Sir,
It assess cash loan creditor and debtor outstanding ledger balance as on dt:31-03-21 (in f.y.20-21)in books
Cash loan from creditor (name Mr.A)Rs:3 lacs
Cash loan to debtor (name Mr.B)Rs:4 lacs.
1.Cash loan from creditor ledger outstanding balance amount transferred to cash loan to debtor account balance adjustment journal entries passed in books f.y.21-22
2.remaing cash loan to debtor balance rs:1 lacs cash received.
Question:
1.journal entry passed in books allowed in it act and sec 269ss and sec 269t provision applicable.
2.remaing balance cash received allowed

Can we file Income Tax Return for AY 2020-2021 now.... what is the way out for the same.

I have filed all quarterly returns timely but in last quarter in which i filed return i have received notice for short deduction. however the amt accumulated is of all four quarters. i was confused how to rectify the same. I have paid the short deduction amount with interest and have also filed correction online in traces by adding challan in respective quarter. Now i have received new intimation saying " Defaults and/or PAN errors have been indentified by correction statement filed by you for Q4 of FY 2020-21 for form 26Q and it is processed by ITD u/s 154.

What should i do to rectify the same ?

From Employer (A) Branch A - Get a form 16 a& b ( Mar 2021 to Jan 2021)
From Same Employer (A) Branch B - Get a form 16 a& b ( Feb 2021)
in this case the branch B Account Manager Submited to IT ( TRACES -TDS ) wrongly from ( Mar 2021 to Feb 2021) insted of Feb 2021 .
how to ammand or re file the forms in TDC.

How to Check in the form 26a . the portal is not working .

Need advice

We filed form 15CA online, the form is not being downloaded due to new portal glitches, the date of remittance in form filed is 22/7 i.e yesterday. What should be done in such case- can the payment be done after the date of remittance mentioned in 15CA or this has to be withdrawn ? Thanks in advance

we have installed Access Control System in our Office and the Vendor has raised Service Invoice for providing "Onsite Support Engineer" services. We want deduct TDS u/s 194J @10% but he is claiming that the TDS u/s 194J shall be 2% instead of 10% because it is a Technical Service but not Professional Service.
Pl. advise.

I like to know the process for claiming loss due to write off of the bonds/ shares/ debentures by the issuer under any scheme as approved by respective bodies
Live examples are Yes bank bonds written off by issers and DHFL shares unlisted due to recent scheme of take over, which now cannot be transferred also, as per restrictions imposed by NSDL
I like to know how and where this loss can be claimed in Income tax return of the holder?
Thanks a lot

I am having a partnership firm . Want to convert it to a proprietorship firm as the partner is willing to exit willingly. Is it possible to continue with the same firm name and GST number. Can the same Current Account in bank be also reconstituted or ammended to proprietorship from partnership firm.

Sir,
Two it assess crop loan from bank
1st person crop loan Rs:1,50,000/-
2nd person crop loan Rs:1,50,000/-
Two persons Total rs:3 lacs crop loan amount transferred to joint bank account credited.
Question:
Crop loan rs:3 lacs 1st person or 2nd person show in it returns.

What is the TDS rate on Participation fee and in which section it is