Please anyone tell me about the differences between Dearness Allowance and Dearness Pay. I am really confused.

Someone says that they are treated same but if that is true so what was the need to introduce that 2nd term?

One of my client wrongly file his ITR-1 for the AY 2021-22 and AY2020-21 and there is a demand notice , now he want to rectify the return and pay the balance tax if any. so what is the procedure.

Respected Experts,
Let me know whether penalty u/s 271AAC(1) can be kept in abeyance just like penalty u/s 270A.

Dear Sir / Madam

Can I give Rs.600000/- to my Bhanji (aged 19 years- Real Sister's daughter) by Cheque.
Will any tax applicable to any one ( me or bhanji). If she put this money in FD then will clubbing provision applicable ?

Pl reply thanks in advance.

owner-builder is a pvt ltd co. suppose only 1 sale deed is excuted out of 20 flats (building is still under construction, about 60% completed).

Is advance collected from customers on various stages of completion then whether there is any need to follow percentage completion method? (gst is paid correctly on advances, so this queation is not of gst but of accunting)

my view--> as sale deed of 19 flats are not executed only advance is received, advance will be shown as liability and no need to credit to prof loss for these 19 flats

for one flat which is executed--> 60% of its sale value will be credited to prof.loss.
am i wrong?

As per income tax act any updated return will attract a penalty of Rs. 5000 if it for 1 year back and Rs. 10,000, in case it is 2 years back. That is the thing which is also mentioned in ITR U excel based utility too.

But one I have heard in some case, persons are filing the return of past years and paying only Rs. 1000 as penalty for belated return too. One of the case I also checked and the same thing I have also seen.

How it can happen if it is a mistake of excel utility or income tax site issue. I have also tried the same and found that excel based utility attracting Rs. 5000 Penalty in case of 1 year old return say AY 2021-22.
Can anyone let me know how it is happening?

I bought an under-construction residential flat from builder in September 2020 and did an agreement in same month. If I sell the property in October 2022, my questions are

1. Is LTCG or STCG applicable on this property? One opinion here is that since the property is held for 2 years, it is LTCG. But the other opinion is that as I am not selling property but the right on the property, for which I need to hold minimum 3 years. Should I assume holding period to be 2 years or 3 years for it to be counted as LTCG?

2. Which section is applicable for tax rebate 54 or 54F, if I reinvest the sale proceed in other residential property?

3. I am holding one residential property which is rented, one commercial property again rented and one plot which is vacant in addition to these properties(the property I sold in Oct 2022 and another I may buy in November 2022). Am I still eligible for benefit under section 54 or 54F?

A person having business income who has opted for 115BAC in a financial year 2020-21( AY 2022-23). He has also filed Form 10IE within the due date for the AY 2021-22. However, the said person has not filed his return of income within the due date for the financial year 2021-22 relevant to the Assessment year 2022-23.

query 1 : will the option to opt for 115BAC be available to him for the Assessment year 2022-23
query 2: If yes, should he have filed form 10 IE before due date or does the form 10IE filed for assessment year 2021-22 be valid for the assessment year.
query 3: If no, then will it be considered as opting out of 115 BAC. In such a scenario, what are the requirements - will be automatic withdrawal from 115BAC or is it mandatory to file form 10IE for withdrawal - as due date u/s 139(1) has expired. what should be done.

We filling 26 Q2 THROUGH RPU BUT NEW SECTION 194R NOT UPDATE SO VALILDATION NOT POSSIBLE HOW TO FILL SECTION-194R

For Individual when audit is required.