Respected Sir,
I'd 15 lakh in my account till April 2022 accumulated through bank fd, savings interest, trading and investment in stock markets and 5 lakh given by mother since 2002. From April 2022,I started applying IPOs in my mother, brother and maternal uncle's account taken on sharing basis,I allocated 4 lakh, 5 lakh, 4 lakh, 2 lakh to myself, mother's, brother's and maternal uncle's account respectively which grew to 6 lakh, 9 lakh, 9 lakh and 3 lakh respectively including savings interest on allocated capital till November 24. In December I took back grown capital from those accounts into mine. So my 15 lakh became 27 lakh now. I purchased 22 lakh liquid mutual fund in December 24 which I redeemed in March 25. All fund transfer was done (forward and reverse) through net banking only.

My question:
If AO asks me ever source of this 22 lakh in any scrutiny or notice or assesment in future,then how to explain and represent this case to ITD to pacify them ? My money is legitimate and I didn't cause any revenue loss to government.
Please help me I'm in dire straits and quite scared,
Thanks sir

I am writing to seek clarification on the penalty and interest rate applicable in case a party fails to make GST payments within the due date. Specifically, I would like to know:

1. If a party fails to pay GST within 180 days, what is the penalty that will be levied by the GST department?
2. If the payment is delayed for more than 2 years, what is the interest rate and penalty rate that will be applicable?

I would appreciate it if you could provide me with a detailed response at the earliest.

Please clarify the relevant sections of the GST Act and rules that apply to this scenario.

I have prof. Income for f. Y. 24-25 yearly 7 lac. & provident fund ( EPF pension ) pension monthly Rs. 4000/- ( Fy. 24-25 = 48000/- )
Total income Prof. Charges & PF pension is yearly
748000/-.
Can I gate standard deduction on EPF pension. If yes, then what amount or proportion.
Pl guide

We have rented out a portion to commercial activity who was registered under GST and we used to raise tax invoice for the rental income which was uploaded every month in our GSTR1. But now his GST Number is cancelled (tenant is not telling the reason for the same) When we are trying to upload our rental invoice in GSTR1, Error is showing. Can we show that invoice under B2C/ how can we show that invoice in our GSTR1?

Sir,
Since FY 2019-20 / AY 2020-21, you can treat up to 2 residential houses as self-occupied.
Can a commercial property can treat 2 commercial property as self occupied.
If Yes any notification or circular?
If No any notification or circular?

Hello,
Do we need to declare NRE bank accounts in ITR2? If so, where?
Also, for NRE FDs, should we declare in Exempt income after maturity or every year while it accrues?
Please advise. 🙏

Individual having salary income 1,80,000 and ₹5000 Interest filed ITR U for A. Y. 23-24. Late Fees of Rs. 1000 has been shown as Additional Tax Paid. No Original Return was Filed. So, the Whatever Income Offered in ITR U (Updated Return) is Additional Income. While Filing No Validation Error shown by Income Tax Portal and ITR is E-Verified immediately. Later, Dept. Made such ITR Invalid stating that - "As seen from Sch. Part B-ATI of the updated return filed by you, the same results in a refund. Hence, in accordance with clause (c) of the first proviso to sub-section (8A) of section 139, the said updated return filed by you is invalid, ab-initio, and is deemed to have never been filed."

But, I have not claimed any Refund in ITR.
Is Income is below 2,50,000 - that's why it is considered Late Fees ₹1000 Refund?
But, without ₹1000 Late Fees IT Portal Showing Validation Error after we Paid Late Fees and put Challan Details in ITR U then It accepts.
What Can Be The reason of such Invalid ITR Treatment?

When filing TDS returns under Section 194Q, some businesses combine multiple purchases from a single seller into one entry for simplicity. For example, a car showroom might consolidate monthly purchases from a supplier like Hyundai, totaling ₹10 crore, into a single transaction.

The Concern: While this streamlines reporting, could it trigger questions from the tax department about the source of funds? Individual entries clearly show the rotational nature of funds (sales revenue funding new purchases), but a single large entry might raise red flags about the origin of the ₹10 crore.

Dear All,
I am getting below error in Offline GSTR1 Utility

Following documents contain invalid inputs:Possible Reasons:•Invalid date format provided for the inputs
•Did not provided the values for required fields
•Given 0 value for invoice number.
•Given 0 value for gross advance received(Gross Advance Received can be saved as 0 only in tool).
•Given 0 value for taxable value(Taxable value can be saved as 0 only in tool).
•Given negative value for invoice/note value or taxable value or tax amounts.
•The HSN code mentioned is not present in GST HSN master.
Please Check For Mandatory Fields,Validations,DateFormats(dd-mmm-yyyy) And invoice/note number


B2B,SEZ,DE - Row: 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30

Dear Sir,

With respect to above mentioned subject line would like to confirm that whether is it mandatory to submit any kind of Form for providing intimation to Income Tax Department for submission of Income Tax Return for F.Y. 2024-25 i.e. A.Y. 2025-26 under Old Regime. If there is need to submit such Form then what shall be timeline for submission i.e. prior submitting Income Tax Return or is it fine to submit the form after E-Filing of Income Tax Return, kindly advice.

Warm Regards,
Aditya Ghatge