DEAR SIR,

ONE OF MY CLIENT'S TURNOVER FOR TYE PREVIOUS YEAR 2021-22 WAS 1,55,38,139/- AND WAS FILED DECLARING 8% OF PROFIT UNDER PRESUMPTIVE INCOME SCHEME, FOR THE PURPOSE OF AVAILING LOAN TO DECLARING HIGHER RATE OF TAX. BUT MISTAKENLY HE WAS ALSO ONE OF THE PARTNER IN HIS FATHER IN LAW PARNERSHIP FIRM. NOW OUR PROBLEM IS MY CLIENT ALREADY FILED INCOME TAX RETURN BEFORE THE FIRM GET'S ITS ACCOUNT AUDITED. NOW THE FIRM FILED THEIR INCOME TAX RETURN AND DISTRIBUTE SALARY AND INTEREST ON CAPITAL. AND ALSO HE HAS PAID INCOME TAX ON SALARY AND INTEREST PORTION.
MY QUERIES
1. MY CLIENT TURNOVER EXCEEDS 1 CRORE
2. HOW CAN HE FILE REVISE RETURN
3. WE CAN NOT FILE ITR 4 SUGAM BECAUSE HE IS PARTNER IN THE FIRM
4. WHETHER HE HAS TO LIABLE AUDIT U/S 44AB BECAUSE TURNOVER AND PARTNER OF THE FIRM

PLEASE CLARIFY AND GUIDE ME

REGARDS

whether TDS will be applicable on Dividend received from Brightcom Group.

Respected Sir

I am a trading in Real Estate ( Only Trading in Plot/Land) last financial year.
Sir I want to Know that how to Tax treatment in Business & Profession /capital Gain.
and what is Procedure of Conversion of stock in Capital Gain Schedule

Dear Sir,

Liquidated damages [ Late delivery charges called as “LD“] : We have exported the material, but some of material got deled to deliver to our foreign customer and our foreign customer have charged the amount as Late delivery charges.

Kindly advice to deduct TDS rate and RBI Purpose code towards process this payment.

Thank you.

Dear Sir / Madam,

My father purchased a flat in 1992 for Rs. 3,25,000/-, out of his own earnings - retirement money. Stamp Duty paid approx Rs. 17,000/-. And Registration Charges paid approx Rs. 4,500/-. Means Cost of Aquisition in 1992:- Rs. 3,46,500/-.

My father executed a Will, bequeathing all his tangibles to my mother; it also says, after her demise - the remnants to be shared equally amongst myself, my 3 sisters and my pre-deceased brother's wife, @ 20% each.

My father passed away on 15-06-2019 and my mother on 06-07-2020. Property Card containing all our (inheritors') names as co-owners was issued by the local authority on 11-04-2022. But I believe this is only a formality and the ownership vests with us with effect from 06-07-2020.

I am selling my 20% share of ownership rights in the flat to my brother's wife for Rs. 15,00,000/-. Please inform what is the approximate amount of Capital Gains, Tax payable thereon and also the approximate amount I have to invest in the specified Bonds for claiming full exemption from payment of tax.

In case of NRI, the refund amount was failed due to invalid bank account details.
The same was rectified by pevalidating the bank account details. Now need to raise refund reissue request. While raising refund reissue request, for e-verification the Aadhar linked mobile no. is not available & Aadhar is not available since he was NRI. Other options like DSC etc., also not suitable. Kindly advise on this.

Dear Expert,

One of our parties has deducted Labour Cess @ 1 per cent from our payment. This is new to us, we don't know about it,

we have some questions/queries about it.

1) What is Labour Cess @ 1% and why is the party deducted from our payment?
2) Our job was to provide environmental services to the party, not do any construction work.
3) Can we take input/claim for Labour Cess @ 1%?

Whether TDS is appplicable u/s 194 R , if asset is donated to Educational Institution (Trust).
Any notification / clarification from Income Tax Department.

Sir,
Professional income and shares trading income source person (rs:50 lacs above professional income and rs:2 lacs shares trading income)tax audit sec 44ab filed in f.y.21-22.if assessess shares trading income not reported (missing) in f.y.21.22
Question:
Assessess shares trading income show procedure in it returns in f.y.21-22

Assessee filed ITR1 on his own on 18th Dec 2021 for AY 2021-22. On the same day (18th Dec 2021) he was intimated with an order of Rs 78,100. On the same day (18th Dec 2021) he paid the requested amount through challan. He has challan copy. However, he didn't submit the demand response.

Fast forward to June 2022: I filed his ITR3 for AY 2022-23. It took some time for his refund to process, but on 25th Oct 2022, he was notified through email that the refund for AY 2022-23 is proposed to be adjusted against the outstanding demand of AY 2021-22. So, I tried to submit the demand response for the same on his e-Filing portal. But still, the portal demands to pay interest accrued on the original demand.

The outstanding demand was already paid last year, but the response hasn't been submitted yet. Is the Income Tax Department within their rights to demand interest on the amount? Or this is a bug in their portal? What can be done in this case to waive off the interest?