Sir,

I have filed my Income tax return for the FY 2016 - 17 and 2017 - 18 tru ITR 1 since I was
employed. Later on, I came out of my employment and currently I am free lance Insurance agent and I am doing it on Commission / Incentive basis. Not a regular employee.

For the past 3 years, I did not file ITR since my income was within the threshold limit. But this year ( FY 21 22), my income has crossed basic exemption limit and also, there is TDS amount deducted from me, which I have to get refund.
Since I am not a regular employee now, can I switch over from ITR 1 to ITR 4 ? Is this form acceptable for those who get Commission / Incentive income ?

Pls. Advice.

Please give taxability of below situation.

there is a receipt of rs.5,87,252 from life insurance company which is received after the term of 5 years. premium paid till now is 5,05,000. My doubt is whether total 5,87,252 taxable or only 82,252 is taxable.
Sum assured is 7,07,000.
Premium is 1,01,000 PY.

Hi,

I have done agreement to sell with the seller for a property in noida (for 58,50,000 rupees) on 24 May, 2022. I paid 10% (58,500) on the same day via cheque. Then I paid another amount of 9% to seller on 18 June,2022. I have applied for home loan and disbursement will take time so we will be doing registry in first week on July. Now my question is:

1. The circle rate of property is 61 lakhs more than the agreement value. So, 1% TDS will be on circle rate or the agreement value?
2. How should I deduct and pay TDS in my case?
3. Do I need to fill 3 26QB form (2 for previous payment and one that will be done a day before registry)?
4. What should I fill in form 26QB for fields for each of the 3 forms: "Date of Payment/Credit", "Date of Tax Deduction" and "AMOUNT PAID/CREDITED "?

Sir ,
While looking at TIS/AIS . I find one figure say Rs 4 lacs under head of ' Receipt of Foreign Remittances'. Now further same figures are also shown under ' Interest form Deposits' and TDS is deducted u/s 195 of ITax, in NRO a/c as it is a case of NRI Thus same figures are shown and treated under two different places in TIS . This income cannot be treated twice as income & its source of income is same. So why same figures are separately repeated under two different classifications.
What can be the reason and how to treat these same figures shown under two different heads whereas interest income is from same SFT. Can it be marked as 'Duplicate' as Feed back OR what else need to be done. OR simply to ignore the figures under " Remittances from foreign receipts. ' as informative only and treat only interest income ? TDS figures in required way.

Please guide on this issue.

1) From AY 2022-23, when filing LTCG for property sale we need to put the ‘Date of Purchase/ Acquisition’. In case of sale of inherited property where the date of purchase is usually not clear *which could be in 1960s or before, what do we fill for the ‘Date of Purchase/ Acquisition’’ ?
Valuation of the property as of 01Apr-2001 has been done by a registered valuer.
2) While calculating LTCG for property sale, what are the types of expenditure that can be put under the heading ‘Expenditure for this transfer/sale’ ?

i am a content writer on contract ( annual / sustainability reports ) and tds has been deducted under section 194JB. what shuld i fill in under the following heads appearing in form ITR 4 , for claiming deduction under section 44ADA

Name of business
Business Code
Description

thanks
narayanan

HI,
Can a director give gifts of his shares to his mother-in-law who is also a director in the same private limited company?

If yes what are the provisions which must be kept in mind?

Thanks

Is Form 10BA essential to get benefit of rent paid under sec 80GG?
There is no option to submit this form under efile- income tax forms- ( Form 10BA is not listed there). In such case how can this form be filed?

If a state /central govt employee withdraws his balance in general provident fund before retirement for personal purposes will it be taxable .

Please advise :

1. In case assessee issues sales invoices below two lacs in a day and various transactions in a year to single buyer.

2. In second case Some of the sales invoices are above two lacs out of which he received cash below Rs.2 lacs per sales invoice in a single day/ transaction and the difference amount (invoice amount less cash received) is received through banking channel.

3. Overall Limit of Cash receipt as Unsecured from a person is Rs.20000/- or 10000/- .

Is there any restriction to receive cash in the above circumstances under the provisions of Income Tax.