I am having a House property with a rental income of Rs 1.20 lacs per annum. I availed a loan from a bank and paid interest on the home loan. I am filing IT return under the new regime.
I understand that the net loss after adjustment of rental income (Net Annual Value) to interest paid to adjusted against Gross income from salaries is not permissible. However, section 24 permits interest on a home loan can be allowed where the house property is let out without any maximum.

I shall thank you if you could clarify with relevant sections of IT Act whether interest paid on a home loan is permitted as an allowable deduction for FY 2024-25

After the recent tribunal status nil tax for NRI in respect of country with DTAA and person stay outside India for more than 182 days.
Pl clarify above with ITAT case summary in this regard snd any notification of Income Tax deptt.

FORM 26QB IS TO BE FILED FROM 30 DAYS FROM THE END OF MONTH IN WHICH TDS IS LIABLE TO BE DEDUCTED THEN 26QB IS TO BE FILED FOR EACH PAYMENT OF INSTALMENT ?
AND IF WHOLE TDS IS PAID IN ONE TRANCHE AT THE TIME OF PURCHASE AGREEMENT THEN WHAT ARE THE CONSEQUENCES FOR NOT FILING 26QB FOR EACH PAYMENT ?

Hello!... Experts,

Some companies give Dividends thrice a year. For first one it was below Rs.5,000 so they don't deduct tax . Later On second n third they deduct tax for first one. In AIS gross amount goes under reported for first one, but TDS matches on the whole. So had partially disagreed in AIS feedback as gross Dividend was underreported by them and I mentioned the higher gross amount to update.
Co. is responding to department with respect to quarterly reporting , hence department is sending emails as source is disagreeing on insights platform of income tax.
Now, how n where do we reply / explain / clarify , give feedback for the same.

Thanks in advance.

Dear Sir
Our Client is Scrap Trader and he is purchases all type of scrap (i.e iron, Wood, Packinging Material, Plastic etc), so want to know regarding TDS Deduction Applicability on him. he liable to Deduct TDS of all type of scrap or only Applicable on metal scrap.
Also he not Taking the TDS registration till now , so can now he need to pay TDS from 01.10.2024 to till date (Which he is not deduct) or from TDS registration date when he obtain the same.

THANKS
Nitin Kumar

I am preparing to export round neck cotton tshirts, CFR value is 575,000.00 INR. I need to know is GST applicable on export? What are the taxes I need to pay to export.

How can I claim the GST I am paying on input to prepare and export the cargo

Thanks

Sir,

After the inorporation of new section 194T of income tax act 1961, I want to clarify TDS applicability in respect of the following transactions.

1. Interest on Capital Rs. 1,50,000 paid to Mr. A (Resident partner)
2. Interest on Capital of Rs. 2,25,000 paid to Mr. B (Non Resident Partner)
3. Interest on Loan of Rs. 3,05,000 paid to Mr. C (Resident Partner)
Here, which TDS sections was applicable. Need clarification whether 194T, 195 or 194A?

Dear All,

Mr. A purchases goods from Mr. B and also sale goods to Mr. B

Mr. A pay to Mr. B after adjusting sale amount against purchase consideration.

Can Mr. A take Input tax credit of purchase made from Mr. B. (i.e. without actual payment of full consideration) in such case?

Do Mr. A has to maintain and settle purchase account separately from sale account to claim input tax credit?

Thanks & Regards
Nirmal Dave

If a Composite Registered Saw Mill purchase Timber from Unregistered Person or URD Dealer. Is RCM tax @18% will have to pay Saw mill dealer?

Under the Factories Act, the provision of a canteen facility for employees is not mandatory. That's why we do not collect input on the catering bill. However, we do purchase sugar and tea powder to provide tea for employees. In the case of quarters, we cook food and provide it to the employees staying there. In this last scenario, we can claim Input Tax Credit (ITC).Is we can claimITC or Not ?