What remedy is available to the assessee if the rectification request filed u/s 154 against the Order of CIT (A) was not disposed within 6 months, the limit prescribed u/s 154(8) ?

I have some business income - freelance (presumptive tax) plus other income. Till now (FY-23-24), I had filed tax in old regime in ITR4 or 3.

Last year (FY-23-24) as default was new tax regime, I filled 10-IEA to opt for Old tax regime for filling my returns.

This year (FY-24-25) and moving forward wanted to use new tax regime with ITR4 / 3 (with Business income).

So do I need to file 10-IEA to "opt in" for new tax regime this year (FY-24/25) for ITR4 /3 or will it be automatically default to new tax regime.

Kindly clarify.

Have the following a income. Need clarification whether ITR 4 can be used this year filing (FY24-25)

1. Business income - using Presumptive Taxation.
2. interest on FD/Saving.
3. LTCG approx. 70k (less than 1.25Lacs)
4. Minor pension amount of approx. Rs 6000/ P/A and dividend of Rs 200 (this year).

Last year had used ITR 3. This year I understand ITR4 has this facility to report LTCG if its less than 1.25 Lacs per annum.

Kindly confirm whether ITR 4 can be used this year (FY 24-25) for above transactions.

Dear All,

Can i apply for Two GST registration with same PAN and same address?

One for running my transportation business under RCM and another for running my transportation business under FCM.

Thanking You
Nirmal Dave

RESPECTED SIR, I WANT TO KNOW THAT MY INCOME TAX CASE UNDER SECTION 142(1) FOR THE FINANCIAL YEAR 2020-21 VIDE ITS NOTICE DATED MAY 2025 AND IN THIS NOTICE AO FACELESS ASKED TO PRODUCE THE CASH BOOK , BALANCE SHEET PROFIT AND LOSS ACCOUNT, CAPITAL ACCOUNT FOR THE FINANCIAL YEAR 2019-2020.SIR CAN THE ASSESSING OFFICER DEMAND TO PRODUCE THE ABOVE SAID DOCUMENTS FOR THE YEAR 2019-2020, BECAUSE AS ON 31ST DAY OF 2025 6 YEAR HAS BEEN COMPLETED. THANKS

Sir,
Tax audit f.y.24-25 due date September -25 or extended dec-25.

Mr. X has a plot in his books of accounts which was shown as stock in trade. Now, If Mr. X has relinquished their rights against his relative of this plot. Is it valid?
1. It should be treated as capital gain or stock in trade?

Hello All,

We are the importers of Industrial Machines .

We have received Rs. 19.00 lac USD 22 k from our offshore vendor under P1006

How to account for it and under which section is TDS payable.

64(1)(vi) Daughter-in-law
Sir
Can income from assets transferred to Daughter-in-law without adequate consideration be clubbed under section 64(1)(vi) with the income of transferor- i.e., father-in-law/mother-in-law?
Sir
As per section 64(1)(iv), if an individual transfers (directly or indirectly) his/her asset (other than house property) to his or her spouse otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor). Income from transfer of house property without adequate consideration will also attract clubbing provisions, however, in such a case clubbing will be done as per section 27 and not under section 64(1)(iv).

Further can income from house property transferred to Daughter-in-law without adequate consideration be clubbed as per section 27 and not under section 64(1)(vi). with the income of transferor- i.e., father-in-law/mother-in-law (as allowed in section 64(1)(iv))?
Regards
K M Goyal

Sir/Madam

Can we have to mentioned FNO transaction in ITR form if FNO transaction are not reflecting in AIS Report for the fy 25-26??

Please suggest me. Howcan we see FNO transaction in income tax portal??

Thanks