Dear international Taxation Expert,

1) If Singapore company issues reimbursement invoice to India company as per Joint venture project.
2) Will India company be liable to deduct WHT on reimbursable invoice?
3) Will India Company be liable to deposit RCM on reimbursable invoice?

please confirm, give the answer with notification.

Dear Experts,

Find that entire shareholding for TCS tendered in BuyBack is bifurcated into long term & short term in AIR- annual information report ; and computed as capital gains.
Actually only a fraction of shares got accepted and that too is tax exempt.
How can we report / communicate the discrepancy before filing to get it rectified in their system otherwise it may come up for scrutiny.

Thanks in advance 🙏🏻

The basic of Mr X is 1 lakh PM. He has paid rent of 120000 (20000 om for 6 month ) for rest of 6 month he worked from home .
While calculating HRA exemption one of criteria is
Rent Paid. 1.20 lakh
Less 1/10 basic 1.20 lakh
12 L /10 .
If 1/10 of whole salary is calculated he is not getting any exemption .
Can he consider 6 months basic ( 6 lakh ) as he has paid HRA of 6 months only . Is this logic is correct ? Then he is getting exemption of 60000 . ( 120000 less 60000 )
Please guide

Assessee had invested through a broker by giving liquid funds & shares as margin money & broker was trading on behalf of the Assessee by giving regular returns.

Later the broker got bankrupt & all shares along with liquid funds were stuck with the broker.
As the broker has pledged the shares for trading all the shares were lost by the assessee as there was no recovery from the broker.

Later the assessee alongwith other sufferers from the broker filed a complaint with NSDL regarding the matter against the broker house.

Against the same an lumpsum amount against the total value as on the date of broker becoming brankrupt was released by NSDL which is hardly 25% of the total loss.

So, how to account for the amount received from NSDL in the hands of the Assessee and its tax implications.

Query
1. whether the same will be adjusted against liquid funds or shares?
2. Capital gains / taxes arising on the same and at what value ?
3. Can this be treated as exempt as compensation received from NSDL ?

When I try to upload my return, I get the error "Schema error occurred while submitting your form, please try later" This is while using V 1.1.10. How do I overcome this?

My mother is a pensioner who gets a pension from the Post Office with no HRA. She lives in a rented accommodation in Kolkata. I am trying to claim 80GG for her, but I get an error "Deduction u/s 10(13A) and 80GG cannot be claimed for the same period", when the entry against Section 10(13A) is 0. Please clarify

I have been staying in a property (flat) which was owned by my mother and built in 1970s. My mother passed away in 2019 and I continued to stay in the property. In the WILL which she made, mentioned that the flat in which I was staying, to be given to me. Other flats to my brother and sister. The Will is yet to be executed and no mutation of property is done as of 31Mar22. Do I need to show the property as one of the assets belonging to me in Schedule AL (if income more than 50Lacs)?

Sirs,
I have completed property sale in FY2022-23. As I understand, ALL the sale related proceeds & TDS need to be shown in FY2022-23.
However, I received a token amount in FY2021-22, wherein TDS (1%) was witheld. This appears in my 26AS statement fof FY2021-22.
My question is regarding 'how to show TDS deducted in FY2021-22'. Should I just not show this TDS in FY2021-22 filing, and include it in FY2022-23 filing?
OR
There is a provision to actually move FY2021-22 TDS entry to FY2022-23 (on the IT eFiling site).

Thank you

Dear Expert,
Please guide on below mentioned issue:-
I am a private employee and I contributed Rs. 35000/- in NPS Tier-1 in FY 2021-22. In, my ITR, I am showing the same U/s 80CCD(1) to claim deduction. But in eligable amount it is showing only 31667/-.
May you please guide, where I am doing mistake ?

Thanks

Assessee is a bank manager entitled for 50L petrol as conveyance allowance. He is using around 35L(varies from month to month) exclusively for meeting his clients and for other official purposes. As per form 16 part B ,the entire cost 50L of petrol is added to his total salary.

Kindly clarify the following:

Whether he is eligible to claim Sec 10(14) for 35L, as per rule 2BB.

(c) any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit :
Provided that free conveyance is not provided by the employer;

In case this is not permitted, What is the appropriate treatment for such allowances.