I have observed two contradictory opinions on eligibility to file Form 121 under new IT Act 2025.
1]Mr Ashok Kumar has written to a query that form 121 cannot be filed if the incomtax libility is NIL
2]Today Mr.Dhirajlal Rambhia has informed that to file form 121, tax liability should be zero.

Please clear the confusion if my observation is wrong

M.A.Rasheed

A Private Limited (Closely Held Company) took loan from XYZ bank. Loan is secured by mortgaged assets but even if Bank is demanding personal guarantee of Directors.

Directors and Shareholders are same.

Is personal guarantee of director is compulsory ????

As per Para 11(b) of Accounting Standard-9 on Revenue Recognition issued by ICAI, revenue should be recognised only when there is no significant uncertainty regarding its ultimate collection. In cases where the loanee has defaulted, and the loan has been referred for Revenue Recovery proceedings, the collectability of interest and penal interest becomes uncertain. However, the company has been consistently following the practice of recognising the revenue on those loan accounts which are referred to RR on the pretext that they have sufficient collateral, even when qualified by the CA. No provision has been created for the above-mentioned loan, which is again qualified by the CA. Further, the company is not registered under NBFC, even when the net owned fund exceeds Rs. 10 crore, which is again qualified by CA. Please clarify

HELLO EXPERTS, WE ARE USING TAX INVOICE FOR SALE IN ROUTINE. WE WANT TO PURCHASE FROM UNREGISTERED DEALER. CAN WE USE A SEPARATE PURCHASE INVOICE BOOK TO KEEP UPTODATE INFORMATION AND INVENTORY. OR SUGGEST ANY SUITABLE MODE FOR URD PURCHASE. OPINIONS ARE AWAITED

hiii !!! filing of form 121 under new income tax act 2025( form 15G & 15H under old regime)

case 1: my interest and dividend income in total is 5,00,000

case 2 : my rent income is 3,50,000 and interest income is 7,50,000

case 3: my salary is 7,00,000 and interest income is 3,00,000

explain form 121 under new income tax act 2025, on above three cases and explain that we have to considered basic exemption limit or final tax liability shall be nil( case covered under rebate also )

This is https://gedexamhelp.us.com/ help for students in US.

Dear Sir,

In previous year depreciation calculation understated in company's books over sightly as per company act, now can i reverse the difference amount in current financial year and does it affect any financial loss to the company.

Thanks and Regards

Hi Experts,
I have few queries regarding the Foreign assets declaration etc.
1. If an individual wasn't in India for last 10 Years (only for visits less then 15 days in an year) and returned in 10th August 2024 for good.Till when will he be in RNOR status and from which FY 26-27 or FY 27-28 should he be declaring Foreign Assets.
2. Post RNOR Status if he transfers any savings account money ( not income) to India what is the tax applicable?

Appreciate your help.

Thanks,

Hello,

I have 2 kids, both minors right now. Me and my wife are both working in private sector. Suppose I am the higher earner.
1. Will the income of both kids be clubbed with me?
2. Can it be possible if income of 1 kid is clubbed with me and the other with my wife, if we are guardians of the respective kid individually?

Thanks

Dear Sir,

I seek your guidance regarding the following matter:

Mr. X, the buyer, purchased a residential unit along with land from four sellers — A, B, C, and D — for ₹1.80 crores on 23/09/2025. However, Mr. X did not deduct and deposit TDS at the time of the agreement.

He was required to deduct equal TDS in the names of all four sellers. Instead, in February 2026, he reported and deducted the entire sale proceeds and corresponding TDS in the name of Seller A only, which is incorrect. At the registrar's office, the property appears in the names of all the sellers. This will create a mismatch if the return is filed in Mr. A's name only.

Despite repeated follow-ups requesting Mr. X to rectify the TDS return and deposit the TDS proportionately in the names of all sellers, he has shown no interest in doing so.

Kindly advise:

What remedies are available to all sellers in this regard?

What steps should be taken if the buyer remains reluctant to rectify the TDS return?

Your guidance will be greatly appreciated.

Regards,
Suraj