Dear Sir,

Mr A files his return u/s 44AD. He provides gaming services to individuals and corporates. One of his parties deducted TDS u/s 194I(a) instead of 194C and deposited the tax. He uploaded his return showing his entire turnover of 750500/- u/s 44AD.

But he got the intimation of defective return mentioning that the TDS is deducted u/s 194I which is ineligible for presumptive taxation.

There was no event of renting out of anything nor his invoice mentions rent etc.
How can the defect be rectified?

Kindly guide me.
Thanks & Regards,
Suraj

Dear Experts,
We are receiving service work from Multi-Screen Mobile / SEO friendly website design for our company (vendor -online web designing company)

We are processing bill payment to vendor whether RCM will applicable to this bill or not
Kindly do let me know for processing his payment

One carriage inward bill received of Rs. 1,60,000/- from a transporter. In portal, the said bill is shown in GSTR 2A with Taxable Value of 1,60,000/- and IGST of Rs. 8,000/-. but invoice value only Rs. 1,60,000/-. In this case, whether I have to pay Rs. 8000/- as RCM ? Whether Can I claim ITC of Rs. 8,000/- ?

Can we adjust the loss on commodity trading with the business profit or any other taxable profit in the year of loss?

Can we carry forward such losses after the current year adjustment and set off against future taxable profits

Is there any difference in taxability of the above in the case of Private Limited Company, Partnership Firm or Individual?

I had bought SREI NCDs (secured) worth Rs 9.9 lacs (principal amount) -with maturity on Oct-21. From Jan-21 they
stopped paying interest. Based on the final IBC resolution last year I have received a cash payout of Rs 102018/- , a final OCD allocation worth Rs 323000/- and SR Allocation of Rs 62000/-. The SREI NCDs 990 in Nos were shown as redeemed in my demat account on 13Feb24.

Are there any tax implications on the Tranche cash payouts received? Can I claim on the capital loss against the investment amount? How will the calculation be done : Investment amount minus (Cash payout + OCD value + SR Allocation Value) will be taken as loss ?

Are the money and assets received on separation/divorce is taxable?

Is there any limit - say receiving the money in a bank account?
Is there any liability to file ITR in such cases?

I have huf account. My husband is karta then me and my son. My huf deed was missing. What is the procedure for this?? And now we have one baby boy what is the procedure for add his name?

My company doing trading Business, companies paid capital is Rs. 40 Lakhs and pre reserve Rs. 6 Crore. Turnover approx Rs. 50 crore. Please tell me how much i can invest in stocks.

Sir following are the details of properties I have:
1st flat - Let out through out the year - Im the sole owner
2nd flat - Let out through out the year - Joint ownership with wife
3rd flat - On Home loan with EMI of 50k - self occupied - joint ownership with wife.
My parents stay in their own house

Till last ITR, i showed the facts in IT returns and this year can I show in the following way in IT returns: -

1st and 2nd as self occupied and 3rd as letout as I can claim full interest paid on home loan as deduction?

Please guide

Whilst filing the return of an Association registered under W. Bengal Societies in ITR V the tax computed by system is Zero whilst there should be a tax liability! The tax liability is covered by TDS but the computation shows full refund.
Kindly advise the possible reason and the remedy.

Thanks & Regards

R.K.Mehta