A company providing tour packages to its employees as incentives on completion of their targets, therefore the company ask an agent to make the packages for employees. My query is that the amount charge by the agent is tds deductible and if yes than under which section.

Sir

We have wrongly filed itr I instead of itr II for assessment year 2017-2018

Can we change the same now. The income is partner's remuneration but we showed as salary in itr I

Dear all,

We have sold Tenancy Rights at Rs. 60Lakh .Buyer has paid Stamp duty ,Registartion Fees too. My question is that is GST will be applicable on sale of Tenancy Rights ? if Yes then at what rate ? & TDS will also will applicable @ 1% as per Section 194IA.

Please give a Simple explanation as to what is meant by BLOCK DEAL

Sir,
got notice us 148 on 30-03-2018. Filled ITR ay 2011-12 on 26-04-2018 under section 148. client sold agri land(ancestral) on 01-10-2010 for Rs 25 lac and purchased agri land on 04-10-2010 for Rs 23 lac.
deptt. open e-preceding us 148 on 29-03-2018 and us 142(1) on 23-04-218
my query
should we reply us 142(1) or us 148 because both show s pending?
waiting for your kind guidance.
regards
vikas

A Property had been purchased in joint name of mother(A)(50%) and 2nd son (B)(50%) and the 3rd son was nominee (C). The parents have expired last to last year. Now the property is in redevelopment and now there will be additions of the other 2 sons name i.e. the eldest (D) and youngest (C). After addition of 2 names the share of each son will be 1/3rd. Now for second son (B) will the cost of acquisition be 50% or 1/3rd and whether will it be considered as inheritance.

Can Proprietorship carried on more than one business in one PAN...if yes ho we show income in one ITR .

Kindly Reply

FACTS : An assessee is engaged in business of providing work contract services. The assessee is registered in MP and has now received a new work contract in the state of Maharashtra from a private institute.He is not having any place of business or branch in Maharashtra. Contract will continue for a period of approx. 2 years.
QUESTION : Whether the assessee needs to take a new registration in the state of Maharashtra? If yes, whether he needs to take a regular registration or casual taxable person?

I had open FD of Rs. 1,00,000 in October 2016 for tenure of 1 year with interest rate of 7%.
The bank interest certificate showed accrued interest of Rs. 3500 till 31-March-2017 and accordingly had deducted TDS of Rs.350 for FY-16/17. While filing last year’s tax return, I had added this amount of accrued interest (i.e. Rs.3500) in the Interest income and calculated my tax.

In September 2017, the FD was matured and Bank deposited entire FD interest in my saving account minus TDS of Rs. 350. The net amount I received was Rs.7000-350-350 = 6300.

My question is;
While filing return this years’ return, Do I need to consider;
(a) entire amount of interest Rs.7000 OR
(b) amount of interest actually paid after deducing TDS by bank i.e. Rs. 6300 OR
(c) Deduct amount of Rs. 3500 from total interest (for the interest accrued last year and had paid tax accordingly) and consider only amount of Rs. 3500 this year for tax computation.

Also I am not sure how do I convince IT dept (if needed), because the Bank interest certificate shows Interest Paid Rs. 7000 and TDS deducted of Rs. 350 for FY-17-18.
Request you to answer my query as early as possible.. Thank You.

Hi,
My wife is a housewife and has earning from Share trading (short term gain of about Rs. 12500) , Mutual fund selling (Long Term Capital Gain) and FD Interest income, Total income not exceeding Rs. 2.5 Lacs). However, the bank has deducted TDS for FD interest since she had not filed 15G form last year. So please advise which ITR form (ITR-1 or ITR-2) she should use while filing income tax return.
Thank you.