I have a client whose CA filed his return back in FY 2021-22, when he sold a residential property. He was supposed to construct another house with the sale proceeds and therefore he invested the same amount in the Capital Gains Savings Scheme of a Public sector Bank. Therefore, the Exemption should have been claimed under section 54. But his CA filed the exemption under Section 54EC, which is, I believe, is completely irrelevant as the he did not invest in NHAI Bonds or such other Bonds as specified under Section 54EC. I am trying to file an ITR-U to rectify the error but I can't as it shows an error that 'Tax payment cannot be Zero'. What can I do save this person from getting under scrutiny?

i have filed ITR-1 under old regime ( e-verification not completed)
while i am trying to file revised return under ITR-1 new regime (showing some refund)
can i file under revised return under new regime and claim refund? (both the original and revised are within duedates)

DEAR SIR,

ONE OF MY CLIENT HAINVG INCOME FROM FREELANCING INCOME UNDER PROFESSIONAL RECEIPTS IN AIS /TIS (SECTION 194J & 194O) CAN I CLAIM THIS INCOME UNDER 44AD SCHEME OR NOT.

Sir/Madam

I have one query regarding money transfer from NRO Account to in SB Account. One of my relative insist to me that i will transfer 8 lacs rs from his NRO account to my sb account for buying new house in India (in the name of my relative-NRI). Is it possible ??

Is any tax liability occurred to me for transferring this fund for payment to contractor/builders??
My income is taxable and above the statutory limit.

Please suggest me.

I had purchased few shares in year 2010 in physical forms. In february 2023 i had converted the same in demat form and then sold it on June 23. Now i want to calculate Capital gains on it but the statement of depository shows the same as short term. How can i get grandfathers value of the same to compute gains.

Assessee purchased on 15/12/2017 24786.219 units of HDFC Prudence Fund- Regular plan unit price 32.2760 costing Rs.800000. On 1/6/2018 Switched out (Merger) HDFC Prudence Fund NAV/UNIT 29.267 Amount in INR 725418.28.. On the same day switch - in (Merger) HDFC Balanced advantage Fund-Div NAV/Unit 30.4840 and units allotted 23796.689 amounting Rs.725418.28.
On 22/2/2024 Assessee redeemed all 23796.689 for Rs.907049.39 . I want to know Cost of acquisition , year of purchase & LTCG for asst year 2024-25

Sir/ madam,
With due respect, I ask a question about the income tax return old regime and new regime. My client is a salary person.His form16 has already issued with OLD TAX regime.But Now, he wants to file his income tax return under New tax regime And wants to claim refund of excess TDS . Now, Is it possible? please help me to get the answer.

A business man having a partnership firm can he open the name of the firm in hotel business ? Kindly give me the advice. Thanks & Regards.

Will employees of merged company get leave encashment exemption received from merged company.
Is Leave encashment amount taxable which is received from pending leaves which were credited to the employees on last salary pre merger.

Individual A is a majority shareholder in Company C, which is a privately held company. In Aug 2023, C issues fresh shares to another company X. At the same time, C also issues Convertible Debentures to X where the conversion ratio is fixed at 1:1. The shares as well as the debentures are of face value Rs 10 but issued at Rs 300 (i.e. premium of Rs 290). X now holds 60% equity in C on a fully-diluted basis. Both C and X are Indian companies and A is also an Indian national.

In May 2024, C converts the debentures into shares. Immediately after conversion, A buys 45% of the holding from X at face value i.e. Rs 10 as X fails to meet some of the covenants agreed upon at the time of the issuance.

Considering that the shares which were originally valued at Rs 300 have now changed hands at Rs 10, is there any tax implication of the transfer either on A, C or X?