Hello Experts,

My senior citizen mother has received a tax demand of Rs. 1200 u/s 143(1) for FY 2019-20.

Reason - she claimed total 10k deduction under 80D, of which 5k under Preventive Health check-up and 5k under Medical Expenditure, since she has no health insurance. However in their demand, IT dept. have not considered 5K Preventive Health check-up.

However as per 80D rules for FY 2019-20, I feel my Mother was eligible to claim as above. So can anyone advise why IT have disallowed the above 5K? Or if demand is auto-generated due to some technical error, then what should we do to resolve it?

Dear Sir,

Kindly inform whether Form-12BA is generated from TRACES or the employer has to prepare it in own software ? Is it mandatory to issue for Zero Perks also ? What happens if not issued by employer ??

Kindly inform.

Respected Sir,

If a person has income from Tution fees, interest from FD, Butique, Salary income Rs.3000/-,so which iTR form he can file.

I am working for IT enabled services (Software Online) related company in India. our transactions are 100% export and 100% online service related. During the fill up of ITR 5, I am facing problem to fill the Schedule QD which is mandatory if Tax Audit is applicable.

Please let me know what figures to be filled in this schedule ?
without fill up the schedule, ITR is not validated.

A Commercial property purchased in 2008 by Husband Wife in joint name was sold in Feb-2022.
Husband already owns 1 Residential house, Wife already owns 2 Residential houses.
All Payments for Purchasing commercial property was made by wife, All sales consideration money was received by only wife.

Dear Friends kindly guide on questions :
1. Can Husband & Wife claim exemption of 54F ?
2. If sale money is received only by wife, is the Husband taxable ?
3. If property is sold in Feb-22 till when they can invest in purchase of residential property to
claim exemption?

RSU is vested and company deducted 30% of total RSU gain amount & deducted no of shares ( shares to cover by selling few shares for tax) and reported the same in income tax But I have not sold remained RSU which are left. E.g. if I received 100 vested shares and 30 shares sold to cover for tax for 30% then remaining 70 shares I have not sold before 31 mar 2022. Now after 2 years if I sell reminaing 70 shares then it will come under long term capital gain 20% as company is listed in NYSE america. So as I have not sold my shares before 31st march but my company treated as 30% by considering SG so can I get back this money and then inform when I sell it ? how does it work if RSU not sold by employee for which 30% tax is deducted by considering SG but if employee sells after 2 years then it is loss right. How to take care of this ?

Any Employment consultancy who provide Employees to company and take charges (like one month salary) . Kindly assist this type of service comes in which category and Which Section code apply for TDS.

Hi,

I have invested Tax free mutual funds in the year of 2016 , sold in the year of 2021

1 lakh is invested and 52000 odd amount got as a gain,

can you please tell me how to file ITR

is this 52000 is taxable ??
the information is visible under AIS under income tax portal

Hello CA Club community

What will be tax residence status of a USA citizen who has been living in India for a few years and moved back to USA in FY 2021/22 and lived in USA for 10 months in USA between Apr 1 2021 to March 31 2022 ?

.Moved to India in FY 2013/14 and lived in India until Jun3 2022, Was a non resident FROM fy 2001/02 to FY 2012/13 ( lived in USA all those years ) and non resident also in FY 2021/22 ( lived 10 months in USA, moved back to USA ). So 2 years in the last 10 financial years have been as non resident. Will this suffice to quality for a RNOR status in India for AY 20 ?

Do they have to show their foreign income, foreign assets and foreign financial accounts in India for ay 2022/23 an RNOR ?

Thank You

Trust can accumulate 15% of income earned during the year. My question is FD interest income received during the year, is to be considered for 15% accmulation or set apart? If so interest income accrued during the year will also be considered for 15% accmulation or set apart?