This Query has 1 replies
wrong information is observed in A I S for FY 20-21. How to correct the same?
This Query has 5 replies
SIR
WHILE UPLOADING ITR3 FOR AY:2020-21 IN INCOME TAX WEBSITE, AN ERROR IS SHOWING STATING "INVALID HARSH VALUE IDENTIFIED.MODIFICATION TO ITR DETAILS OUTSIDE UTILITY IS NOT ALLOWED".
WHAT IT MEANS?
This Query has 1 replies
My late father had some money in the bank and I am the nominee.
There are 3 heirs including me.
If the nominee is in possession of that money for 6 months after which it will be distributed to the heirs.
So who will pay income tax on the income generated in the 6 months prior to distribution?
1. Nominee or
2. All 3 heirs
Thanks
This Query has 3 replies
What is the last date to file Income Tax Filing for FY 2020-21 under 5 lacs salary/income?
This Query has 4 replies
Profit from Acquisition by NHAI of Rural agricultural land of an Assessee does not attract income tax under Section 96 of the RFCTLARR Act . But when the assessee is a Corporate Entity will it be liable to pay Minimum Alternate Tax on the Sale Consideration received or will it be still exempt.
This Query has 1 replies
Sir,
I want to know the TDS Applicability in respect of contractual payments under section 194C. I have availed a GTA Service liable for TDS under section 194C. Following invoices were received during the financial year 2020-21:
05-04-2020 Invoice Value 15000+Tax
06-05-2020 Invoice Value 20000+Tax
08-12-2020 Invoice Value 35000+Tax
From the above case I was liable for TDS in respect of third bill on 08-12-2020 and the same was deducted and paid. Then I want to know whether I was liable for TDS in respect of first two invoices as the yearly limit of 100000 was not exceeded?.
In the same example if the third bill was at Rs. 20000+Tax, but I voluntarily deducted and paid TDS in respect of that bill. In that cases also whether I am liable for first two invoices.
This Query has 3 replies
Medical expenses where no health insurance is taken -- Is it allowed for all senior citizens or only for very senior citizens?
This Query has 3 replies
I have filed my income tax where I had Rs 11000 medical insurance premium under section 80D. This amount is also present in the Form 16 issued by the employer. However post processing I have been issued a intimation under 143 which does not give credit for the Rs 11000 and subsequently an additional demand has been raised. I have two questions
A) what is the reason why this credit for medical insurance has not been given even after it being declared in the Form 16
B) what should I do next.
Thanks for the help
This Query has 1 replies
Sir,
I have a doubt regarding the disclosure of income in the profit and loss account of a private limited company. The company was a partner in a partnership firm during the financial year 2020-21. During this period , partnership have paid interest on capital amounting to Rs. 120000 to the company (full amount was paid as it was not liable for TDS). How this amount should be disclosed in the profit and loss account of the company. Whether shown as interest on capital received or Dividend received under indirect income?. Whether any legal or tax implication in both the cases?.
This Query has 1 replies
My father sold a house and before tax filing he expired.
Cap gains is 80 Lacs that need to be reinvested in another house (50 lacs extra bonds already invested while he was alive).
He has 3 hiers -- Son, Daughter and wife and I as Son will be his legal representative for tax filing.
So should the house (reinvestment for exemption) be purchased in
1. Son (legal Rep) name
or
2. All 3 legal hiers name.
I just need to make sure exemption for 80L can be claimed
Thanks
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
How to rectify wrong information found in AIS