A. Background: -

i. We have two buyers and one seller combination for filling form 26QB for the purchase of under construction Immovable property worth more than 50 Lakhs.

In the cost sheet provided by the builder there are two parts as follows-
a. Property Value including Car Parking amounting to 52 Lakh
b. Extra Charges including Club membership Charges, Maintenance charges etc. amounting to 3 Lakh

ii. 1st buyer had made the initial booking with the initial token application money (1 Lakh) and have provided form 16B to the deductee for the tax deducted u/s 194IA, however the property value reported in filling form 26QB is 52 Lakhs and enabling the option 'YES' for Whether more than one Transferee/Buyer and Payment Type as 'Installment'.

iii. Payment towards next installments will be made partly from own bank account (as down payments) and partly from bank (as loans) by both the buyers according to their individual ability to make payment.

iv. TDS will be deducted on each payment by the person making payment towards the installment and form 26QB shall be filled accordingly.

B. Query: -

1. What will be the property value in 26QB? (52Lakh or 55Lakh)
2. What would be the amount on which TDS would be deductible? (52Lakh or 55Lakh)
3. Whether the property value reported (52Lakh) while filling form 26QB (as discussed above in point A.ii) for the initial tax deducted on application money by the 1st buyer was correct or it needed to be shown proportionately between the two buyers?
4. What will the 2nd buyer show as property value while filling form 26QB when he will make subsequent payment towards the installment? - (52Lakh or 55Lakh / proportionately)

Dear Sir,
I would like to have clarification about Rent payable for the use of premises by husband. The premises which is in the name of mother & wife was used by husband and has been paying Rent in proportion of share of property to both wife and mother

Now in last year wife expired and the share of wife in property was transferred to husband by virtue of probate obtained in the month of March 2022

In every year March, Husband pays rent to both wife and mother for the entire year but considering the above scenario, whether the rent is payable?

I have doubt because probate order came in the month of March 2022 wherein wife was expired in the month April 2021.

Do entries to be passed in accordance with probate and No Income Tax return be filed in case of wife ?
or Income Tax return be filed for last time wherein husband will be representative Assessee ?

Please help

Regards

Tribhuvan

what is time Limit to MSME.

what is annual returns for Company and LLP
For Corporate- Annual Returns
For Income Tax-Annual Returns
For GST-Annual Returns

I NEED GOOD BOOK MCQs INCOME TAX OR ONE LINER BOOK ON INCOME TAX

PLEASE SUGGEST .

ENGLISH OR HINDI M BOTH WILL HELP .

THANKS

Sir/Madam,

Respected Professionals
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Dear Sir,

My previous annual income Is 191000/-(FY 2020-21) ITR filed in July 2021. cash deposit in SB account and RD account in April 20 to March 21 Rs.104000/-in FY 2021-22 annual income is Rs.202000/- ITR will be filed in up coming month Cash deposit Rs.147000/- RD, Saving,PPF so can I face any issues/ notice from IT department.

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Kindly clarify whether the criteria for deduction of tax/collection of tax at source for Purchase / sales has to verified for each assessee every year . That is whether we have to look for the triggering point
1. Turnover/Gross Receipts/Sales from the business of BUYER should exceed Rs.10cr during previous year (Excluding GST) Purchase of goods of aggregate value exceeding Rs.50Lakhs in P.Y. (The value of goods includes GST) T
2. Turnover/Gross Receipts/Sales from the business of SELLER should exceed Rs.10cr during previous year (Excluding GST) Sale consideration received exceeds Rs.50Lakhs in P.Y.

each year for the deduction or collection and to wait till the sale or purchase exceeds 50 Lakhs or
continue to deduct tax /collect tax as done in the previous financial year without verifying the trigger point