Sir / Madam . Requesting your valuable reply

X , Y & Z (brother & sisters) are the joint owners of a house via family inheritance. House purchased in Year 1969 . Land measuring 1200 sq.ft.

Z , Relinquished her share (400 sq.ft. UDS) to X & Y for Rs. 25 lakhs via release deed.

X & Y becomes absolute owner and entered into JDA with a developer. ( JDA agreement in
Rs.100 stamp paper and POA registered in Registrar office in Chennai. Is this fine ? )

As per JDA, 3 Flats to be constructed. 2 flats to X & Y and 1 flat to developer.

POA registered in Nov 2022, assigning 400 sq.ft UDS to developer.

In June 2024, X & Y decided to surrender their share of 1 flat to developer for Rs. 1.4 crore.
Subsequently prepared Supplementary agreement to earlier JDA and POA registered in July 2024 assigning 400 sq.ft. UDS to Developer.

Please note: Flat is under construction till July 2024.

In April 2025, X gave his share in one flat to Y via settlement deed out of love & affection.

In May 2025, Builder handed over the flat to Y.

Developer, Makes payment of 1.40 Crores for the surrendered share to X & Y in 3 phases (May 2025, June 2025, Dec 2025. ) . Developer deducted TDS 1% in FY 2025-26

Could you please advise, how the capital gain tax will have to be arrived at for X & Y ?

Taxable Year 2025-26 (AY 2026-27) ? Whether Sec 54/54F can be applied ?

Flat constructed – Built Up area 840 sq.ft. + UDS 400 sf.ft = Total 1240 sq.ft each flat.
For the flat as per JDA, should we calculate stamp duty value for built up area 840 sq.ft or total 1240 sq.ft as consideration ?

Received this confusing IT notice. It says the tax is paid but still asking showcause.

Subject: Show Cause Notice for proposed penal action for non-payment of Advance
Tax – reg.
Sir/Madam,
On verification of records for the A.Y. 2025-26, it is noticed that you had taxable
income giving rise to liability for payment of advance tax in accordance with sections
208 to 211 of the Income-tax Act, 1961. However, no/insufficient advance tax was
paid within the prescribed due dates.
It is observed that the tax liability was subsequently discharged by you through
payment of Self-Assessment Tax under section 140A along with applicable interest.
While the payment of tax and interest has been taken on record, the same does not
by itself constitute compliance with the statutory requirement of timely payment of
advance tax instalments.
In view of the above facts, the circumstances leading to non-payment/short payment
of advance tax require examination to determine whether any proceedings under the
Income-tax Act, 1961 are warranted.
You are therefore requested to submit your explanation, if any, along with supporting
evidence, within 10 days of receipt of this notice as to why appropriate action as per
the provisions of the Act should not be considered in your case.

Business loss and income from interest set off balance taxable income. More than exempted income. Since business loss is adjusted interest income balance taxable income is more than 50 laks. No presumptive taxation is adopted earlier years Last year adopted 44 ad(e). Which is correct section for this tax audit. Kindly advise

Dear Experts,
I purchased an under-construction flat from a RERA-registered builder in Bangalore in March 2022 for ₹1.09 Cr. Payment was made in 18 milestone installments — partly from my own funds (~₹10L) and partly through home loan disbursement (~₹99L directly to builder).
I was not aware of the Form 26QB requirement under Section 194IA at the time and never filed it. TDS of approximately ₹96,652 (1% of consideration excluding GST) was never deducted or deposited.
The builder (now merged into APG Lifestyle Homes Pvt Ltd, CIN: U70109TN2017PTC173976) is ACTIVE Compliant on MCA portal with balance sheet filed up to 31/03/2025 and last AGM on 30/09/2025. The builder charged GST (CGST + SGST) on every milestone payment and is clearly reporting all revenue.
My questions:
Can I file the Form 26QB(s) now with late fees and interest, and then use Form 26A under the proviso to Section 201(1) read with Rule 31ACB to remove assessee-in-default status, given the builder has filed returns and paid tax on the income received?
Does the Form 26A electronic process on TRACES work for Section 194IA (26QB) transactions, or is it only applicable for regular TDS returns filed via Form 26Q? If not electronic, can relief be obtained through the Assessing Officer directly?
If Form 26A is applicable, would my liability be limited to interest under Section 201(1A) at 1% per month from date of each payment until the date the builder filed their return for the relevant year? My estimate is approximately ₹15,000-17,000.
Should I file 18 separate 26QBs (one per milestone) or can I consolidate? What is the interest implication of each approach?
Can any CA here handle this end-to-end — 26QB filing + Form 26A certification? I am based in Bangalore. Please share your fees.
I have all supporting documents — cost sheet, payment receipts, bank statements, loan disbursement records, and GST invoices from the builder.
Thank you in advance.

143(1) levied strange 10 or 15% surcharge on pvt disc. trust having just 7 lakh interest income,

i thikn its taxed at MMR, thats y?

not sure,

Seller is NRI, buyer is resident, sale value of property is 95 lakhs, how will be the surcharge calculated on the same, when we do not know the total capital gain/ total taxable income of the seller.
How much will be the total TDS to be deducted?

SIR
AOP TRUST FILED ASST-YEAR 2025 -26 LOSS OF RS.175813/- AND WITH REFUND CLAIM OF RS.39527/- BUT THE INTIAMTION U/S 143(1) COMPUTERD WITH 234C INTEREST RS.7019/- REFUND BALANCE AMOUNT RS. 33,000/- CRIDTED IN BANK ACCOUNTS.
1. 234C INTEREST IS APPLICABLE IN THE CASE FOR AOP
2.HOW RETIFICATION REQUEST AND GET THE INTEREST AMOUNT OF RS, 7019/-
PLEASE GUIDE
THANKS

Sir mera tin sources of income hai at first business income jo ki mai 44ad me lena chahta hu dusra commission and brokerage income v hai and short term and long term capital gain share market income v hai ab mujhe bataye ki itr 3 kaise dikhau pls reply me

I would like to clarify whether, as per section 393(1) SI.No.2 of Income Tax Act 2025, in case the payer is an Individual or HUF, TDS is required to be deducted at 2% irrespective of the nature or classification of the asset. Further, in cases where the payer is other than an Individual or HUF, whether the applicable TDS rate should be determined based on the classification of the asset.

Please reply, welcome your response.

I FILE ITR WITH LAST 15 YEAR. NIL RETURN. SOMETIME IN MY FINANCIAL PARTICULAR ALL ZERO BUT LAST YEAR SHOW TOTAL ASSET E25 IS 40 LAC. CASH IN HAND 15 LAC.
IS IT WORRYING FOR SUDDEN JUMP 0 TO 40 LAC.