FOR 51 LAKHS SALES TURNOVER FOR ETF TRADING, AS MENTIONED IN SUBJECT, TAKEN UNDER SEC44AD AT 6% PROFIT (TO SKIP BOOK KEEPING AND AUDIT ETC.) TRADING PROFIT AT 6% IS AROUND 3.06 LAKHS. SO INCLUDING THIS TOTAL INCOME STANDS AT RS.7 TO 8 LAKHS. AM I GOOD FOR ZERO TAX AS INCOME IS BELOW 12 LAKHS?
IN AIS STATEMENT RS.18+ LAKHS IS GIVEN AS SALES (IN PLACE OF 51L). CAN I USE THIS FIGURE FROM AIS? IS SEC 87 A REBATE APPLICABLE TO ME?

I have observed two contradictory opinions on eligibility to file Form 121 under new IT Act 2025.
1]Mr Ashok Kumar has written to a query that form 121 cannot be filed if the incomtax libility is NIL
2]Today Mr.Dhirajlal Rambhia has informed that to file form 121, tax liability should be zero.

Please clear the confusion if my observation is wrong

M.A.Rasheed

hiii !!! filing of form 121 under new income tax act 2025( form 15G & 15H under old regime)

case 1: my interest and dividend income in total is 5,00,000

case 2 : my rent income is 3,50,000 and interest income is 7,50,000

case 3: my salary is 7,00,000 and interest income is 3,00,000

explain form 121 under new income tax act 2025, on above three cases and explain that we have to considered basic exemption limit or final tax liability shall be nil( case covered under rebate also )

Hi Experts,
I have few queries regarding the Foreign assets declaration etc.
1. If an individual wasn't in India for last 10 Years (only for visits less then 15 days in an year) and returned in 10th August 2024 for good.Till when will he be in RNOR status and from which FY 26-27 or FY 27-28 should he be declaring Foreign Assets.
2. Post RNOR Status if he transfers any savings account money ( not income) to India what is the tax applicable?

Appreciate your help.

Thanks,

Hello,

I have 2 kids, both minors right now. Me and my wife are both working in private sector. Suppose I am the higher earner.
1. Will the income of both kids be clubbed with me?
2. Can it be possible if income of 1 kid is clubbed with me and the other with my wife, if we are guardians of the respective kid individually?

Thanks

Dear Sir,

I seek your guidance regarding the following matter:

Mr. X, the buyer, purchased a residential unit along with land from four sellers — A, B, C, and D — for ₹1.80 crores on 23/09/2025. However, Mr. X did not deduct and deposit TDS at the time of the agreement.

He was required to deduct equal TDS in the names of all four sellers. Instead, in February 2026, he reported and deducted the entire sale proceeds and corresponding TDS in the name of Seller A only, which is incorrect. At the registrar's office, the property appears in the names of all the sellers. This will create a mismatch if the return is filed in Mr. A's name only.

Despite repeated follow-ups requesting Mr. X to rectify the TDS return and deposit the TDS proportionately in the names of all sellers, he has shown no interest in doing so.

Kindly advise:

What remedies are available to all sellers in this regard?

What steps should be taken if the buyer remains reluctant to rectify the TDS return?

Your guidance will be greatly appreciated.

Regards,
Suraj

I purchased a property in 2001 for 50 Lakshs and sold it in April 2026 for 1.5 cr . Can I calculate the indexation cost for the property for the Assessment Year 2027-28 ? or I have to pay 12.5% for the difference amount ?

An individual was a pertner in an LLP since 2018 with a Capital contribution of Rs 20Lakhs. During August 2025 the subject LLP was converted in to an unlisted Private limited Company and the Individual partner was alloted 29,650 equity shares of Rs 100 each in the newly formed provate limited company against individual's capital in the LLP. During April 2026, the Individual sold 50% of alloted share (14825 equity shares) in the Private limited company to another individual for a total consideration of Rs 40Lakhs. Compute the Tax implications for AY 2026-27 and 2027-28 with respect to conversion and sale of shares.

Dear Sir/Madam,
Kindly help me to solve my problem
My daughter (11 years) old holding a minor pan card which linked with aadhar
But her aadhar card is cancelled and we have to make new aadhar card
So I want to know what should I do now
1. will pan card also cancel automatically in future?
2. should I make new pan card with new aadhar

Thanks

Sir, prior to F.Y. 2015-2016, there were certain demands on account of the above section, which I would like to challange before the first appellate authority as there was no enabling section in the Act to levy late fee U/s.234E till the F.Y. 2015-2016, ie. enabling provion has come in to force from 01-06-2015, but I do not have the Notice u/s.156 or intimation U/s.200A. So, How do I proceed in the absence of the above intimation or notice, kindly advise.