We have sold our late father's house for Rs. 96 lakh, and the proceeds have been divided among three brothers

An advance of Rs. 16 lakh was received in December 2023, with a 1% TDS deduction, deposited into the bank accounts of all three brothers.

The final payment of Rs. 16 lakh was received in July 2024, with a 1% TDS deduction, deposited into the bank accounts of all three brothers.

Could you please advise on how to report this advance amount in ITR-2?

Is the old tax regime the default for Primary Co-Operative Societies, or is there a specific form that needs to be filed on the Income Tax portal to opt for it?

In Presumptive Scheme the new Column TURNOVER (CASH) added
so whats the Differance between Turnover (Cash) and Turnover (other Mode) ??

Please confirm the capital gain if property purchased in June 1996 for 1.5 lakhs and sold in oct, 2023 for Rs 19.00 lakhs. Assessee is senior citizen

surcharge is deducted above 50 lakhs by employer and also auto calculated to be charged on overall tax liability while filing returns. How to not double count? What’s the actual clause

Greetings,

I would like to inform that as per company act depreciation on factory building useful life is 30 Years. Company has freedom to reduce the time if 2/3 shift working at factory premises. Company has been charging depreciation as per useful life of assets 30 Years since last 12 years. Where building construction on plot on lease. Lease from group of company. Lease period is 10 years.

Now New internal auditor pointed out that lease is 10 years then useful life of building should be 10 years not 30 years which is charged depreciation since last 12 years. Our statutory audit is big-4 .

My Query is can I change % depreciation rate and reduce useful life of assets from 30 years to next 10 years.

I have raised a query only in point of view of Company Act and Not income Tax act point of view.

Can you help me?

Regards,

Choudhari

Salary in form 16 is higher and Salary in AIS and 26AS is less , which income should be considered to file ITR and also TDS amount is same in all three forms can we file ITR with less salary considering AIS.

Reason is AIS is showing more than actual

So I wanted go with AIS values to be safer side from any issues in future and anyways with rebate it will be not taxable to me so is it good to go?

I filed IT Returns from Clear Tax. Now I got a mail with the below notice. What shall I do now? Please help me...!

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 1941A/194IC/194M/194S/194C/1948/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.


Probable Resolution

You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 378A of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable

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