I have filed updated return for A.Y. 2021-22 on 18th oct 2023. My return status is invalid now. I got following reply from department -
"On the basis of the particulars furnished in the above mentioned updated return, it is seen that the said updated return results in refund in schedule Part B-ATI of the ITR form. Hence, in accordance with clause (c) of first proviso to sub-section (8A) of section 139, the said updated return filed by you is invalid ab-initio and deemed never filed."

Whereas there was no refund in return filed. What are the other cases where I can get this reply from the department?

Thanks in advance.

Respected Sir,

I am Salary person and dealing with Share market invested some amount Rs.500000/- in Share market through Mutual fund and Some delivery basic stock. I have never done Future & Options and never intraday transaction. But due do some issue i have done one Single Transaction in Intraday Which is i got loss Rs.63/- I have purchase Share RS.963/- and Sale Rs.900/- All other Share market Transaction belong to delivery and Mutual fund. We dont have any type of business income.
Below are my detail
Intraday Loss Rs.63/-
Capital gain Short Term Rs.11400/-
Long Term Rs.201/-

So can i go for ITR-2 i don't have much knowledge of ITR-3 Please suggest
In Future Can be any issue from IT department if i go for ITR-2

Please suggest

I am an individual (Buyer) buying a flat from a Company (Seller). When I try to fill up the form 26QB, i see the portal is auto selecting the major head as "Corporation Tax (0020)".

Builder document says it should be "0021". Is there a bug on the income tax portal or the selection is OK?

Please guide if I have to file Form 71 where income is recorded as per accrual basis in FY 2021-22
and TDS deducted appears in 26AS of FY 2022-23 till when can Form 71 be filed.
Thanks in advance.

I have change my gender because I filled wrong gender

Dear Sir,

How to show the purchase under composition scheme in our books of accounts ?

PLEASE ADVISE & OBLIGE.

YRS TARIQUE RIZVI

982 1630 130

If we are calculating profit prior and post incorporation.
Where will we consider audit expenses ?
Can we consider it a post incorporation expense ?

Hi Team,

TVS Holdings redeemed NCRPS on 22-MAR-2024.
Refer news: https://www.thehindu.com/business/tvs-holdings-plans-to-redeem-ncrps-on-march-25/article67899429.ece

On 16-JUN-2023 , 232 NCRPS were credited on my trading account.
On 22-MAR-2024, I received Total Amount : RS 2528.8

Breakdown of the amount:
Redemption Amount: RS 2320
Coupon Payment: RS 208.8

Could you please confirm how above amounts would be taxed?

As the NCRPS are redeemed within a year (i.e. matured and NOT SOLD) , is Redemption Amount : RS 2320 STCG and taxable as per Income Tax Slab rate?
Also is Coupon Payment taxation same as Dividend/Interest? i.e. is Coupon Payment of RS 208.8 STCG and taxable as per Income Tax Slab rate?

Dear Experts,

We are manufacturer & proprietor concern & want to take Pure Labour Service from an unregistered person.

Should we pay GST on this service? or we are exempt to pay GST.

Kindly advice.

I have payment due of rs 25000 since fy 2021-22, supplier is a trader of chips . Supplier fulfils criteria of msme . In this case do i need to make payment before31-3-2024.


And in case supplier has closed down business how can i make payment . To that msme if it is required to be paid