I am salaried person and regularly filing my income tax return (ITR-I). In the assessment year 21-22 I received the amount of Rs 32,50,822/- as compensation for Compulsory Agri Land Acquisition by govt. However the acquisition body deducted the TDS of Rs 6,50,164/- at the rate of 20% view non submission of Pan Card and I did not get the credit on my pan for that relevant AY 2021-22, further I filed my income tax return for AY 2021-22 showing only salary return and did not claim the compensation and its TDS. Thereafter, after lot of persuasion through my lawyer, recently I got the credit of the TDS of Rs. 6,50,164/- in AY 2021-22 but in mean time my return was processed by CPC and issued intimation order u/sec 143(1). Further I tried to rectify the said return but I was not able to do the same and the IT web portal rejecting the rectification request showing the reason that an additional TDS claimed. Now my question is how to claim the said TDS of Rs. 6,50,164/- of assessment year 2021-22.

Hello Sir,
What would be income tax business code for income earned through proof-reading of books.
Thank you for your guidance.

Hi,
A partnership firm is registered with 2 partners and one partner dies in March 2021 , but the firm continues its business activities till date and files his GST and Income Tax return in Firm status. As one of the two partners dies, the firm should be dissolved as the number of partners after death is below 2.
This year the turnover is above 2 crore and its liable for 44AB audit. Please advice whether an auditor can accept the engagement and if yes, what audit qualification has to be put on the audit report and other matters also.

Dear Experts

Kindly let me know , What will be the accounting entry in case a Private Ltd company Buy back its own shares

Thanks in Advance

I have received an email from the Income Tax department citing the above subject error against the ITR filed for AY 2023-2024.

I am shocked to note that the department has referred to a section 80P which is irrelevant and we have not claimed any deductions under this section in our ITR.

How do I resolve this issue?

In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income. please solved the query

I have asked for Score Card and criteria on preparation of Score Card for a nationalized bank and they refused to give it taking stand that those are their confidential matters. can we go for an appeal.

Dear Sir/Madam, We are Tax Consultancy Firm, have file a Partnership firm IT for the Ass Yr 2023-24 with Loss for a Manufacturing Firm.
Received a Message stating that
"In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income."
Please suggest how to resolve
Thanks

1).FIRM NEWLY INCORPORATED IN FY 22-23 HAVING TURNOVER OF 48 LAKH AND ASSESSESS WANT TO FILE RETURN OF INCOME BY SHOWING PROFIT OF RS. 48000 WITHOUT AUDIT , IS IT POSSIBLE AS CASH RECEIPT AND PAYMENT EXCEEDS 5% LIMIT

2) OR IT IS COMPULSORY COVERED BY AUDIT AS SHOWING PROFIT LESS THAN 8% AS PER 44AD??

Please let me know the GST treatment on commission earned by an Indian individual on the professional services provided for arranging a sales deal the transaction happened between two foreign entities and the actual sale and transfer of goods happened abroad. Actual buyer and seller are in abroad. Thanks