Sir,

I was using Swapping Machine for promoting online purchases and that is too from HDFC Bank Limited. Based on the amount swapped by the customer, bank was collecting certain charges and monthly consolidated invoices was issued by the bank against the charges collected. In that invoices they are mentioning as "financial services" under SAC code "997158". I want to know whether the services was liable for TDS and if yes under which section [these transactions were exceeding bill wise and yearly exemption limit].

I am individual and I have paid Rs 30 Lakhs to packers & movers and also will be paying equivalent or higher amount in current FY. I have not deducted TDS earlier u/s 194M. But after paying 2nd instalment of the same i will excees the treshold limit of Rs 50 lakh i.e. payment to resident contractor. I will be deducting tds @ 5 % excluding GST on total amount that is 30+50 i.e. Rs 4 Lakhs and will be filing form 26QD.

Further there is also chances for more remittance. So i need more clarification regarding filing of Form 26QD.

Do i need to file form 26QD each time for all subsequent payment?

while booking income for
Rent and Interest TDS receivable should be booked at the same time in my books or at the time of receipt which can be better,
example
Rent /Interest income Rs. 5,00,000
Rent/Interest Receivable Dr 4,50,000
TDS Receivable DR 50,000
To Rent /Interest Income 5,00,000
OR Pass
Rent /Interest Receivable Dr. 5,00,000
To Rent / Interest Income 5,00,000
after receiving amount
Bank Account Dr. 4,50,000
TDS Receivable Dr , 50,000
TO Rent /Interest Receivable.

I am assessee having income above 50 lakh. And I have investment in various private limited companies. Now I planning to incorporate an entity for manage my income and investment. I want to know that, is it better to incorporate a trust or a holding company to manage my asset and income.

Do we need to deduct the TDS on online subscriptions? E learning & Subscription service.

Sirs

Ours is a private limited company and we have taken a premises on rent.
Owner of the property is an NRI. Monthly rent is Rs.105000/-.

Kindly clarify the applicable TDS rate and under which section. What returns/challans we have file for this.

Thanks.

TDS deducted for logistics company comes under which (Section) nature of payment?
What is the difference between section 94c and 194c under TDS?

sir
can commission income earned under 194h and 194d be claimed as business receipts showing as professional income thereby claiming 50% expenses.

KIND ATTN. SIR
WITH REGARD TO NOTICE RECEIVED U/S 148, THE ASSESEE HAS MADE BANK TRANSACTIONS TO THE TUNE OF RS.1,78,00,000/- BUT NOT FILED THE INCOME TAX RETURN FOR THE AY 2018-19.KINDLY GUIDE US TO FILE THE INCOME TAX RETURN AND 44AB AUDIT REPORT APPLICABILITY AND PAYMENT OF PENALTY FOR NON FILING OF AUDIT REPORT AND FILING OF RESPONSE THROUGH ONLINE
THANK YOU SIR
WITH REGARDS
CA.P.SHANGAR

Dear experts,

Whether an updated return can be filed for FY 2020-21 where the original return was not filed for the said FY.

I have two scenarios:

Scenario 1. My total income is up to Rs. 2.5 Lacs
a. Can I file the updated return now?
b. Whether any tax or interest or additional tax or interest have to be paid if the total income is upto Rs. 2,50,000.

Scenario 2. My total income is below the 5 Lacs and will not be taxable after rebate u/s 87A.
a. Can I file the updated return now?
b. Whether any tax or interest or additional tax or interest has to be paid if the total income is up to Rs. 2,50,000.