Sir

NRI individual opts not to avail special scheme of provisions contained in Sections 115C to Sections 115H by not availing it under Section 115I and files of IT Return u/s 139(1) i.e with in due date.

He has interest income from Bank deposits & Post Office deposits. Deposits were made in Indian Rs. Under that situation following query arise.

1. Whether interest on deposits in Bank and Post office are covered in definition of ' Interest received from Govt or Indian concern on moneys borrowed by Govt or the Indian Concern in foreign currency , as given in Section 115A(1)(a) or not covered. ?
OR
2-- Section 115 A (1) (a) will not be attracted at all , since he has exercised option under section 115I to not to avail Scheme of sections 115C to Sections 115 H as provided in Chapter XIIA of Itax i,e Special Provisions relating to certain incomes of NRI. ?

3. Will he be taxed on interest income from Bank Deposits / Post Office interest @ 20% ?
OR
4. He will be taxed as per slab rates applicable to resident individuals becoz he exercised option under section 115 (I) by not availing special scheme available for NRI certain incomes. ?

5. Whether by not availing scheme from sections 115C to Section 115H does NRI compulsorily falls in Section 115AQ(1)(a) OR not.
Please clear this path on above points.

Sir,
It assessee purchase of mutual fund (sft-18) ICICI mutual fund rs:10,000/- and ICICI mutual fund rs:10,499/- show as per AIS information
Question:
Assessess purchase of mutual fund show procedure and taxation in books and it returns in f.y.21-22.

It is said that the new provision of section 139(8A) to file updated return is applicable to person. Whereas I found that an AOP wish to file updated return left with no option under the new provision who normally assessed at the Individual tax rate. Here it means that the person means only individual and does not includes AOP. Is there any possibility for an AOP to file updated return Under 139( 8A).

Hello,

Post office has reported all 5 years of interest in AIS on maturity of NSC.
I have been reporting on accrual basis for the last 4 years.

I have submitted AIS feedback and it was processed and the derived value in TIS is now correct.

Will the tax department consider the derived value in TIS while processing my return or the original value(which is incorrect)?

Thanks

We are doing business in many state & having different gst registration no.in each state.
We have purchased 10 No. of cupboard (capital asset ) in Kolkata unit .Purchases invoice is addressed to our Kolkata unit & supplyer is also located in Kolkata city.

But same


accounted in Maharashtra state (HO) gstn
books of account. While accounting we are
not take gst input.
In above case can it is treated as supply due to distinct person. Can it is inferenced that supply to Maharashtra distinct person from Kolkata distinct person.
Please guide in detail

Sir/Ma'am,
Following are the details of Land which has been sold in F.Y. 2021 - 2022
1) Allottment Letter was issued on 1991
2) Possession Date - 2006
3) Conveyance Deed - 2009
4) Payments made in installments from 1991 - 2013

Which Year should be considered for Indexation? Please Guide.

I read previous recommendations on this site dated June 1, 2022, requesting downloading the latest utility from the Income Tax website to resolve the above issue. I downloaded the utility in July 2022 (a full 1 month later), offline Desktop version "ITDe-Filing-2022 Setup 1.1.8". I still get the message "Schema error occurred while submitting your form, please try later" when uploading the form after successful validation. What should I do now? I have painfully entered my returns, do I have to reenter them in another utility if this version does not work?

Dear sir,
One of my client entered joint development
Agreement. My client made GPA of his agriculture land to one of the developer. The developer paid Rs . 825000/-, as a good will to my client. Now the good will taxable income or not

Sir,

What is composite allowance included in the salary structure. Whether it have any tax implication.
Also whether all employer are eligible to provide composite allowance to their employees.

can any one provide list of payment made dis allowance of GST Input such as
Interest on delay deposit of GST,
payment for late filing of GST returns,
penalty paid under GST( CAN ANY ONE PROVIDE WHICH TYPE OF PENALTY) DISALLOWED )
Please also provide list of section.