I am buying a builder flat under construction in resale from the original allottee. Total cost of the flat is 85 lacs. However the original alloteee has paid only 25 lacs till date to the builder. Transaction consideration between me and the original allottee is 25 lacs only and the flat will be transferred by the builder in my name. Balance 60 lacs will be paid by me directly to the builder as and when demanded. Am I required to deduct tax at source u/s 194 IA on payment of 25 lacs being paid to the original allottee?

I have noticed that In BFLA the incomes brought from CYLA are before
set off of current losses, even though it mentions
current year income after set off of current year loss.
As a result in final computation of income, set off of
current years loss is not getting effect. So total income is not considering set off of current year loss under different head, for example Loss under House property. Whom to approach for correction? If Grievance is to be posted in TAX PORTAL, which department to select - DIG -Systems?
Has any body else noticed this error?

for existing trust how to apply for 12 AB registration
please guide me about the procedure.

Whether it is compulsory to validate the Bank a/c in portal to get refund ? I Tried to validate one of my clients's bank a/c but validation failed . Maximum no.of bank account holder do not have their own email ID and in that case how the bank account can be validated ?

Hi, 2009 I had received a demand against 143(1). Me and my CA had gone to the IT office to file our return. As per us the returns were correct. The income officer didn't have any data to tell us and we gave our request for more clarification. Unfortunately, we don't have the copy of the letter with us.
Since then the demand is open and the interest added has made it a big amount.
The demand says that tax paid was 17000, but Form16 shows we TDS was 3.8Lac. The same was mentioned in ITR.
Not sure how to address it.

I am filing my income tax return for HUF.
I am successfully completed validation portion.
While verification portion before submitting the return and getting verification code (system generated no) income tax filing system is throwing the error

IN Part A General, Return is being filled by Representative Assesses but field is not same as the PAN who is trying to upload the return

Even though I have put No for representative column.

I have tried many times, every time I am getting the same error.

Appreciate if you know the issue, please let me know. Thanks in advance

Recently we have formed the gratuity fund trust. We have applied for approval in terms of Sub Rule (1) Rule of Part 'C' of Fourth schedule of the income tax Act, 1961, Whether it needs to register u/s 12AB of IT Act. Also let us know the due date for filing form 10A for registration u/s 12AB

Kindly clarify the above .

We have filed our 27EQ for FY 2020-21 Q4 belatedly since our office was not functioning due to containment zone & Director was hospitalised because of Kovid 19. We got an intimation from TDS Traces to make late filing fee u/s.234E. There are no other errors in the justification report. We have made the late fee also in Challan No.281.
Kindly let me know whether we need to revise the returns?? Can we download the consolidated file -16A without filing correction return?? Will it create any problem in future.
PLEASE GUIDE AT THE EARLIEST

A owns multiple houses. He sells 2 houses in this financial year and has capital gain on both. He had purchased a house in last financial year with in a period of 12 months of the sale of first house, so he takes benefit of sec 54 against capital gain on first house sold. He buys another house in next financial year and invests capital gain on second house in the new purchase. Will he get benefit of sec 54 on investment of the new purchase made in next financial year, being investment made with in 2 years of sale?
I think the answer is in negative, reason being, Capital gain on both houses has arisen in the current financial year and must be offered to tax this year. The benefit of sec 54 can be taken this year, while offering capital gain to tax. Sec 54 benefit is on purchase of ONE property only and not on 2 properties, and is not separately for each property i e not property wise with in a financial year. Please advise if I am correct?

While calculation for exemption of House rent allowance in our office, there is confusion about addition of Dearness Allowance (DA) received by employee in total salary. Before, 7th CPC HRA is admissible based on Basic Pay plus DA but in 7th CPC, HRA is admissible only on Basic Pay. Some office has calculated exemption limit of HRA based on salary excluding dearness allowances received by employees but in some office Salary+DA is taken for computing exemption of HRA. In view of above, kindly enlighten whether both salary+DA is to be taken for computation of HRA exemption or only Salary is to be taken as HRA is admissible only on Basic Pay under 7th CPC for Central Government Employees.