Dear Members,
There was a demand for interest for F.Y. 2023-24, we made the payment on 31/03/2025 so the challan was reflected on traces site on 01/04/2025 therefore we could not file correction return before 31st March 2025 (last time limit for filing TDS correction return of 6 years lapsed). Now still the demand is shown as outstanding and we have done the payment but how do we close the demand?
Do we need to wait for Manual Demand to be raised? What is the time limit?

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Hello All,

We are the importers of Industrial Machines .

We have received Rs. 19.00 lac USD 22 k from our offshore vendor under P1006

How to account for it and under which section is TDS payable.

Good morning sir/s,
ineligible ITC of prev years (claimed in previous multiple years) accumulated to credit ledger, shall it reversed in this year or to file DRC03

client is mess paying tax @ 5% without utilizing ITC but claimed in GSTR3Bs every month

Please guide me

64(1)(vi) Daughter-in-law
Sir
Can income from assets transferred to Daughter-in-law without adequate consideration be clubbed under section 64(1)(vi) with the income of transferor- i.e., father-in-law/mother-in-law?
Sir
As per section 64(1)(iv), if an individual transfers (directly or indirectly) his/her asset (other than house property) to his or her spouse otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor). Income from transfer of house property without adequate consideration will also attract clubbing provisions, however, in such a case clubbing will be done as per section 27 and not under section 64(1)(iv).

Further can income from house property transferred to Daughter-in-law without adequate consideration be clubbed as per section 27 and not under section 64(1)(vi). with the income of transferor- i.e., father-in-law/mother-in-law (as allowed in section 64(1)(iv))?
Regards
K M Goyal

Sir/Madam

Can we have to mentioned FNO transaction in ITR form if FNO transaction are not reflecting in AIS Report for the fy 25-26??

Please suggest me. Howcan we see FNO transaction in income tax portal??

Thanks

In FY 2022-23, In AIS amount shown by Bank
1) SFT (003) Cash deposited Rs. 0 Actual amount deposited Rs.580000/-
2) SFE (003) Cash withdrawal Rs. 1100000/- Actual amount Rs.1194000/-
How to respond to the department.

At the time of verification of an ITR1 for the A.Y. 2025-26, a message comes (#/ITR/ITR1/REFUND/BANKACCOUNTDTLS/ADDTNBANKDETAILS/5/ACCOUNT TYPE: IS NOT A VALID ENUM VALUE).
Kindly help me by providing your valuable direction to overcome the said errors. Your kind help is highly solicited. Regards, Tarak Kumar Roy, 150/1/1, Banerjee Para Road, P.O. Naihati – 743165, Dist.24Parganas(n), west Bengal

Hello,

To calculate 20% shortfall, should we consider including gst or excluding gst, because ITC not eligible so that will be considered as cost. so below given methods which method is right
Method1: Including GST as Expenses
GST Bill
Taxable Value 10,00,000
Tax @ 18% 1,80,000
Total 11,80,000

Non GST Bill 5,00,000

Total Expenses 16,80,000

80% of the total Value 13,44,000
20% of the total Value 3,36,000

Shortfall Value 1,64,000

Method1: Excluding GST as Expenses
GST Bill
Taxable Value 10,00,000
Tax @ 18% 1,80,000
Total 11,80,000

Non GST Bill 5,00,000

Total Expenses 15,00,000

80% of the total Value 12,00,000
20% of the total Value 3,00,000

Shortfall Value 2,00,000

I have 2 company, Payment of TCS on sale of good of one company but wrongly I paid TCS from another company. Then how can I get the refund amount.

Please suggest on this matter.