob which is paid by Google through wire transfer in USD and I earn around 10000 rupees per year by in-app purchases which is paid by Google by bank transfer in INR after deducting TDS. Now I am having very difficult time understanding how to fill tax return and what to do. The extra earning is not that big but still I do this as part time activity, I do not want to take any risk please help, any help is appreciated.

" If a HUF contributes to one of the minor’s PPF account, does the contribution amount gets added to the guardian’s PPF contribution whose PAN is present in the minor’s PPF account?

HUF is not allowed to open a PPF account under its name. But, it is allowed to contribute to the PPF account for any of its members and claim the deduction under section 80C of the income tax law.

If the contribution is made towards a minor member, it will be considered as the contribution of the parent who is the guardian in the minor’s PPF account."

The above point was found on internet. I wanted to open a PPF A/c of my minor kids and the contribution amount to be made by my HUF account . If suppose I invested Rs:-150000 in my personal PPF account from my personal SB A/c & Rs:- 150000 from HUF account to minor kids PPF a/c of whom I am the guardian ( Since HUF cannot be a guardian) and my PAN number is mentioned in minor A/c. In the above case can HUF claim deduction u/s 80C of Rs:-150000 and myself claim deduction of Rs:- 150000 Totally Rs:- 300000 ? or I can totally claim and get interest for only Rs:-150000 in both accounts. Kindly guide

Above RPU ie Ver 4.5 is not working with fvu 7.8 . The unzipped list of files for TPU 4.5 include file fvu 8.0. Latest downloadable version is 7.9 .
Some issue with Java version as well .
It appears downloadable RPU 4.5 from traces site is corrupted .
It should be clearly stated - version of fvu needed . Version of JAVA needed .
Hope Govt looks into the matter .

Many new features have been introduced by the Income Tax Department for uploading TDS/TCS returns through the RPU_4.5 and after passing validation through the FVU version 8.0. One of the new features in the said FVU is “TDS/TCS Input File Name With Path”. Kindly let me know what would be the “TDS/TCS Input File Name” and from where to get it OR to be created. Please let me know on a priority basis. Excuse me for the trouble caused. Regards, Limpa Chakraborty

Assessee, a purchaser of land, paid advance to seller Rs.10 lacs. As the land title was not clear, purchaser demanded his advance money. Seller refused to give advance. Purchaser filed suit in court and court ordered to seller to pay 16 lacs to purchaser within stipulated time. Seller filed appeal in higher court & in ultimate compromise seller paid Rs.21 lacs in all. What will be treatment for income tax purpose of additional money received Rs.11 lacs.

while filing ITR -3, we had taken remuneration of a parnter as other income -mentioend as Remuneration from Firm
but wrongly, it was also mentioned in BP under head -income not credtited in Profit & loss a/c
under head salary
it was mentioned only inner coloum, but portal failed to extent to outer coloum, hence not included in Gross Total Income
now CPC has added this income and has raised demand for AY 2022-23
shall we file rectification u/s 154, what reasons to mention
double time the same income is accounted for AY 2022-23
kindly give your opinion sirs

Dear sir.
One of my friend start small business and Its turnover during 22-23 now around 6 lakhs only. He is not taken GST Registration. I doubt is
1. GST Turn over limit
2. Whether need to File income tax in above case
Please advise