I paid self-assessment tax amounting to Rs.17760 through SBI Net Banking. I got Tax Payer Counterfoil generated through net banking. The Challan details were submitted in ITR Form at the time of ITR submission. But IT cell did not allow the credit. Reason mentioned by IT department: Challan for this AY is not available and raised Demand Notice for Rs 17760.
In IT Portal- I will disagree the demand. On selecting Disagree- there many reasons. Out of these,
Two reasons are:
1. Demand paid and challan has CIN ( without open challan details)
1. Demand paid and challan has CIN ( without open challan details
Which one I have to select. What is the difference between without open challan details and without open challan details. Please provide me the details.
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Read more at: https://www.caclubindia.com/experts/ask_query.asp

Read more at: https://www.caclubindia.com/experts/ask_query.asp

Read more at: https://www.caclubindia.com/experts/ask_query.asp

Hi,

I am salaried individual who deal in Options trading. Turnover is below 50lac and losses of 1lac Pls let me know how to prepare BS and P&L statement.

Where to include turnover in BS? How to calculate TO in Options as sale price+premium is turnover. What needs to be mentioned in asset?

I have a query related to taxation.

I have opened a new joint bank account with my brother.

I am the primary holder and my brother is the secondary holder.

I'm currently not doing any full time job, my brother is doing it.

He is doing full time job in bangalore but also on his name I'm working as a freelancer(Recently started).

Since my brother(secondary holder) is working as a full time job he has been filing ITR for the past few years.

Now, the question raised by my brother is who should pay the taxes on the freelancing income?

Since I'm working as a freelancer using my brother name and the amount is getting credited on his name, can I file the ITR on my name?

I've heard that by default primary holder is liable to pay the taxes.

My brother doesn't want to include that income in his ITR because it might change his tax slab.

It would be very helpful if you could put some light on this.

Sir,
Assessess rental income from commercial property received.
Question:
Rental income is show under house property or business income or other sources head treatment in it act.

Hi All

Bill from CHA(Custom house agent) include service charges + reimbursement of Govt. Dues (ie. warehouse charges and others) . Whether TDS is to be deducted on whole amount or only service charges of CHA? under which section it will be applicable? 194C or 194J

Thanks in advance.

As goods purchased from supplier on that tds under 194q applicable but freight is disclosed in invoice as per accounting freight is included in cost goods but freight disclosed seperately then tds under 194q to be deducted on total of value including freight ????

My Client Wants Filing income tax return of previous year - A.Y.20-21 on this assessment year by u/s 119(2)(b). Because he have a TDS of Rs.12000 in those previous assessment year. so, can he submit his Income tax return of previous assessment years , u/s 119(2)(b) and can he get a refund? If Yes, Then Please tell me a Procedure of Filing IT under Condonation of delay.

Let us explain to you that, our two entity (India and Singapore) Company has bid through Joint Venture. We get the project through joint venture. Both the companies work in the same project, but the client will pay only one of them. We issue invoices from India, as there is DTAA in India and client country. My question is how will we pay to Singapore company, as both are working in client place. Can anyone explain the procedure, how we can do payment/fund transfer (certain %) from India to Singapore. is TDS/WHT/RCM applicable on when we transfer fund from india to singapore,which based ?

If suppose, the assessee company could not file form 10IC before the dure of filing of income tax return through oversight and Tax auditors has mentioned the option for concessiona rate of tax i.e. Section 115BAA, whether the demand raied for application of normal rate of tax, Can assessee file rectificaiton applicaiton to the learned assessing officer for cancellation of demand. Kindly advise

Dear Sir,

One of my client is into Transport business of Freight and his Income tax return is filed as a proprietor. He is also registered under GST wherein his Sales is exempt from GST.

The total turnover of his business is Rs. 3.5 crore. I want to know is he be liable for tax audit U/s. 44AB for F.Y. 2020-21.

Please help me in this matter.

Regards,
Divyesh Jain