Dear All

Pls suggest: whether tds is deductible on bill raised for travel company for air travel bills? if yes, at what rate and under which section?
Thanks in advance.

Sir,

I want to know the correct TDS applicability on the below mentioned transaction

I have made an advance payment against performa invoice during the financial year 2020-21 @ 7.5% (Rs. 175000 @ 7.5% - 13125). But received original invoices during the financial year 2021-22 (175000 + Tax). Whether I am liable to TDS during the current financial year?. If Yes at what rate I have to remit the TDS. Am I liable to remit balance TDS @ 2.5%?.

Sir,
Our client paid a contractor an advance of Rs. 53,10,000 (45,00,000+GST 8,10,000) for building a "hospital building". His turnover during the year preceeding the financial year in which the payment was made is less than Rs. 50,00,000.
Question:
Whether GST is considered for calculating threshold limit under section 194M?
Will he be liable to deduct TDS u/s 194M?
Whether the tds to be deducted is inclusive of GST?

Hi
i am filling my income tax returns my income is below 5lac . but while filling income tax returns i am getting a late fee u/s234f of rs.1,000/- even though the due date is extended. kindly help me on this late fee

One of our suppliers has added 0.10% TCS against the taxable value as follows

Taxable value Rs 1,00,000 ( Rupees One Lacs )
Add TCS @ 0.10% Rs 100 (Rupees One Hundred)
Add IGST 0.10% Concessional Rate Rs 100 (Rupees One Hundred)
-----------------------------------------------------------------------------------
Total Bill Value Rs 1,00,200
===================================================
Sales Turnover of the suppliers above Rs 50 lacs and therefore TDS shall have to be deducted @ 0.10% against taxable purchase value.
TDS shall be paid by the customer after debiting supplier’s account by the TDS amount
Who will pay TCS ? Supplier will recover from us TCS
Supplier will pay TCS or Customer will pay TCS

Recovery of tax can be done by attachment of property of the assessee after the assessee's appeal against assessment order is disposed off. The assessee during the period appeal is pending with CIT-A may transfer the property by gift to HUF or to his/ her children or sell it, so the property at the time of disposal of appeal does not belong to him/ her . More than 1 year has passed in between. Can the Recovery officer still attach such property?

Respected Sir,

One of our suppliers has added 0.10% TCS against the taxable value as follows

Taxable value Rs 1,00,000 ( Rupees One Lacs )
Add TCS @ 0.10% Rs 100 (Rupees One Hundred)
Add IGST 0.10% Concessional Rate Rs 100 (Rupees One Hundred)
-----------------------------------------------------------------------------------
Total Bill Value Rs 1,00,200
===================================================
Sales Turnover of the suppliers is above Rs 50 lacs and therefore TDS shall have to be deducted @ 0.10% against taxable purchase value.

TDS shall be paid by the customer after debiting supplier’s account by the TDS amount

Who will pay TCS ? Supplier will recover from us TCS

Supplier will pay TCS or Customer will pay TCS

Please guide me and oblige.

I have few questions with respect to how FnO losses can be reported in income tax returns filling

- I have FnO losses as well as some interest income for this FY. I am a salaried person and as far as I understand, I can't offset FnO losses against salary income. But, is it allowed to offset FnO losses against the FD interest income?

- Since I have FnO losses, I have read in few forums that I have to do some tax audit before filling the return. Is the tax audit mandatory in case of FnO losses before filling returns? I do not have high turnover in FnO and is less than 6Lakhs, whereas my salary income is around 16Lakhs

- And finally, I have never done tax filling for FnO before. So can someone recommend me any DIY articles on this or videos that I can refer on how to file FnO tax returns.

In CG for land & building section, Capital Gains is displayed as value of consideration.
Pl help as how to correct this error.
Pl help.

HARSHAD KHONA

Hi All

I am getting this error in ITR 5

Invalid hash value identified, modification to ITR details outside utility is not allowed..