Dear Experts,
I filed ITR-7 for the assessment year 2021-2022 (Fy 2020-21) and while receiving 143(1) intimation from the CPC my claim for exemption is disallowed and there was a demand because of the failure to mention the application date for 12AB renewal. After this intimation, we filed rectification request U/s 154 by incorporating the Application date and uploaded the required file through winman software Even after filing 154 rectification the same demand is raised by OPC with the same error description.
Experts give your opinion. How to cancel the demand and proceed further.

N.Rajendiran,
nrtaxguru@gmail.com
9362622183

Hi Expert,

Two intercompany located in same premises & make certain transaction in goods & services, i.e sale of goods & services, in this case how much % can be charge as a margin. is there any legal compliance under income tax as well as GST ???

Thanks in advance..

HI,
Foreign tax credit not given by income tax department even if we have properly filed form 67 for foreign tax credit form. we have already reprocess the return but same rectification order received raising demand actual statue of return is income tax refund.
kindly reply

Respected Sir,
My father died 7 years and i recieved his property in form of inheritance and sold the property due to my debt .Since we had old debts i settled a part and gave a part to my relatives and spent balance for my self where in i dont have any money left in bank .Now i came to know capital gains.what should i do now.i have not invested my money in any c g schemes.How to proceed.I am afraid whether i will get into problem.If i have to pay tax how should i pay.Please advise.

Thanks a lot. Some further queries arise.
1 She is an Indian origin American citizen living in India. Will she be treated as NRI?
2 She has been Indian resident all along. Differences in counting of FY in two countries made this happen
3.How her purchase of RBI 7year taxable bonds bought as Indian citizen to be treated. Will it be same as for PPF explained by you in previous query.
Sorry for bothering you,
S C Goswami

R/sir/madam

We have sold the coal to a manufacturing unit against Form 27C and no TCS charged in Invoice.
In this case any liability arise for TDS U/s 194Q or any other section of buyer or supplier.

Thanks to all experts

what are Accounting group of Mutual Fund and tax treatment .

We have received Notice u/s 133 (6) of IT Act for submitting response in Compliance Portal. Since the necessary documents required for submitting against the Notice is in preparation we are unable to provide response in due time. If it can help, we would like to know the procedure for Adjourning the submission of response in compliance portal.

Thanks for the prompt reply to my query of 1st December regarding above noted subject. I have the following consequential questions.
1 she is to be shown as resident. But is there a column for indicating citizenship where she can be shown as American citizen?
2 What needs to be done to her PPF and & year RBI bonds purchased in2021?Can these be carried through maturity.
Thanks,
S C Goswami

Dear Sir,

I want to know what is the maximum amount that can be withdrawn and deposited in the bank during a day or in one financial year incase of an individual so that it does not come under Income tax scrutiny.

Also what is the limit incase of Pvt Ltd company.

Please advise.

Regards,
Divyesh Jain