Hi Expert,

One of our GTA vendor has issued invoices for this FY till Dec-23 under RCM & from Jan-23 onward he is issuing invoice under forward charge. Is there any provision to change from RCM to Forward Charge in between FY. ???

Please guide.

Mr A and Mrs A are husband and wife. Mr A and Mrs A purchased a house property in February for Rs 50 Lakhs. Rs 20 Lakhs were paid by Mr A from his bank account to seller, property dealer, stamp duty etc.
Mrs A sold some shares in June for Rs 50 Lakhs.
She repaid Rs 21 Lakhs to Mr A along with reasonable rate of interest (considering his initial contribution as loan).
Query Can the funding / payments done by Mr A on behalf of Mrs A for the purchase of house property fall under section 269SS. All the payments by Mr A were done thru proper banking channels on behalf of Mrs A and later refunded through her Bank Account to Mr A bank account along with interest.

Assessee is Partnership Firm,
Turnover is 1.5 cr,
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Cash Receipts and Cash Payment below 5%
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Please advise we require the books of accounts should be audited u/s 44ab

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My friend has paid the outstanding demand amount as notified by the Income Tax Department on 18 January, 2023 and the details are being shown correctly on the OLTA Challan Status enquiry site. He has paid the same through a friend's bank account who, in turn, has made online payment through State Bank of India and has obtained a taxpayer's counterfoil.

Now, my question is : From where do I download the Income Tax Challan paid as above mentioned to upload in the income tax e-filing site for response to outstanding demand ?

Mr A and Mrs A are husband and wife.
Mr A and Mrs A purchased a house property in February 2022 for Rs 50 Lakhs. Rs 20 Lakhs were paid by Mr A from his bank account to seller, property dealer, stamp duty etc.
Rs 30 Lakhs were arranged through joint home loan. Mr A paid the EMI of Rs 1 Lakh till December 2022.
The house property is in joint name and home loan is joint loan.
Mrs A sold the shares in June for Rs 50 Lakhs which is also the long term capital gain for her.
She repaid the remaining home loan of Rs 29 Lakhs. She also repaid Rs 21 Lakhs to Mr A along with reasonable rate of interest (considering his initial contribution as loan).

Query
Mrs A wants to claim 100 percent exemption under section 54 F.
Can Mrs A claim section 54 F for the loan repayment done to Mr A. (It was always the intention of Mr A and Mrs A to fund the house property though receipts of sale of shares.)

Query
Can the funding / payments done by Mr A on behalf of Mrs A for the purchase of house property fall under section 269SS and be liable for penalty 271 D. All the payments by Mr A were done thru proper banking channels on behalf of Mrs A and later refunded through her Bank Account to Mr A bank account along with interest.

Hi

Income tax return for AY 2021-22 already filed and processed. But bank has filed tds return on cash withdrawal only now and hence tds of Rs 40,000 is reflecting in form 26as only now,

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100 shares of a company were purchased for Rs 1000/- in 1986 @ 10/- per share , The company delisted in 2015 when its share price were traded at Rs 345/- per share. The unlisted shares were sold for Rs 14500/- in 2022 through off market trade at Rs 145/- per share. How to workout Indexation cost of purchase price for the purpose of Capital Gains/Loss. Current price index table starts from the year 2001 where as the shares were purchased in 1986.