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Sudhaker Ramani
12 July 2024 at 16:14

NRE - Account interest

Dear Sir
For NRI , we are filing Income Tax through ITR 2 ,

We have details of interest earned from NRO Account , which is reflected in 26AS Traces .

Do we also need to show the Interest Earned through NRE Account , if Yes then under which section it should be shown

Seek Guidance


Rahul Singh online

If updated return becomesinvalid then department should consider last valid return which was revised return in my case. What if department is saying that they will consider only latest return which was updated return which went invalid. I do not want to file another updated return. They are treating as no return filed for that assessment year. What can I do now

Poonam Pharma Pvt Ltd
12 July 2024 at 15:58

ESIC Payment Debited but not paid

We have just now paid our ESIC Contribution through internet banking. The amount debited from our bank account but is esic website it is still showing unpaid. Please suggest what to do now.

12 July 2024 at 15:37

HRA Exemption for two rented house

Dear Sir,

Received HRA Rs.600000/- PA in Hyderabad city

but paid actual rent Rs. 25000 for self living and 9000/- rent paid for his parents, what is exemption to be take in this scenario.

Please confirm

Rima Kapadia

In 2021, Inventory was lost due to floods, and entry was made in the books of accounts - insurance claim receivable debit and credit to COGS/ Purchase accounts. Now insurance claim received which was less than the actual amount recorded in books. Instead of recorded as loss on stock / Bad debts should we charged to Purchase accounts? If yes any reference or case laws?


Dear Sir,

Today I filed my IT return successfully. But I received message for the department that my IT return is defective u/s 139 (9) of IT act. I filed IT return by choosing ITR1 Form. Please note I have income from under Sec 194S Rs.2550.98/- and from under Sec 194A Rs.274/-

Following is the message received from the department. You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.
Now I request you to guide me how to rectify my. IT return.
Thanks & Regards

k chakraborty

A newly joined partner of the firm used to file ITR under 44AD for his proprietary business, which is no longer operating. Now, he has income (remuneration and interest) under BP only from firm. Can he file ITR 3 under share of income from firm only, or he has to file under presumptive basis if he wants to avoid audit.

Rahul Singh online

I have mistakenly filed updated return with same income as revised return with payment of tax of Rs 5000 under 140B. Also I forgot to add Self assessment tax of Rs 1890 although additional income tax liability is there in updated return Is there chance of updated return becoming invalid or defective in processing

12 July 2024 at 12:20

Depriciation on factory building

Dear sirs : Kindly guide me on this matter.. (1) Is it mandatary to charge depriciation on Building used as office or as a factory. (2) At the time of sales of such building, what will be calculation for long term capital gains (a) will it be cost of possession and date of possession (b) depriciated value as on date of sales...(3) Can Income tax department send notice for NOT CHRAGING OF DEPRICIAION (by not chraging depriciation, assessee will be paying more Income tax) (4) Assessee has not chraged depriciation on building for many years, so can he start charging depriciation from current year. Kind Regards

Rahul Singh online

I filed updated return on 27th March 2024 for AY2023-2024. Also I filed revised return on 10 Dec 2023 which was processed by CPC. If updated return becomesinvalid then my revised return filed on 10th Dec 2023 will be valid or not. If it is valid Should Revised return will be considered as final order

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