Origianl ITR was filed under NEW tax regime on 22/07/2024 after paying tax of Rs. 2080 and verified on the same day. Although on 26/07/2024 A REVISED return under OLD TAX REGIME was filed claiming refund of Rs. 15000, yet the intimation us 143(1) was issued on 07 Aug 2024 considering the Return filed on 22/07/2024(i.e. NEW One) and there was no reference of Revised Return under OLD TAX REGIME filed on 26/07/2024.
now should i wait for the dept. to process the revised return filed on 26/07/2024 or the intimation issued on 07 Aug 2024 is final.
Does the department do not consider the REVISED RETURN or The REVISED Return is processed separately?
please guide?

Hello everyone, I wasn't aware of the fact that I needed to submit form 103 while registering so I only submitted form 102. During the 6th month of my articleship i become aware of this and I paid the late fee/penalty and of Rs.1,000 and submitted form 103. A day later i.e. today i received an the response from RO that I have been registered under my principal. However I am aware that a handwritten letter of condonation of delay and certain other things are required to be submitted. But since RO has accepted my application do I need to submit these documents? Or am I out of danger zone. Please revert with helpful responses.

Whether TDS u/s 194Q would be applicable on brass scrap if TCS is not dedcuted by seller under section 206CE?

Hi Everyone,

TDS is deducted under section 194O by the E Commerce operator. This income was against an international project . Hence it is shown as export of service in GST without payment of tax. Is that ok? Does reporting under section 194 O means it should be shown as Indian Income and charge GST?

Thanks in advance

I have a query that Can we claim Exemption u/s 54B for 2 Financial years i mean for F.y.2023-2024 and financial year 2024-2025. Because the 1st property sold in 2023-2024 and we have already made investment in new agri land in 2023 year only. And subsequently we sold another Agri land in 2024-2025 and we are planning to claim exemption for this u/s 54B also.

Can we claim Exemption u/s 54B for both the financial years.

Please help me with this.

Thanks in advance

Sir, employer (Indian Navy) didn't mention HRA exemption in form 16 but their employee staying on rent and paid rent.
can he claim HRA exemption, he doesn't have rent agreement with landlord?

Hi Experts,
I just want to understand tax implications after the recent budget changes.

If I hold stocks from past few years and and sell them in current financial year (Long term) and gain 1 crore .

My current income from other sources salary , FDs is around 54 lacs for a year.

So how will my tax be calculated on my total income ?


Thanks,

During FY 2023-24, one of my clients had purchased various plots of land (non agriculture) and sold the same within 2 years. These land transactions were executed by him in addition to his regular trading business registered under GST. Whether land transactions turnover will be included in his business turnover for audit purposes ? Whether land transactions attract GST ? My client had not shown the land transactions in GST. Whether land transactions are GST exempted ?

Dear Sirs : One of my client is deducting 0.1 % TDS u/s 194 Q from eligible purchasers on the date of making payment to purchaser. The terms of payments are 120 days from date of purchase bill. However while filing TDS quarterly returns, only amounts are shown. The only impact will be non deduction of TDS for purchases outstanding as on 31st March whose payments have been made after 1st April. Till date no adverse notice has been received from TDS / INCOME TAX DEPARTMENT. My humble query is (1) Is this method of deducting TDS is correct (2) What will be the future implications (3) How to rectify his error (4) Can TDS Returns for financial year 21-22, 22-23, 23-24 be revised for above purpose. Please advise. Kind Regards

Dear Sir,

Total Property value: 65L
We (Husband and wife paid total 60L (30L Each and paid 30000Rs each as TDS in previous installment)).
The last and final installment is 2.5 lakh each and TDS amount of 2500 Rs each.

I noticed some of the answers to similar questions, but did not find the exact answer.

Now for the final payment, there is an error I see while filling the form 26QB

payment type: "INSTALLMENT"
Whether it is last installment: "YES"
Amount previuously credited: 30L.


If I select 2.5L : below error:
Difference between total of "Total amount paid/Credited in prev installments if any(A) + Amount paid or Credited currently (B) and Stamp Duty value is more than 20%.

If I select 32.5 L (Stamp duty value 50% - > This I tried based on some of the earier responses that it has to be the proportions, since its wife and husband I put 50% of total here):
This options says, Amount on which TDS to be deducted (D) showing as -> "32.5L" ands its not editable.

So, my worry is the autmated system expects the TDS amount to be 32500, but I pay only 2500 (1% of final payment), and I get a short notice.

Actaully I did pay 30000 in the previous installments., total TDS paid will still be 32500, I'm worried I'll get short notice and I'll have to run behind TDS offices to get it fixed.


The other option I tried is:
if I select "Lumpsum for my final payment, then I can select stamp duty as 2.5 Lakh same as the final payment and then I can 2500

The question:

1. Should I select lumpsump for the final installment and keep stamp duty same as the final installment amount?
2. would it create any problem from seller if I select lumpsump as the final installment ?

3. If I dont select lumpsump and select "final installment as "YES" and pay only 2500 rs instead of 32500 as system would expect. Does system calculate it as TDS paid in the previous installments as 30000 +2500 or will I get short notice, if the TDS paid is not 1% of "TDS on which amount paid filed" regard less what we select ?


please advice

Thanks in advance