Hi Sir,

By mistake I deducted 5% TDS on rent and now filled form 26QB for refund of excess TDS. In final instruction it is mentioned to submit 26QB acknwledgement along with cancelled cheqe and PAN card copy to AO. Now my Faceless AO has been assigned from different juridction.

Please suggest
1. Do we really need to submit Hard copy?
2. If hard copy need to be submited of 26QB, then it need to be submitted to juridcitoion AO or faceless AO or both.
3. Can this be courried to them or I need to go personally to submit this?

Thanks in advance for your support.

Sir

What is the turnover slab for IT audit 1 Cr or 2Cr for the Assmt.Yr 2025-26

With Regards

S M basha

Sir,
My question is :
Why gift money to maternal uncle is taxable u/s 56(2)(x) if brother of parent of an individual is counted as relative according to section 2(41) of income tax,1961 ? My maternal uncle is certainly the brother of my mother who is my parent ?

Also please clarify if gift deed can be made now for gift given in the past.

Thank you

My Mother and I are co-owners of the Property (Rs 6,00,000/-): My Mother owns 90%(5,40,000/-), and I own 10% (60,000/-). I am paying my 10% (60,000/-) Payment to the Seller by Deducting 1% (600/-) from it. Do I have to prepare two Challans? (Mother & mine on Pro-rata basis, i.e 90% & 10%) or only mine.

I have filed TDS 26QB on 24-Mar-25. Received acknowledgement with default on 1-Apr-25. There was a mistake in amount paid/credited that I want to correct but TRACES is giving error
"There is no data available for the specified search criteria"
However, the challan status shows as Fully consumed and Processed with Default.

Please guide
Thanks,
Saurabh

KIND ATTENTION SIR KINDLY GUIDE US TO ,FILE STAY PETITION WITH CHEIF COMMISSIONER OF INCOME TAX , REQUESTIING TO GRANT STAY AGAINST THE DEMAND RAISED ( DEMONETISATION CASE ) FOR THE TAX DUE PERTAINING TO THE DISMISSAL OF APPEAL ORDER OF THE DECEASED ASSESSEE AND LACK OF RESPONSE BY THE DECEASED ASSESSEE LEADING TO PENALTY PROCEEDINGS. AT PRESENT LEGAL HEIR HAS BEEN ADDED AS AUTHORISED REPRESENTATIVE TO FILE REPLIES TO PROCEEDINGS AND APPROACHED THE DEPARTMENT FOR WAIVER OF DEMAND AND PENALTY DUE TO LEGAL HEIR'S STRUGGLE FOR SURVIVAL . THE DEPARTMENT HAS INSISTED TO FILE STAY PETITION WITH CHIEF COMMISSIONER OF INCOMETAX FOR GRANT OF STAY AGAINST DEMAND AND PENALTY ORDER . CAN WE FILE STAY PETITION THROUGH ONLINE MODE OR ONLY IN PERSON. KINDLY GUIDE US IN THIS REGARD TO HELP THE LEGAL HEIR .
THANK YOU SIR.

Dear Experts,

TDS is required to be deducted if turnover in previous year crosses 1 cr (for business). Will it be required in next year if turnover is below 1 cr?

Eg:

FY 22-23 - Turnover 1.4 Cr - Hence TDS required to be deducted in FY 23-24 since T/o crossed 1 cr in earlier year

FY 23-24 - Turnover 70 lakhs

In this case , whether TDS is reqd to be deducted in FY 24-25 since turonver in earlier year was below 1Cr. Also TAN number is still active.

Pls advice

Regards,

my tax consultant told me that as per the new amendment in the recent budget, the person receiving the cash gift will be fully exempt. however the person who is giving such gift will be taxed as per the individual slab of income tax (not on the full value of cash gift but on the income earned out of the funds invested from the cash gift in accordance to the declaration from the receipient). is it true?

I have claimed exemption u/s. 54 of the income tax act in the asst yr. 2024-25 on sale of my house and invested in new house and claimed exemption. Now I want to purchase another house . What are the implications under income tax regarding this claim of earlier exemption.

Respected sir,
I have submitted a refund request for the excess TDS paid under Challan for the TDS on rent payment.
The refund amount requested is INR 4,089/-, against a total amount paid of INR 13,970/-.

As per the instructions received, I am required to submit Form 26B to the Assessing Officer. In the acknowledgment email, and the status is shown as pending with AO. But no details of AO is mentioned.

I humbly request your help in this regard.