Dear Experts,

TDS is required to be deducted if turnover in previous year crosses 1 cr (for business). Will it be required in next year if turnover is below 1 cr?

Eg:

FY 22-23 - Turnover 1.4 Cr - Hence TDS required to be deducted in FY 23-24 since T/o crossed 1 cr in earlier year

FY 23-24 - Turnover 70 lakhs

In this case , whether TDS is reqd to be deducted in FY 24-25 since turonver in earlier year was below 1Cr. Also TAN number is still active.

Pls advice

Regards,

my tax consultant told me that as per the new amendment in the recent budget, the person receiving the cash gift will be fully exempt. however the person who is giving such gift will be taxed as per the individual slab of income tax (not on the full value of cash gift but on the income earned out of the funds invested from the cash gift in accordance to the declaration from the receipient). is it true?

I have claimed exemption u/s. 54 of the income tax act in the asst yr. 2024-25 on sale of my house and invested in new house and claimed exemption. Now I want to purchase another house . What are the implications under income tax regarding this claim of earlier exemption.

Respected sir,
I have submitted a refund request for the excess TDS paid under Challan for the TDS on rent payment.
The refund amount requested is INR 4,089/-, against a total amount paid of INR 13,970/-.

As per the instructions received, I am required to submit Form 26B to the Assessing Officer. In the acknowledgment email, and the status is shown as pending with AO. But no details of AO is mentioned.

I humbly request your help in this regard.

Flat booked in 2006 and paid 100% of the booking amount. Project got stalled and the agreement was signed and registered with escalation amount in 2021 and TDS was deducted and paid on the instalment . 194IA was amended in 2022 and i paid the final instalment in 2025 but through oversight inserted the stamp duty value and paid 1% tds on the last instalment and got an intimation under 200a for payment of differential amount of TDS. I have filed a 26QB correction what are my chances of getting AO approval

If the HUF client has an income of approximately ₹9,50,000 from interest on an unsecured loan, will it be liable to pay any tax under the new tax scheme for FY 2025-26 (AY 2026-27)?

Dear Experts,

Gift deed of immovable property was made in FY 2023-24 (Jan 2024) from father to son. However the same was registered in FY 2024-25 (April 2024). Property was commercial property and yielding rental income.

So rental income from Jan 2024 (i.e period from which gift deed was made) will be taxable in hands of father (gift giver) or son (gift receiver)? Period in doubt : Jan 2024 to March 2024

Pls advice

Regards,

Can someone clarify that, one of our client is engaged in GTA services. So he used to fuel up his vehicles on monthly credit basis and no contract was established. However, such transaction cannot be deducted u/s 194C, though charges paid for purchase of fuel is treated as goods. Will TDS u/s 194Q may apply? (Correct me, If I'm wrong). Thanks in Advance!

PLEASE EXPLAIN CAN I ADJUST LAST YEAR ADVANCE TAX DR.BALANCE AND TCS RECEIVABLE ON PUR. AGAINST CURRENT YEAR PROVISION OF TAX?

WHAT WILL BE THE ENTRY...?

Dear Sir,

With respect to above subject line, which factors should be considered for Filing an Income Tax Returns for F.Y. 2024-25 and A.Y. 2025-26, kindly advice.

Warm Regards,
Aditya Ghatge