a person made an development agreement with a developer on dated march 2022 for developing a unit of flat on his land which is bought by his father on Feb 2006, the agreement is 30% for him and 70% of the developer of the total development.

Please guide me is capital gain is applicable? in this scenario

I have paid Rs. 25410.00 through the income tax portal via my banker, SBI for this amount which was due to pay as a part of my tax liability for AY 2022-23. The details of this self -assessment tax paid challan receipt was entered with BSR code, tender date and challan serial no. in the respective column while filing.

Now, I have got a demand notice us 143(1) for this amount again. And reason for the mismatch amount as per CPC was as ' Challan is not available for the AY'.

While checking my filed ITR, it is found that the serial no. of challan was written as "578" while filing instead of "00578" (as per SBI challan receipt). This was an entry mistake.

Please advise me whether I need to pay again Rs. 25410.00 as per the demand notice or get rectified the serial no. of the paid challan receipt?

Kindly help me how to go for it and clear this demand notice.

Thanking you, Sir.

Raman kumaran

I am a marketing exicutive in an entity. Along with my salary i have received some amount as commission. While filing income tax return, my tax return preparer advice me to claim 50% expense on these commission income. Is there any problem on claiming expense on commission income

Dear Sir,
I have tried to file my IT Return online. As per my 26AS I have received 50000 as interest in FY 2021-2022, but when I try to file my return online it shows 68000 as pre-filled interest. What should I pick as interest amount ???

The entire amount of TDS has been deducted and paid in March 2022. However sale deed was signed in April 2022. In which year do we show capital gain income? Is it possible to claim the refund for the extra amount of TDS in the current AY?

Hello Sir,
Mr X is having income from
1 . Interest on Deposit. 2.00
2. Commission from LIC. 0.25
3. Income short term gain 1.00
4. Income from Intraday 0.25
5. Income from LT Gain ( exempt)
6. Income from Zerox/ typing. 2.50
Total 6.00

My question is
1) Income from LIC commission is business income or income from other sources ...?

2) for Income from business / Zerox . and Intra day profit
. Can I show in ITR 4 ( u/s 44 AD) or ITR 3 ?
No books maintained for Zerox business.

3 ) 2 years back ITR 3 filed .

So i have to file ITR 3 or ITR 4 ?
Please guide for this and for lic commission where to be clubbed .

Thanx for reply .one my small query is while filing return WHICH BUSINESS CODE TO BE SELECTED ....

my brother received receipts with tds deduction under 194jb, he is an ISI AUditor...which section applies to him 44AD OR 44ADA......IS ITR 4 TO BE FILED?
HOW TO DECLARE INCOME

The bank is waiving Rs. 2.00 crores out of Total outstanding of Rs. 5.00 crores in OTS on working capital/Term loan and wishes to deduct TDS under section 194R on Rs. 2.00 crores. Can anyone clarify if section 194R is applicable on it and if not, how to convince the bank that it is not applicable. The assessee doesn't intend to take this amount to income as there are judgements of Supreme Court that amount waived is not taxable as business income and the assessee has carried forward business losses also sufficient to cover the amount of Rs. 2.00 crores.

Further, whether certificate under section 197 can be got for nil deduction under section 194R.

Can we apply for advance ruling for the non taxability of income and nil deduction of TDS in this case.

Individual has received salary for services rendered in India in Indian Rupees and also in US Dollars. TDS has been deducted by Employer on salary in Indian Ruppes and also US Dollars. However Form 16 shows only salary in Indian Rupees.

My question is now how to show alary received in US Dollars in Return of Income ?

Form 10 B-Annexure I item 3, accumulation of income not exceeding 15% is to be reported; But in the official Form 10B downloaded from Income Tax portal, the item 3-says not exceeding 25 % of income xxx . Is there any amendment of Rules or this is a printing error? kindly elucidate . Thanks