Hi Experts,

Need your exppert opinion on the below scenerio which had happened with one of my friends.

I had filed ITR for AY 2022-23 for the concerned person and the same was processed with Rs 9000 Refund. But when the ITR processing email came, it shows that the refund has been adjusted against previous open case of AY 2020-21 in which Income Tax Department had raised a demand of Rs 56000/-.

When I checked that particular notice , I had found that the assessee had himself filed that Income Tax Return and had filled in wrong TAN Number in ITR as opposed to what was reflecting in Form 26 AS.

Now the scenerio is that Rs 56000 is already paid but against different TAN then what was mentioned in ITR.
I have given my response on the case to the Department but am still awaiting an update from them on the same. Even the refund of Rs 9000 is also stopped due to this earlier case.

PLease suggest that does assessee has to file revised ITR for that concerned earlier year mentioning correct TAN Number or is the response to the notice online sufficient in this case.

Its been almost 2 months since i responded on the notice but I am yet to get an update from Department.

Kindly suggest with your valuable opinions as to how we should proceed further.

With Regards,
Manik

for section 194IA tds is required to be deducted on higher of stamp duty value or consideration, but in case where the date of transfer and date of agreement is different then which stamp value should be considered. Please guide.

When JSON file tried to save from excel utility of Income Tax Return unable to save it.for AY 21-22

Dear Sir/Madam
I have filled the return for AY 21-22 and also paid the total tax and surcharge amount which is correct of my knowledge and income tax calculator also. CPC processed the return and demand raised Rs. 74520.
Kindly guide me the tax and surcharge calculation of new tax regime, so that i can pay the OS amount.
Thanking you

Taxable Income Rs. 5036290
Relief 89 Rs. 28801
TDS Rs. 1299418

DEAR SIR
OUR COMPANY FILED AY 2020-21 ON 05/11/2020 , STILL SHOWING UNDER PROCESSING

WE HAVE VERY NUMBER OF TIMES FILED GRIVIENCES ON CPC PORTAL AND ALSO TALK ON CUSTOMER CARE , THEY HAVE ALSO ENSURE THAT MATTER IN TAKEN ON TOP PRIORITY.
BUT UNBALE TO GOT REFUND

WE REQUEST TO GUIDE US ANY OTHER WAY/ PLATFORM WHERE WE CAN APPROACHED FOR
PROCESS ITR/ REFUND AY 2020-21
THANKS IN ADVANCE
REGARDS

Hi,
Our company's TAN is changed (new TAN) from thane district to Mumbai district due to address change.
TAN application is under process. But address is already changed as of today. So technically, TDS should be paid from old TAN or we should wait till the new TAN is allotted and then make TDS payment for August with interest.

Thanks

Audit of accounts of certain persons carrying on business or profession.

44AB.Every person,—

(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; 3[*]

4'Provided that in the case of a person whose––

(a) aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent. of the said amount; and

(b) aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent. of the said payment,

this clause shall have effect as if for the words “one crore rupees”, the words 5“[ten crore rupees]” had been substituted; or';

6[Provided further that for the purposes of this clause, the payment or receipt, as the case may be, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the payment or receipt, as the case may be, in cash.]

F&O Trader - Turnover exceeds Rs.1cr (As per calculation rule) and there is loss in current year.
Earlier in last 5 yrs only ITR 1 Filed.

Since, turnover limit for tax audit in digital transaction case is 10cr ----- can we do tax audit in above case to claim loss?

The below mention clause we have to write all the expenses which are registered under GST & not registered under GST


44 Breakup up of total expenditure of entities registered or not registered under the GST

Hello,

Let us take an example of a flat being sold for a sum of ₹. 6000000
Say I have booked a flat on 8.8.2022 by paying ₹1 lakh

I have paid ₹ 1100000 on 1.9.22 within 1 month of booking.

The registration of sale agreement was done on 4.9.22 within one month of booking, for an agreement value of 6000000, with the clause that the remaining amount of 48 lakh has to be paid to the seller within 30 days.

Now builder is asking for full TDS payment in advance.

My questions:
I have paid only 12 lakhs till now. So I should deposit TDS of ₹ 12000. Can I deposit TDS on the full amount right now on the premise that some day in future in the next 30 days I will pay the remaining amount?

Also can the registration of sale agreement be considered as the transaction date for arriving at TDS payment date for the full amount of 60 lakh, though only 20% of the full sum has been actually paid to the seller?

Thanks

Dear All,

I have turnover of 1,22,50,000/- in FY 2021-22. All the transaction are done through bank. Both the payment and receipt in cash does not exceeds 5% of the total payment and receipt respectively. But my profit arrives at Rs. 4,22,220/- (i.e. less than 8% of gross receipt).

I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.

In the above case am I liable to gets my account audited?

Thanks
Nirmal