Hi

Can we deduct TDS u/s 194IA by consolidating some advance payments which totals less then 50 lakh?
For eg.- Ram paid Rs. 10 lakh in April, Rs. 10 lakh in May, RS. 25 lakh in June and 7 lakh in July (Totals to Rs. 52 lakh).
So in this example can we deduct and pay TDS in July as amount is crossing 50 lakh (threshold) in July or we have to mandatorly pay TDS with each installment?

Thanks in Advance

Dear expert,
While I am filing the response to section 139(9) by uploading XML file the system is showing an error stating
The XML schema is invalid. please upload the XML in the correct schema.
At line no 152 : Invalid content was found starting with element "PriBankDetails". One of '{"http://incometaxindiaefiling.gov.in/master".AddtnlBankDetails}" is expected..

Please help

Policy Purchased in 2007 for Rs.25,000/- and Surrendered in 2018 for 50,000/- (Holder is a NRI)
How the Gain of Rs.25,000/- will be treated under Income Tax.
I) In Other Income whole of Rs.50,000/-
2) In other Income Gain of Rs.25,000/-
3) Tax Free in Hands of Buyer as held for more than 11 Year, OR
4) Being NRI it will be Taxed.
5) If taxed, @! what Rate and What u / s. of Income Tax Act.

I have an income of around 5 lakhs from fixed deposits (on investment of 85 lakhs) in NRO bank account.
Banks would be deducting flat 30% TDS (1.5 lakhs) on this income. Would I be able to claim a refund in the ITR if this is the only income that I have in india?

Ideally the income tax slab that applies to me with a total income of 5 lakhs is 5% (Rs. 25000). But bank has a flat 30% deduction. Can I get a refund of the excess 25% (Rs. 125000)?

Dear Sir,

On 22 August 2019 my self and my friend did exchange of property through registered exchange deed.
In that exchange deed i was transferred my 40 R agriculture land (costing of Rs. 1800000/-) in the name of my friend and my friend transferred his 80 R agriculture land (costing 7900000/-) on my name.
I want to know that is Capital Gain is applicable in above transaction? and If yes how much is the Capital Gain.
I am salaried person with annual salary of Rs. 2000000/- and my friend is farmer.

SIR,
We are engage in manufacturing of Railway Equipments and directly supply in Railway Coach Factory in India.
Our question
1.We send our products to Railway Coach Factory through transport agency and pay freight charges to transport agencies but we do not pay any RCM because our supply to directly Govt.Dept.why are you pay RCM?.
2.If we pay RCM 5% or 12% ?

Dear Expert(s),

Can a private limited company sponsor abroad study expenses of a child?
Will that be allowable expenses in the books of the Pvt. Ltd. Company?

Thanks & Regards

ASSESSEE HAS TURNOVER RS. 34 LAKHS UNDER COMPOSITION SCHEME AND OTHER THAN THESE INCOME ASSESSEE HAS COMMISSION INCOME OF RS. 2 LAKHS. WHETHER HE IS LIABLE TO PAY GST ON SUCH COMMISSION INCOME? IF, YES THEN IN WHICH SECTION AND WHICH RATE ?

Is there any possibility of extension of last date of the tax audit for the fy 2018-19?

My Client is a Film Artist
I want to File Income U/s 44ada
In Nature of Business There is No Option For This Category
I Selected Professional and under that Other Service
But it showing "Wrong Code"

Please Give any Solution