Anish Verma
08 December 2024 at 12:47

ITR 2 Filed AY 2024-25, not yet processed

ITR 2 for AY 2024-25 has been filed around 17th June,2024 and verified electronically through Aadhar OTP on the same date. It's been 6 month the ITR has not been processed by the CPC, due to which the refund has also not been processed.
Update: The ITR is not processed even after 31st December 2024.
What are the remedies and options available in this case?


Sharry Singh
08 December 2024 at 02:18

Regarding PPF account guidance

Dear Financial Experts
Hope you're doing great. This is about my PFF account. Recently I found that my PPF account has been stopped due to pending KYC. I opened PPF around few years back when I was in India and then came in US. Then I was out of US for 2 years and then came back. I might plan moving back to India in 2-3 years which depends on my project extension.
(1) Does this means interest amount will not be deposited in my PFF account in 2025 since account is in stop status?
(2) Should I go to India to update KYC to change the account status?
(3) Recently I found that it's better to convert saving account in Bank A to NRO so I found a SB to NRO conversion form where I need to mention the date of status change from Resident Indian (RI) to Non Resident Indian(NRI). Is this date should be the first entry date to US OR 2nd entry date after 2 years?
(4) I have 2 other saving accounts lets call it Bank B & Bank C so do I need to convert all saving accounts to NRO or only Bank A is enough which has PPF account. Please note I don't have any income in any Indian bank account.

Kindly share your valuable advise and please add if there is anything else that might be helpful as well.

Thank you!


Akshit Jain
07 December 2024 at 22:53

Tax Rate on maturity of ULIP

What is the tax rate at maturity on ULIP (Unit Linked Insurance Plan) that does NOT qualify for capital gain exemption under Section 10(10D)? Is it treated like a mutual fund held long-term? Also, does the distinction between the tax rates for debt and equity apply?


Divyesh Ajmera

In case of appeal against income tax order, on which amount 20% applicable whether on Gross Tax liability or Net tax liability (Gross Tax liability plus interest adjustments)?


Pankaj
07 December 2024 at 19:10

Late Fees on Nil GSTR 7 of Oct 2024

Now Govt has compulsory to file nil GSTR 7 also. Hence I have to submit Form GSTR 7 for OCT 2024. No TDS has been deducted in OCT months that means NIL Report. But GST online system show late fees for OCT return.
But As per notification number 23/2024–Central Tax dated 08.10.2024 , " Provided further that the total amount of late fee payable under section 47 of the said Act by the registered person, who fails to furnish the return in FORM GSTR-7 for a month by the due date, where the total amount of central tax deducted at source in the said month is nil, shall stand waived". Means no late fees will be charged for NIL GSTR 7.
I requested to you kindly clarify this issue.


NISHIKA GUPTA
07 December 2024 at 18:47

Filing offline itr 3

While I am trying to file the ITR3 U/S 139(8A) FOR AY 23-24 and validating the sheet DPM-DOA AN ERROR POP UP AS Under
DPM45 CAPITAL GAIN/LOSS UNDER SECTION 50 CANNOT BE NEGATIVE pls help me


anuj suryan
07 December 2024 at 18:17

Form 26 QB and 16B

My wife and Me (Buyers) are purchassing a flat and we had done an Agreement of Sale with the seller(s) - Husband and Wife joint owner of the property. They are also co-applicants in their running home loan on the property under sale here. Now, we have paid our contribution to the Seller(s) and also deducted TDS @1% of the total sale amount and 16B are ready. We were planning to do the registry of the flat in few days. We are also taking home lan from the same bank and it will be a loan balance transfer from buyers home loan account to sellers home loan amount and rest amount will be given to them via demand draft by the bank on the day of registry. Now, unfortunately, the cowner husband (seller) of the property has passed away. Now the wife (seller) will execute everything. Is there a requirement of changing form 26QB and 16B which is in the name of deceased to his wife's name before registry.


Praveet
07 December 2024 at 16:52

Rgarding ITR-4

Can a GST registered person file ITR 4 under section 44AD?


Chandra Kala
07 December 2024 at 13:18

Capitalgain is applicable in which year

Whether capital gain is applicable in the year of development agreement or in the year of handing over of apartment


Suresh S. Tejwani

1. IF LLP FIRM PAYS REMUNERATION TO PARTNERS THEN TDS IS REQUIRED TO BE DEDUCTED FOR F.Y 24-25? AND YES THEN UNDER WHICH SECTION THE SAME IS TO BE DEDUCTED?

2. AND NEW SECTION (194T) FOR ABOVE PURPOSE IS APPLICABLE FROM WHICH DATE?





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