Hello,

Let us take an example of a flat being sold for a sum of ₹. 6000000
Say I have booked a flat on 8.8.2022 by paying ₹1 lakh

I have paid ₹ 1100000 on 1.9.22 within 1 month of booking.

The registration of sale agreement was done on 4.9.22 within one month of booking, for an agreement value of 6000000, with the clause that the remaining amount of 48 lakh has to be paid to the seller within 30 days.

Now builder is asking for full TDS payment in advance.

My questions:
I have paid only 12 lakhs till now. So I should deposit TDS of ₹ 12000. Can I deposit TDS on the full amount right now on the premise that some day in future in the next 30 days I will pay the remaining amount?

Also can the registration of sale agreement be considered as the transaction date for arriving at TDS payment date for the full amount of 60 lakh, though only 20% of the full sum has been actually paid to the seller?

Thanks

Dear Sir,

When there are many group companies which are being handled under one login, so can we upgrade from V2 to v3 with a Chartered Accountant who is in employment . Can we use his membership no and pan for upgrading to v3? or else we can only do it with PCS or PCA? pls advise

Dear All,

I have turnover of 1,22,50,000/- in FY 2021-22. All the transaction are done through bank. Both the payment and receipt in cash does not exceeds 5% of the total payment and receipt respectively. But my profit arrives at Rs. 4,22,220/- (i.e. less than 8% of gross receipt).

I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.

In the above case am I liable to gets my account audited?

Thanks
Nirmal

We are claiming exemption under section 10(23C)(iiiad) if gross receipts received below 5 crores. Now we are filing return of income on September 2022. Is there any time limit for not considering exemption

Dear Sir,

Please guide what is income tax rate for "Estate PAN Holder" after deceased.

can we add the income to Legal representative?
or any other option?

please guide, your co-operation will be highly appreciated.

Regards
Rajnish

Educational Institutions which receive rental income from house property & capital gain can claim exemption u/s 10(23C)(iii ad) for all receipts of Tuition fee, Rental Income & Capital gains

My query is that one of my client is opted sec 44AD last year having turnover of 1.20 crore but for this year he want to opt out of 44AD having turnover of 1.70 crore and profit is 8.5 lakh then under which clause audit is applicable 44AB(A) Or 44AB(E)

The company is preparing a set of unaudited financial statements for the striking-off company. The bank balance funds have been transferred to the shareholder company. What's the correct entry to be posted?

DR: Other equity or Retained Result
CR: Bank

I received the following notice from department what should i do now.


Whereas on the basis of information which has come to my notice, it appears that your registration is liable to be cancelled for the
following reasons:

1. Principal place of business not found/available at the time of field visit

You are hereby directed to furnish a reply to the notice within seven working days from the date of service of this notice.

If you fail to furnish a reply within the stipulated date or fail to appear for personal hearing on the appointed date and time, the
case will be decided ex parte on the basis of available records and on merits .

Please note that your registration stands suspended with effect from 01/09/2022

Place: Uttar Pradesh
Date: 01/09/2022

Please guide me on the taxability of NRE Fixed deposits for one who was away for 7 years. Have multiple bank NRE deposits of different tenures. He has to convert his bank accounts to Resident Indian can enjoy RNOR status for 2-3 years. In that case what will be the taxation on the interests of such deposits both paid and accrued from the time he is in India. Let's assumed NRE deposits are not yet matured. Thanks