A general query:

We are following %tage completion method in case of Promoter-Builder activity.

It so happens that the TDS is deducted by Flat owners as per their own dates (we do advise them to pay TDS at the time if booking but then it may or may not be paid then) Now while offering Sales we are offering sale as per our completion irrespective of TDS deducted or not.

Example
1) In a given year we are offering 50% of total sale value of say 3 flats of 1 cr each say 1.5cr.
2) TDS deducted in a given year is of only one flat of 1cr and balance two flats have not deducted TDS.
3) Now turnover as per 26AS is 1cr and as per books is 1.5cr which is OK and the ITR will be processed.
4) Issue arises in next year when the turnover as per books will be 1.5Cr but as per 26AS will be 2cr when the balance two flats will deducted TDS.

Any practical way out in this because we will surely get defective return notice for next year as T/O as per 26AS greater than T/O as per books.

As per provision when a similar transaction falls between both sections 194Q and 206C(1H)....194Q Overrides.

My question is I was liable to deduct u/s 194Q however the seller has already deducted on the same amount under 206C(1H).

Accordingly,
1)Whether I am still liable to deduct under 194Q?
2)Is non deduction of TDS on purchase attract sec 40a(ia) ?
3) Treatment of TCS collected under 206C(1H).

Sir,
We have purchased 10 kva UPS for an amount of Rs.2,34,000/- vendor added installation charges extra. i.e, 4,000/- Total bill value 2,38,000/-
Is TDS applicable on only installation ? or total bill value ? and which section ?

Please help me

There is a Trust whose Corpus is around 1.42 Cr. how can trust use this Corpus fund for charitable activity in future years Like Capital Expenditure or Revenue Expenditure? is Charitable Trust require to take Permission from the Registrar of Trust or From Income Tax for utilisation of Corpus. what is the Procedure to utilise this Corpus fund for Capital Expenditure & Revenue Expenditure.
Please explain me in details

Regards

Thanks in Advance.

Sir/Madam;
If one sold residential house property surrounded by some vacant land.
Then it is to be treated as ??
1. Transfer of Residential house property only Or
2. Transfer of land only Or
3. Transfer of both residential HP & land proportionately. I.e. Consideration received needs to be bifurgated between house & land. FMV as on 1st apr 2001 needs to be obtained separately for land & house. ??
And then he purchased another house surrounded by vacant land; for claiming exemption u/s 54/54F; can he claim full amount paid as exemption or amunt paid only to acquire house needs to be bifurgated & exemption will available only for house purchased amount and not total amount paid inclusive of land ??? Plz reply.
Thanx in advance.

Sir,

One of my friend has filed ITR 1 on 1st of August 2022. There is no tax due after deducting the TDS as per Form 16. But, due to late filing, he has to pay Rs. 5000/- late fees. He paid that amount on the same day, but failed to fill up the challan details in the ITR.

Now, the IT department has raised a demand for Rs. 5000/- Can he go for rectification in the IT Portal under the head SERVICES and furnish the challan details of the said payment ? Is it correct ?

Pls. advice.

Our is a Education Institution. We have registration u/s 11 (12AA Registration). In this connection, we request you to file we can claim exemption u/s 10(23C)(iiiad). If we have registration u/s 12A of the IT Act

I am Naynesh from Ahmedabad.

I am a professional. Since 4 years I have filed my tax returns under section 44ADA. Now in P. Y 2021-2022 , I have incurred Speculative Loss (intraday) approx 20 Lakhs as well as have professional income of 10 Lakhs. Turnover from Speculative business is more then 1 crore(Aggregate of Positive and Negetive difference).

Now my questions are:-
1) Tax Audit mandatory for speculative?Can we look into the 10 crore limit of tax audit?
2) If audit is mandatory then what is the tax treatment of professional incomes in tax audit and tax return.
3) Can I continue my professional incomes under section 44ADA by showing 50 percentage profits.
4) Is there any mandatory requirements of to include professional incomes in my tax audit turnover.

Please all people guide me on this.

Dear Sir,
I request you to kindly clarify below points. I have income from house rent and interest from FDs. My interest income may exceed 20 lakhs and house rent may be around 5 lakhs. I would like to know is there any other tax rules I should follow if my income from interest is more than 20 lakhs. Please clarify.

Regards,
Rajanna

Respected Readers
Partnership Firms books of account getting audited from AY 2017-18 to AY 2021-22 for continuously 5 years. For FY 2021-22 firm turnover is 16 lakh, whether Tax audit will be applicable or Can file complete ITR with profit less than 8% .

Please Guide Friends