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Mr. X has a plot in his books of accounts which was shown as stock in trade. Now, If Mr. X has relinquished their rights against his relative of this plot. Is it valid?
1. It should be treated as capital gain or stock in trade?

I received VRS receipts along with gratuity amount Rs 1675200/- and Rs 198420/- respectively in FY 2024-25. My employer deducted tax on my VRS receipts [on Rs 1675200/-]. Then how much exemption from my VRS receipts should I claim in my Income Tax return for AY 2025-26???

Dear Members,
There was a demand for interest for F.Y. 2023-24, we made the payment on 31/03/2025 so the challan was reflected on traces site on 01/04/2025 therefore we could not file correction return before 31st March 2025 (last time limit for filing TDS correction return of 6 years lapsed). Now still the demand is shown as outstanding and we have done the payment but how do we close the demand?
Do we need to wait for Manual Demand to be raised? What is the time limit?

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Hello All,

We are the importers of Industrial Machines .

We have received Rs. 19.00 lac USD 22 k from our offshore vendor under P1006

How to account for it and under which section is TDS payable.

Good morning sir/s,
ineligible ITC of prev years (claimed in previous multiple years) accumulated to credit ledger, shall it reversed in this year or to file DRC03

client is mess paying tax @ 5% without utilizing ITC but claimed in GSTR3Bs every month

Please guide me

64(1)(vi) Daughter-in-law
Sir
Can income from assets transferred to Daughter-in-law without adequate consideration be clubbed under section 64(1)(vi) with the income of transferor- i.e., father-in-law/mother-in-law?
Sir
As per section 64(1)(iv), if an individual transfers (directly or indirectly) his/her asset (other than house property) to his or her spouse otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor). Income from transfer of house property without adequate consideration will also attract clubbing provisions, however, in such a case clubbing will be done as per section 27 and not under section 64(1)(iv).

Further can income from house property transferred to Daughter-in-law without adequate consideration be clubbed as per section 27 and not under section 64(1)(vi). with the income of transferor- i.e., father-in-law/mother-in-law (as allowed in section 64(1)(iv))?
Regards
K M Goyal

Sir/Madam

Can we have to mentioned FNO transaction in ITR form if FNO transaction are not reflecting in AIS Report for the fy 25-26??

Please suggest me. Howcan we see FNO transaction in income tax portal??

Thanks

In FY 2022-23, In AIS amount shown by Bank
1) SFT (003) Cash deposited Rs. 0 Actual amount deposited Rs.580000/-
2) SFE (003) Cash withdrawal Rs. 1100000/- Actual amount Rs.1194000/-
How to respond to the department.