Dear Sir,

Mr A files his return u/s 44AD. He provides gaming services to individuals and corporates. One of his parties deducted TDS u/s 194I(a) instead of 194C and deposited the tax. He uploaded his return showing his entire turnover of 750500/- u/s 44AD.

But he got the intimation of defective return mentioning that the TDS is deducted u/s 194I which is ineligible for presumptive taxation.

There was no event of renting out of anything nor his invoice mentions rent etc.
How can the defect be rectified?

Kindly guide me.
Thanks & Regards,
Suraj

Can we adjust the loss on commodity trading with the business profit or any other taxable profit in the year of loss?

Can we carry forward such losses after the current year adjustment and set off against future taxable profits

Is there any difference in taxability of the above in the case of Private Limited Company, Partnership Firm or Individual?

I had bought SREI NCDs (secured) worth Rs 9.9 lacs (principal amount) -with maturity on Oct-21. From Jan-21 they
stopped paying interest. Based on the final IBC resolution last year I have received a cash payout of Rs 102018/- , a final OCD allocation worth Rs 323000/- and SR Allocation of Rs 62000/-. The SREI NCDs 990 in Nos were shown as redeemed in my demat account on 13Feb24.

Are there any tax implications on the Tranche cash payouts received? Can I claim on the capital loss against the investment amount? How will the calculation be done : Investment amount minus (Cash payout + OCD value + SR Allocation Value) will be taken as loss ?

Are the money and assets received on separation/divorce is taxable?

Is there any limit - say receiving the money in a bank account?
Is there any liability to file ITR in such cases?

Sir following are the details of properties I have:
1st flat - Let out through out the year - Im the sole owner
2nd flat - Let out through out the year - Joint ownership with wife
3rd flat - On Home loan with EMI of 50k - self occupied - joint ownership with wife.
My parents stay in their own house

Till last ITR, i showed the facts in IT returns and this year can I show in the following way in IT returns: -

1st and 2nd as self occupied and 3rd as letout as I can claim full interest paid on home loan as deduction?

Please guide

Whilst filing the return of an Association registered under W. Bengal Societies in ITR V the tax computed by system is Zero whilst there should be a tax liability! The tax liability is covered by TDS but the computation shows full refund.
Kindly advise the possible reason and the remedy.

Thanks & Regards

R.K.Mehta

Is it mandatory to have a rent agreement to claim deduction of HRA? or rent receipt for payment of rent are sufficient?
Paying rent rs 15000 every month to one of my relatives.

I have worked in a pvt company and also I have some small business income. Can I declare the business income in income from other sources in Itr2? Is there any limitations in the section?

I hold 3 accounts in a foreign country for trading stocks. One is a savings account which was opened long back during my employment and has a small balance in it.
Second one is a brokerage account as in a Trading account which facilitates purchase and sale of transactions for a brokerage cost and last a custodian account like NSDL/CSDL in India for holding securities.

Dividends which I receive from investment are directly credited to the savings account. Under Table A1 in FA schedule savings accounts gross credits during calendar year only applies to interest recieved.
My question is in which table can I show this account in addition to table A1, so my reporting covers dividend recieved.
I assume under table A2 I will have to report my trading and custodian accounts

Last year I moved to UK and spent over 60 days in the FY 2023-24. And will be considered as India resident. I’ve all my income in UK with tax paid per the UK slabs.

But since now my income needs to taxed in India, can I get any rebate like HRA & LTA… There is no component in my UK salary for such rebates or salary break down…


With the same salary entered for taxation in India is coming out to have additional tax liability? has anyone worked on queries like this before?