Nikhil Kaushik's Expert Profile

Queries Replied : 24294

I handle tax compliance, litigation and advisory services. I am reachable at canikhilkaushik @ gmail.com

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SHARMA says : Income tax
My son salary 7 lacs pa I have gifted him 19.90 lacs He made two fd in two banks of Rs. 9.90 lacs each in October 2025. Interest under both the above fdr comes to Rs 65 thousand only(Rs 33000 interest in one fd) My son submit form 15 G in both the bank. Can this form may be withdrawn as someone told me that aggregate income is above basic exempt limit and action can be taken by IT department for wrongful declaration submission. Kindly advise

Kushagra Rastogi says : 26QB CORRECTION
Hi I have filled incorrect 26QB due to which my TDS amount showing incorrect and in challan status it is showing partially consumed now how can i correct 26QB

AMAR GANDHI says : Further query on your response as Business income
Thanks for the response Nikhil on my query regarding treating Equity trading as Business income. But if I show share trading as Business income, can't I claim expenses (mobile bill/internet/electricity, STT, etc. )? For eg. As an individual tax payer, even if my net income is Rs. 10 Lacs, I have to pay STCG on Rs. 7 lacs i e. Rs. 1.4 lacs STCG @ 20% while if I show it as business income, I can show some expenses and reduce my net taxable income. Please suggest. Thanks

karthikr says : contract employee tds rate
Hi Nikhil, Good day! Could you please confirm the TDS rate deducted for contract employees under Section 192C? Should it be 1% or 2%? The employees are part of the Finance Team, while others are in Technical roles.

karthikr says : contract employee tds rate
Hi Nikhil, Good day! Could you please confirm the TDS rate deducted for contract employees under Section 192C? Should it be 1% or 2%? The employees are part of the Finance Team, while others are in Technical roles.