PS LIMAYE OFFICE
19 July 2023 at 11:07

Royalty payment receipts

Whether royalty received by me as a landowner for extarction of minerals is income from business or profession?


Vijay Kumar

Hello Experts,
I am writing to bring to your attention an issue regarding a self-assessment tax payment(AY 2023-2024) that I made . I recently received communication(system generated one) from the Income Tax department regarding the status of my payment, and it appears that the transaction is on hold due to a no response from the bank.
under Generated Challans status showing as no response from bank and under Payment history I could see the details of payment done and Bank reference number. I do have BSR code and Challan no whcich shows about the payment more important is amount is debited from my bank acount it has been 23 days now still status is not reflecting in IT portal. please suggest next course of action for me..


prasad bsv
19 July 2023 at 09:42

ITR2 disappearing on submission.

ITR2 on E-verification ..OTP was accepted and the file is disappearing after final submit. After final submit the file is not in submitted area or we are not getting confirmation.Kindly suggest as ITR filing date is fast approaching.


Pujitha
19 July 2023 at 02:09

Query related to 80DDB

I'm a software employee and my parents are included in the group insurance policy of my company. My father is dependent on me and had chronic renal failure and undergoing Dialysis from few years. Last year he got acute heart infection and we need to proceed with open heart surgery during which dialysis was Parallel done my group insurance has exceeded during this time and we paid 4lakh which includes heart and dialysis treatment. So can I claim 1lakh under 80DDb? As he had chronic renal failure?


Hathim

Me and my brother have joint ownership in a rubber estate. Can we split the income received from this estate and show seperately in our income tax returns?


CA's Welfare Association
18 July 2023 at 22:47

Section 44AD or 44ADA

I am an online tutor on Chegg where the TDS is being deducted under section 194J and its a contractual agreement where Chegg provides the online platform to solve the question raised by students and Chegg paid the amount per question solved by me at the end of every month. So, while filing ITR 4, Where I should consider this income, under section 44AD (presumptive income) or 44ADA ?

Can we shown the income under 44AD on which TDS has been deducted u/s 194J @10%.


BHASKAR SHETTY
18 July 2023 at 22:24

ITR 3 VALIDATING ERROR

I RETIRED FROM SERVICE IN THE MONTH OF MAY 22 AND I RECEIVED A GRATUITY OF RS. 20 LAKH WHICH WAS SHOWN AS INCOME IN SALARY DETAILS AND ALSO SHOWN EXEMPTION OF 20 LAKH UNDER SECTION 10(10). BUT NOW WHILE FILING ITR 3 I GET THE MESSAGE WHILE VALIDATING THE I GET THE FOLLOWING MESSAGE
Error : Exemption u/s 10(10) for gratuity shall not exceed income offered under the head salary under subhead gratuity receipt and cannot exceed Rs20 lakhs
HOW TO RECTIFY. PLEASE GUIDE ME


k chakraborty
18 July 2023 at 22:14

ITR 5 reporting in PART A P&L

Should Part A P&L of ITR5 match P&l prepared as per guidelines for preparing financial statement for non corporate enity issued by ICAI? The instrution for ITR 5 says " The reported figures of the profit and loss account should match with the audited profit and loss account, in case the accounts were required to be audited" but also says "please fill up the details of the profit and loss account for the financial year 202223 as per the given format, in respect of the business or profession carried out during the financial year 2022-2023.". Now, though we are not required to be audited, should we only disclose items that are actually credited / debited in p& l prepared as per ICAI in Part A p&l or itr 5, leaving other entry such as gst paid/ payable on purchase or partners remuneration ( these are not shown as debit in p&l as per ICAI) blank or 0? please note any adjustment as per ICDS can be made in schedule BP or other areas of ITR.


tandel

Hello Experts,

I stay at Kalyan, Thane on the outskirts of Mumbai. I have put my property (1) on rent and living in the 2nd property (2). I work in Mumbai, close to Sion. My travel time is ~2 hours one way.

As I am ageing, I wish to rent a place closer to my office in Sion to reduce the travel time. My company provides me HRA benefit.

so my question is - Can I claim HRA deductions/benefit, inspite of I owning a self occupied property in Kalyan? Would IT act consider Kalyan out side of Mumbai and grant the benifit?

Hoping for some guidance from the community.


Shalini RN
18 July 2023 at 18:11

Depreication on Commercial Vehicles

We are Goods Transport agency, and have sold two commercial vehicles during July 2023. My question is whether we can we depreciate the sold vehicles at 50% of usual depreciation rate (30%) as they are sold in July 2023 and are put to use for less than 180 days during this Financial Year.

Thank You,






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