Hi All,

A client has received an intimation under section 143(1) and in that a demand has been raised by the income tax department. Now the amount for which the demand has been raised is the same amount which was deducted as TDS by her employer and then duly deposited to the govt. this amount is being reflected in her Form 26 AS too.

However, no credit has been taken by the department for this TDS amount and a demand for this amount plus interest has been raised.

My query is that what should be done in this case? Should a rectification be filed straightaway or just a letter should be written to the AO for rectification of this mistake in the department's records.

Thanks in advance!

Hi,
I have recently bought my first house, but I have given it on rent as it is far from where I work.
I live in the same city in a rented accommodation.
Can I claim the deduction of interest (housing loan) paid for this apartment? Is there a limit on the interest that I can deduct while filing ITR?
At most of the places in this forum, there is clear answer for a second house that you have rented. Does the same apply for the first house too?

DEAR ALL

IF IN AN EMPLOYEE PAY SLIP OF SALARY NOT SHOW OR ALLOW CHILD EDUCATION ALLOWANCE, HOSTEL EXPALLOWANCE.,TRANSPORT ALLOWANCE, EXP.
BUT IN REAL HE PAY ABOVE SAID EXP.
CAN HE CLAIM U/S 10 FOR TAX EXEMPT

THANK IN ADVANCE

Dear Sir/madam,

I had sold two residential property ( flat ) as per below details :
Property A :
Purchased in july 2003, cost : 572000/-
Sold( registry done) in Aug 2013 in Rs. 400000/-
Note – sale amount received in Oct 2013
Property B:
Purchased in july 2003, cost : 572000/-
Sold ( registry done) in Feb 2014 in Rs. 250000/-
Note – sale amount received in Apr 2014.
I have contacted many professionals to find out the way to invest amount to prevent impose of tax. But I have not got correct information. Finally I have purchased a land for 4250000/- on 30th July 2014. I have paid 10% of total amount of 5 flats in soft launch. These flats will be completed by Apr 2017. The approximate cost of each flat is Rs. 30lacs.
You are requested to clarify on following points :
1-is there any mistake in above transaction in view of INCOME TAX department.
2-What was the last date of investment of capital gain .Any other suggestion for me.

Dear Sir,

My brother has taken a housing loan from India Bulls Housing Finance. The cost of the property is 25 lacs. Does he need to deduct TDS while making EMI payment to them?
I have referred google and come to know that the Banks have been exempted from TDS deduction by borrower in case of housing loans, but i was not able to find similar guidelines w.r.t to Housing Finance Companies. Pl guide. Thanking you in advance.

Dear Sir,

I received TDS Default for Q2 26Q interest of Rs. 680/-. I didnt pay this interest while i am doing regular statement. Now i download the conso file, then i dont know whether i have to update the previous challan details or i need to add the row and update it in RPU and also about deductee details Annexure I

One company incorporated on 01/10/2009. till now company has not paid any taxes and not filed any returns. Now that company wants to follow the legal requirements. what is the situation.

Hi All,

A client of mine was working with a company which granted its employees some shares in in ESOP scheme. While some options vested in him during the year, some did not. He did not exercise any right to buy the shares.
The employer company was taken over buy another Company which paid cash consideration for vested options and the unvested part was converted into shares of the new Company.
The client (employee) received some amount in 2011 and some in 2014 (this was kept in escrow account).
My query is that how will capital gains be taxed in the hands of this employee client? Since he did not exercise any right to buy the options, will there be any capital gains here? He had taken the proceeds that he received in 2011 in his return for that year itself.
Should all the income be booked in 2011 when cash consideration was paid or should it be taxed as and when proceeds are received from Escrow account?

This is a very complex query for me. I will appreciate if someone could advise me...
Thanks in advance

Dear Experts,

Is it possible to change the deductee code from 0021 to 0020 in the challan for form 26QB (TDS on sale of property)?

Hi All,

There is quite a lot of ambiguity on this topic, hence I am posting a query for a final opinion on this. Is recurring deposit in post office allowed as a deduction under section 80 C? Or only a time deposit (fixed deposit) for a period of 5 years is allowed as a deduction?

Thanks in advance