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

Dear Sirs

One of my friend has sold a property (Flat) during FY 2021-22. He has filed ITR2, having a long term capital loss for the sales made.

Out of the proceeds received from sale of property he has gifted Rs.20 lacs to his mother being a senior citizen. This was deposited in her bank account during FY 2021-22. She has invested the same in some shares during the same year.

Now, whether his mother (Sr Citizen) have to file ITR. She has no other income.

Kindly advice.

Thanks.

Dear sir.
I filed last 3 year IT Return regularly . During the 21-22 , my income is below the taxable income, whether I need to file ITR Return.
one more , start my business in 19-20 and it closed 20-21.
during 19-20,20-21 if filed ITR Return of the business. during 21-22 no sales and purchase,
GST Registration also canceled. Whether I need to file the ITR Return.

In the both matter, I getting ITR Returning filling intimation in my email ID .
Please advise
With regards
Binu

Hi all, how to show Income loss in ITR2 for individiduals.

I am planning to capture the erosion in FDs like DHFL in which depositors lots more than 70% of their invested amount [after insolvency settlement] as a Income loss. Is there a specific section where this can be captured

Hi,
I had a property sale in June 2021 (FY21-22). To save capital long term tax on the profit, I bought some section 54EC bonds in Jan 2022 which was a month after the usual 6 months window from the sale date.

My CA is mentioning to me that for FY 21-22 still I can claim the tax exemption based on section 54 EC.

I am little confused. I know that for FY20-21, due to COVID, there was some extension given and the due date of buying such bonds was extended to Sep30th, 2021.

Do we have an extension given for FY 21-22 too with respect to time window of when can an individual buy section 54 EC bonds?

Dear Experts,

I have received an intimation order u/s 154 of the IT Act, however, the intimation did not comply with my rectification request. What is the Next Step ?? / which section will use to file online for rectification again ?? / will it complete throgh jurisdictional A O only ???

Kindly guide me

Sir, I have converted agriculture land in to Fish tank( for aqua culture) and given for lease.
I would like to know that income received through lease is taxble or exempted.

Sirs,

Some wrong credit updated in 26AS from TAN Number No.MUMS99335F.
This TAN number is SBI Related but not banking sector.
How to to get address details for TAN No.MUMS99335F

I unable to get the details from IT portal.