INVESTMENT IN NSC MADE IN APRIL, 2021 THAT IS TO SAY A. Y. 2022 - 23. 1ST YEAR INTEREST ACCRUED ON NSC IS TO BE DECLARED IN A. Y. 2022 - 23 OR A. Y. 2023 - 2024 ? AS I UNDERSTAND THAT INTEREST ACCRUED SHOULD BE TAKEN A. Y. 2023 - 24, SINCE INTEREST IS SAID TO HAVE ACCURED AFTER COMPLETION OF 1 YEAR. AND THAT 1 YEAR IS GONG TO BE COMPLETED IN A. Y. 2023 - 24. AM I CORRECT ? CAN ANYONE CLARIFY.

I have a strong doubt that my employer (Central Govt. Civil dept).is calculating 17(1) wrong. Before making an appeal to higher ups I want to make sure.
Pl enlighten.

Dear Experts
One of my client is dealer of second hand car. Till last year, his turnover was below 2 crore and so income was declared u/s 44AD. But now this year, his turnover is around 4 crore and cash receipts and payment are less than 5%.
My question is whether he is liable to tax audit as he was declaring turnover u/s 44AD earlier. His profit is also below 8% in current year
However, I feel, if turnover is exceeding 2 crore, it cannot be termed as Opt out. can we maintain books of accounts and file return without audit u/s 44AB and can declare profit less than 8% ? please guide

Sir,

An NRI Assessee sold his plot during FY 2021-22.

At that time the Buyer had wrongly filed Form 26QB deducting TDS @1%.
Later on he again filed Form 27Q deducting TDS @22% for Non Resident.

Now there are two entries reflecting in his Form 26AS.

Now I want to know the procedure by which the buyer can withdraw his Form 26QB wrongly filed by him.

Please help me in this regard.

IN ITR-7 DETAILS IN REGISTERED 80G WHERE WE HAVE TO WRITE( 11-Clause (i) of first proviso to sub-section (5) of section 80G )

IT IS IN DETAILS OF REGISTRATION
DETAILS OF REGISTRATION OR APPROVAL UNDER INCOME TAX ACT UNDER
OTHER THAN UNDER SECTION 80G

My mother has received CPC notice for tax claimed under 37 BA(2) against TDS deducted for deceased husband. My mother and father held joint fixed deposit accounts and after his death the joint FD account was continued since bank did not allow transfer of the FD account from primary account holder (my father) to secondary account holder (my mother). After my father's death in 2018, the bank continued to deduct the income tax under my father's PAN. For AY 2021, I have claimed the TDS deducted under my father's PAN in the hands of my mother. As per section 37 BA(2) clubbing provision of Income Tax Act, I have claimed the TDS, but my mother has received notice. I have some reference article in regards to same:
http://taxscoop.in/entries/income-tax/claiming-tds-for-income-under-clubbing-provisions

Query: How can I resolve this issue and reject the demand issued and close the matter.
I would appreciate if any of the experts help me resolve my query.

Dear All

My income is Rs 585000 for FY 2021-22. In that RS 95000 is out of Long Term Capital Gain.

I am filing my income tax return on 18th September, 2022.

In that case what will be the amount of late filing fee u/s 234F Rs 1000 or Rs 5000??

Moreover Whether income after deduction u/s 80C or before deduction u/s 80C is considered for calculating penalty u/s 234F?

Thanks
Nirmal

Dear Sir / Madam,

Mr A is filing his updated return for AY 2021-22. There is a tax payable of Rs. 20000/- under updated return.
What will be the type of this tax payment..... self assessment or regular assessment tax?

Kindly guide
Thanks & regards,
Suraj

Sir,
A Doctor professional income total gross receipts above rs:50 lacs tax audit returns filer no gst registered 44 clasue applicable or not applicable
Expenses:
Salaries,pf, ESI, medicines purchase,bank charges, surgical samans, depreciation on assets, oxyzen expenses, traveling,staff welfare expenses.
Question:
Assessess above expenses show in 44 clasue compulsory.

Dear All

My turnover is less than 1 Crore and my profit is less than 8% of turnover.

I have not opted for presumtive taxation u/s 44AD in any of previous years.

But my cash payment/receipt exceeds 5% of total receipts and payments respectively.

Please guide whether in this situation tax audit is mandatory?

Thanks
Nirmal