Dear Sir,
Please solve my query about Tds . Earlier i have deducted Tds u/s 194C and deposited and File Tds return ( Qtr. 3rd Tds Fy .21- 22) against payment to Contractor. Due to some inernal reason in march 2022 whole of payment of vendor reversed. In that case please guide me to correct Tds amount from Rs 2000/- to Rs.0/- through conso file and further can i utilised this unconsumed Tds amount of Rs 2000/- FY 2022-23.
Thanking You,
With Regards,
Harish Thanvi

Dear Sir/Madam,

We have deducted the tds under section 194IA but mistakenly paid the challan under section 194LA and 194 I.
Now, we came to know about filing 26QB for tds on property. Request your suggestions on :
1.How to adjust the challan paid with 26 QB as we are not able to pay again the entire amount.
2. How to un consume the entire challan paid with interest so that section can be change backend.

Assesssee has entered into an agreement to buy a flat in 2017. though registration was done in 2020. now, same flat is sold in 2021, whether the same will be short Term or Long term in Nature ?

Dear Experts,

-I had purchased a flat in chennai in year 2003 through POA to me father, as I was NRI based in UK at that time. The cost of flat was 20 lacs. There was a housing loan taken for purchase of this property of 25 lacs as it was raw shell (20 lacs towards property + 5 lacs fixtures and furniture). This complete loan was closed in year 2012. I came back to India in 2005 and sold this flat in XXX.

My questions are following:

1) whether the complete interest cost on total loan be added to the cost of purchase, for the purpose of capital gain calculations. This interest cost comes to nearly 10 lacs.

2) Can this interest cost be indexed, as it was paid in several years from 2003 to 2012

3) Or, can I only claim interest on Loan as deduction for period from 2003 to 2005 (during the time I was NRI). I did not file any ITR in this period as there was no factual income in India and also did not claim any deduction under house property (sec 24), in this period.

Thanks a lot.

My employer has deducted Rs. 9400 p.a as professional tax on employment. Whether full amount can be deducted from salary? But I have read that not more than Ra. 2500 p.a can be deducted as professional tax on employment.
Kindly guide how to treat it while filing income tax return i.e whole amount paid can be shown?

My son who is a student in USA has transfered 10 lac out of his scholorship income in his saving account in India. He has invested this amount in mutual funds in India which results in some nominal capital gain. Which ITR form he should file?

My client deposit cash and transfer money to his wife's bank account invested money in MF and pays LIC from there. is bank interest, and profit/loss from MF need to be clubbed with the income of the husband or treated as income of his wife?

Is it mandatory to file Form 10B if the Trust have got exemption U/s 12 AB and the Gross receipts of the Trust does not exceed the maximum amount which is not chargeable to tax (i.e) 2,50,000 ?

Dear sir

I had invested in mutual funds in 2012 (abt rs 2lacs). I encashed those in 2021 (abt rs 5.5 lacs)

Is this capital gain taxable? i am salaried employee which ITR is applicable in my case to show bank interest and capital gain and some small gain/loss on shares.

thanks and regards

Retention Bonus paid to employee in the financial year 2020-21 and recovered back from full & final settlement in financial year 2021-22 as the condition of not leaving the company for one year was not met. Can the amount recovered back be claimed as deduction by employee?
Request for an advice in terms of the position under Income Tax Act!