As per section 285BA of the Income Tax Act 1961 & under rule 114E of the Income Tax Rule, 1962. It is mentioned under SFT 005 that "One or more time deposits ( other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person" shall be reported to Income Tax Department.

Does it also apply to transactions on NRE accounts as these are non-taxable? I understand @CA R SEETHARAMAN had mentioned that there are circulars from IT department to confirm these don't have to be included for reporting by the bank but haven't found them myself.

Anyone can point me to the circular?

Sir,
Demand raised for inoperative PAN (Pan not linked with Aadhaar on the date of filing TDS return). Now PAN is linked to Aadhar and status of Pan is operative.
Do we need to pay total tds @ 20%. Or since PAN is operative now, can we file correction statement without paying 20% tds. Plz guide. This is for 26Q for Q2 of FY 203-24.

Dear Sir/Madam,

My query is as follows:

Mr A & Mr B, Father & Son, purchased a property jointly in Panvel, Maharashtra in 2007 for Rs. 10 Lakhs. Due to old age, Mr A gifted his 50% share in property to Mr B in 2016. Mr B paid Rs. 30000/- as stamp duty & registration charges of Gift deed.

Now, in Jan 2024, Mr B wants to sell this property.
Can he claim this Rs. 30000/- towards registration of gift deed as cost in capital gain calculation?

Kindly guide.
Thanks & Regards,
Suraj

TDS and TCS will be applicable for a newly partnership firm going to open from 1st april 2024?

B ltd (aluminium manufacturer) is going to erect a plant. It is planning to outsource entire erection and commissioning work to ABC pvt ltd with following terms & conditions

1. entire expenses of erection and commissioning to be borne by ABC pvt ltd
2. B ltd will not pay any amount untill plant is ready for operation
3. After plant is ready for operation B ltd will pay ABC Pvt ltd 20 lacs every month for 12 month
4. After 12 months entire rights pertaining to assets to be transferred to B Ltd

My Query ?
1. what will be the accounting treatment of erection and commissioning expenses in the books of ABC pvt ltd - i.e Fixed assets or stock ?
2. How revenue 20 lacs every month will be booked after plant is ready for operation ?
3. when and how assets should be transferred by ABC pvt ltd to B ltd.
4. At what price asset will be recorded in the books and From which date B ltd will be able to claim depreciation ?

One developer company pays staff salaries without deducting the EPF contribution from employees. The company pays both employer & employee contributions from their bank account & shows employees' contributions which are actually paid by the employer as staff welfare in books of accounts. If this method is correct? please clarify urgently.

Chosen new tax regime by filling the form 10IEA in ay 21-22 and filed, then ay 22-23 filed by choosing old regime ( by mistake and no withdrawal form filed).
Now, can I change the tax regime from old to new ( ie. By selecting 'yes' for the new regime in the ITR 4 under general information ) through rectification sec 154, by return data correction in response to notice sec 143?

I have received SMS/EMAIL that
High Value transaction which does not appear to be in line with IT return .
During year as per AIS interest from post office is 5 lakh where as per IT return it is 2 lakh.
Reason of variation is I have accounted interest on acrrual basis.
Now I have to give feedback in AIS.
Which option to be selected .

Option A ,B ,C,D ?
Please advise

I HAD PAID EPF ONLINE FOR MY FIRM TODAY.
MY BANK ACCOUNT GOT DEBITED BUT THE STATUS OF PF CHALLAN IS STILL SHOWING Awaiting Payment Confirmation. IF WE VERIFY IT SHOWS

UNABLE TO GET TRANSACTION STATUS FROM BANK.

CAN ANY ONE PLEASE CLARIFY HOW TO SOLVE THE ISSUE

Mail received from the Income tax department regarding high value transaction related to 'Sale of land or building' under sections TDS-194IA(RV) and SFT-012. Under SFT information the amount reflected relate to 2 parties having distinct PAN numbers, regarding sale of inherited house property. Both assesses have filed the returns, including capital gains. Only one of the individuals has received the e-campaign notice via email. There are various options to respond, namely:
Option A: Information is correct
Option B: Information is not fully correct
Option C: Information relates to other PAN/year
Option D: Information is duplicate/included in other information
Option E: Information is denied

Which option should be selected while submitting the response. If Option C is selected, then there is an option to specify all PAN related to the transaction (including self, father, mother, sister, all other relationships are specified under drop-down menu).
Additional information: The amount is double as 2 parties, Should Option C be selected and all the persons' PAN be added?