Dear Experts
My client is having is Joint SB Account with her son. Son is studying in Australia. My Client has taken an education loan. The bank transferred the amount in this joint account & from there my client used to transfer the money to her son's account. Now the bank has deducted TCS of Rs.49600 and this is the amount of Refund. While filing the Return, at the stage of "Proceeding for Validation" the system is asking for the "Year of Collection" "asking to select from the drop down menu". I checked & rechecked the entire return many times, however I am unable to "Proceed for filing". Kindly help me inthis regard.

Dear Sirs,

i received an SMS from CMCPCI concerning high value transactions in AIS "which are not inline with the information i filed in tax return"

i checked compliance portal and high value transactions are related to fixed deposit opening and closing "Purchase of time deposits (SFT-005)" , 2 figures given , "GROSS AMOUNT RECEIVED FROM THE PERSON" and "GROSS AMOUNT PAID TO THE PERSON"

i had around 120 lakhs in fds , i closed and reopened them twice in 2022 .

the "GROSS AMOUNT RECEIVED FROM THE PERSON" is showing as 240 lakhs which i guess is the total amount i gave to bank for opening fds

"GROSS AMOUNT PAID TO THE PERSON" however is only about 120 lakhs , after checking account statments - not sure but i can only guess they only reported accounts that i opened then closed in 2022 itself as paid to person . amounts paid to me from accounts opened before 2022 is not being included.

i am required to give a response on compliance portal weather given figures are correct or not.

possible responses are
"information is fully correct"
"information is not fully correct"
"information releates to other PAN/year"
"information is duplicate / included in other information"
"information is denied"


please advice. thanks

I have filed the ITR2 in AY 2023-24. I have purchased the house property on joint name of my self & spouse costing Rs.2.40 cr by availing the housing loan. We both are salaried person having total annual income of Rs.37 lac pa.

Now I have received the notice. As there is no option in ITR to show the purchase of property transaction. I have deposited the TDS @ 1% on the amount paid to builder. Please guide what should be my reply to ITD.

Sir my client is a doctor with professional income around 36 lakhs. So he is filing ITR-4 under section 44ADA. during assessment year 2023-24 he purchased a flat worth 1.4 crores. Does he have to show or declare it in ITR-4 if so where? please clarify and guide us. Regards

i have trust i dont have 12aa certificate
i fill itr 5 with Status :AOP/BOI SUB STATUS: Trust other than trust eligible to file
return in ITR-7
WHAT WILL BE MY INCOME TAX SLAB
IF I SHOW ONE LAKH PROFIT IT SHOW TAX ABOUT 42000
PLESE MAKE REPLY

Can there be tow partnership firms with same partners and same profit sharing ratio, but with different business ?

Can both firm pay remuneration to partners based on their stand alone financial accounts applying limits of section 40(b) exclusively to each firm ?

Whether such firms are permissible under Indian Partnership Act, 1932.

Please guide.

is rcm applicable on ocean freight in case of FOB purchase ?

A buyer brought a property for Rs. 1,00,00,000/- and deducted TDS Rs. 1,00,000/- and paid to the government under 26QB.

Now there were two joint holders of sellers A & B. Now While filing and payment of Rs. 1,00,000/- TDS PAN of seller A was filed and not of B. That is instead of Paying 50,000/- with PAN of A and 50,000/- with PAN of B. The Buyer only paid Rs. 1,00,000/- with PAN of A.

Now I need to rectify the same. What is the procedure?

One suggestion I received was to pay Rs. 50,000/- more with PAN of B and then Apply for rectification for Rs. 1,00,000/- paid. Lastly after the rectification File for Refund of Rs. 50,000/-.

Can someone guide be to the whole process? How much time will it take and How much a CA will charge for doing the said procedure.

Note: The case is from Mumbai.

My client has taken franchises of British institute. Invoice is issued in the name of British institute but client collect the amount from student and client pay Royalty plus GST collected from student to British institute. Whether I need to register for GST? If yes, who will pay GST British institute or client?

Dear Expert

A manufacturer of wooden furniture, registered under GST as a composition dealer.
My queries are :-
1. Can he do the Job Works as furniture repair ?
2. What is the GST rate on this service.
Thanks