The taxable value of the assets is ₹10,00,000, with GST amounting to ₹1,80,000, making the total invoice value raised by the supplier ₹11,80,000.

During payment processing, it has been observed that the department has proposed to deduct Liquidated Damages (LD) of ₹50,000 on account of delay in the supply and installation of the assets.

As per my understanding, TDS under the Income Tax Act @2% and TDS on GST @2% should be deducted on the original taxable value of ₹10,00,000.

However, my reporting officer is of the view that TDS and TDS on GST should be deducted on the taxable value after adjusting the LD amount, i.e., ₹9,50,000.

In my opinion, Liquidated Damages are in the nature of compensation for delay and should not result in a reduction of the taxable value of the asset for the purpose of TDS deduction. Please suggest.

Hello CA Club India.

I purchased a piece of land through a developer for X Lacs a few years back. The piece of land (plot) was registered in my name by the Sellers who were the direct owners of the piece of land, not the developer. The amount in the registered deed is Y Lacs which is less than X.

The developer has provided receipts for the X Lacs and given details of plot number etc. but as they are the developer they didn't show the payment made to the direct owners.

Now, as I am selling the plot, my CA is telling me that the cost would be Y not X which was paid to the developer. The developer received X Lacs which included developing the land (roads, demarcation, water supply, electricity etc.) However, as there is no indication of direct payment to the land owner, the CA is not able to provide me a plan for the LTCG.

How do we compute the LTCG in this case? Based on X Lacs which was actually paid by me or Y Lacs for which the registration was done.

Regards.

What documents are required to be submitted for applying a new TAN for a partnership firm, if signed through DSC ?

1. Are Tax Return Preparer, GST Practitioner and Non-CA Accounting Service Provider specified professionals u/s 44AA(1)?
2. Aren't they falling under "Technical Consultancy" of 44AA(1)?
3. Are they eligible to opt for 44ADA?
4. Is maintenance books of accounts compulsory for specified professionals irrespective of turnover or income?

Sir
My relative sold a land for 1400000 on12.8.25 purchased on 5.1.2007 @ 5100000/- He again purchased 2 vacant land 1) for Rs 2800000/- 2) 2495000/- how to calculate LTCG please sir any taxable amount is there ? how much ?

With Regards

S M pasha

Partnership is getting applying for loan under Jan Samarth Scheme Working Capital Term Loan
Can the loan funds be given to partners as loan
partners will pay back emi loan with interest so that the firm does not incur any additional expense

Is above arrangement allowed under income tax act

WHERE TO REPORT GOLD AND SILVER ETFS STCG IN ITR3 UNDER CG SCHEDULE . I COULD NOT FIND A PROPER PLACE TO DO THAT. PLEASE ADVICE DETAILS.?

Hello,
One of my client has received amount on account of compulsory acquisition of Rural agricultural land, in itr 2 and itr 3 under exempted income under others i am unable to fill the details as there are sub categories, which this case is not falling, please guide me where to fill the details and which form to choose

For FY2025-26
I sold my residential property for a consideration of 100,00,000 (1 Cr) on 01/07/2025.
The purchase cost of this property was Rs 20,00,000 in Year 2008-09.
Indexed cost of this property is approx. 60,00,000

Thus LTCG after indexation was approx 40,00,000 (100,00,000-60,00,000)

After the sale, I purchased another residential property on 01/09/2025 for a price of 41,00,000 (all inclusive) to take benefit under section 54

Thus my indexd LTCG after section 54 should be 0 (40,00,000 -41,00,000). and I am being charged zero LTCG tax (the lower of CG tax of the two options (12.5% without indexation and 20% with indexation))
My income from other sources was 25,00,000 during the year
However, while calculating my final tax liability, the portal adds the unindexed LT capital gain of Rs 40,00,000 to my other sources income of 25,00,000 and puts my taxable income as 65,00,000 which triggers the surcharge at 10%. is this surcharge correct? is this the intent of indexation relief given by govt on july/aug 2024?

R/sir

I have been sale and purchase of under mentioned ETF gold and silver :-
1.ICICI PRUDENTIAL MUTUAL FUND MUTUAL FUND GOLD EXCHANGE TRADED FD OP(INF109KC1NT3) ( class type showing in AIS is Unit of Equity Oriented Mutual Fund (STT not Paid)
2.HDFC MUTUAL FUND HDFC GOLD EXCHANGE TRADED FUND(INF179KC1981)( class type showing in AIS is others units) STT paid
Query:- What is short term capita gain tax rate on above both condition 20% or Tax slab rate
Thanks