Under construction property sold for 6400000 received money in 3 installments of 2400000 lakhs, 2000000 lakhs and 2000000 lakhs before the sale deed is registered. All advances are shown in GST and GST is paid but the sales entry and adjustment with advance is not done. Is there ant interest or penalty payable for the same. Sale Date : 17-08-2023. Amendment for rectification will be done in August 2024.

There was wrong TAN mentioned in challan,requested for correction to ITO TDS which was corrected & reflects in TRACES as unmatched but not reflectS in INCOMETAX PORTAL,please guide us what is remeady

Sir,

Is there any point in Depreciating Assets like Air Conditioner, Washing Machines etc. whilst preparing the Balance Sheet of an Individual who has now income from interest/dividend on FD, mutual funds etc?

R/Experts

My queries are :-
1. Stamp Paper purchased on 23.09.2023.
2. Can i make the partner ship deed on 23.09.23 or 1.10.2023 with change the salary clause wef 01.04.23.

Thanks

I recently had one of NCD matured. The NCD was bought in Jan.2023 for 10.20. It was Sold in mar.2024 for 10.50.
The deductor has declared again of 0.50 instead of 0.30. The TDS is 15% which is 10% of 0.50
(Of course multiplied by the no. of NCDs purchased). This is reflected in 26AS and AIS/TIS.
The deductor is refusing to change the amount earned under my PAN to 0.30.
How can this be resolved. I have updated my inputs in IT website.
thanks

Sir,
A practitioner retired in FY 23-24 and has submitted the return in Form 3 for AY 25-25.
Now the income in the current FY mainly consists of FD interest, Survival Benefit and
from investment in Mutual Fund.
A. Is there any formality to be complied with for switching to Form 2 from AY 25-26?
B. Is the New Tax Regime more beneficial for Senior Citizen, 80 plus?
Kindly advise!

Thanks & Regards

what would be the Major Head in Challan 281 for payment of TDS against dividend deducted from individual by private limited company?
which code (0020 OR 0021) should i select?

Sir,
Husband , a Senior Citizen,gifts Fixed Deposit of Rs. 20 lacs by transfer of Fixed Deposit to Wife who is also a Senior Citizen.
Under the premises kindly advise:
A. Whether Gift Deed is necessary?
B. If so it is required to be Registered?
C. Whether income clubbing provision would be applicable unde Income Tax Act?
Thanks & Regards

Hi, I was checking my last year's return (AY 23-24) and realised I had received interest on the amount that the income tax had refunded.

For this year (AY 24-25) I recalled there was a section in Schedule OS: "Interest Gross -> From Income Tax refund"
I left it blank :(

My current ITR (AY 24-25) is not yet processed. What should I do now? I'm a bit scared.

I searched online, and I think I need to file revised return.
In the original return I had offset profit from this year from brought forward loss from last year.
Will I still be able to do that with revised return (since its past due date now)?

Sir,
A has taken HDFC Life Sanchay Par Advantage policy under which the Annual Premium is to be paid and Policy holder immediately starts getting monthly Survival Benefit. The amount arising on account of Maturity/Death would be paid to the Life Assured by the Policyholder.

Under the premises kindly advise
whether :
A. Is Annual Premium eligible for deduction under Sec 80C?
B. Is monthly Survival Benefit Taxable?
C. Will the amount receivable by the Life Assured taxable as and when the Maturity/Death Claim arises?

Thanks & Regards