If Mr. X sold his plots of Rs. 8lakhs in A.Y. 2025-26 and he purchase house of Rs. 10lakhs out of the net sale proceedings of this plots for claiming 54F exemption. Mr. X claim exemption under section 54F of remaining purchase amount of Rs. 2lakhs in next A.Y. 2026-27. So, what amount should be shown in the A.Y. 2025-26 under amount investment in new asset out of sale proceeds (i.e. 10lakhs or 8 lakhs) for claiming 54F exemption?

Hi,
i have deposited partial tax of a company...now i need to deposit the balance...the amount of interest on late payment will be for entire amount or for balance amoount?

If Mr. X has paid expenses of Rs. 1,00,000 on behalf of client as rent expenses and he has received only Rs. 80,000 as reimbursement then whether such Amount received would form part of turnover ?
And whether E-invoice would be applicable on such income?

I have issued profoma invoice showing GST to be charged also so, should i disclose the details of profoma invoice in GSTR 1?
If Yes where in GSTR1?
What is provision of service in GST? Is it proposal of service or completion of service?

One of our clients is a security services and house keeping service provider, security services come under RCM and house keeping service comes under normal service, so can we issue Reverse Charge Machanism bill for security services and Normal tax invoice for house keeping to the client.

I am having a House property with a rental income of Rs 1.20 lacs per annum. I availed a loan from a bank and paid interest on the home loan. I am filing IT return under the new regime.
I understand that the net loss after adjustment of rental income (Net Annual Value) to interest paid to adjusted against Gross income from salaries is not permissible. However, section 24 permits interest on a home loan can be allowed where the house property is let out without any maximum.

I shall thank you if you could clarify with relevant sections of IT Act whether interest paid on a home loan is permitted as an allowable deduction for FY 2024-25

I have received a message recently on a ITAT order that there will be ‘nil’ capital gains tax in case of mutual fund investments by NRIs staying in a country with which India has signed DTAA and NRI person has stayed outside India for more than 182 days in that FY.

As we know in singapore, as per their tax laws, capital gains tax is nil but in India resident assesse is required to pay capital gains tax on mutual funds investments on any gain.
Considering this please state how far it is correct that subject to such conditions, capital gains tax in India will be nil. Please make a reference to ITAT order in this regard. If it is correct and there exists a ITAT order, please state whether any notification has been issued by the Income Tax deptt. on this issue.

FORM 26QB IS TO BE FILED FROM 30 DAYS FROM THE END OF MONTH IN WHICH TDS IS LIABLE TO BE DEDUCTED THEN 26QB IS TO BE FILED FOR EACH PAYMENT OF INSTALMENT ?
AND IF WHOLE TDS IS PAID IN ONE TRANCHE AT THE TIME OF PURCHASE AGREEMENT THEN WHAT ARE THE CONSEQUENCES FOR NOT FILING 26QB FOR EACH PAYMENT ?

Hello!... Experts,

Some companies give Dividends thrice a year. For first one it was below Rs.5,000 so they don't deduct tax . Later On second n third they deduct tax for first one. In AIS gross amount goes under reported for first one, but TDS matches on the whole. So had partially disagreed in AIS feedback as gross Dividend was underreported by them and I mentioned the higher gross amount to update.
Co. is responding to department with respect to quarterly reporting , hence department is sending emails as source is disagreeing on insights platform of income tax.
Now, how n where do we reply / explain / clarify , give feedback for the same.

Thanks in advance.

Dear Sir
Our Client is Scrap Trader and he is purchases all type of scrap (i.e iron, Wood, Packinging Material, Plastic etc), so want to know regarding TDS Deduction Applicability on him. he liable to Deduct TDS of all type of scrap or only Applicable on metal scrap.
Also he not Taking the TDS registration till now , so can now he need to pay TDS from 01.10.2024 to till date (Which he is not deduct) or from TDS registration date when he obtain the same.

THANKS
Nitin Kumar