We are a Public Sector Undertaking (PSU) registered under the Companies Act, 1956. During the financial year 2019-20, we made a provision for pay arrears effective from January 2016. Subsequently, we have continued to make provisions against pay arrears every financial year. The total provision till date amounts to ₹21 crores.
What are implication if reversing this provision in the financial year 2024-25.
Income Tax & Penalties and Interest, specific disclosures need to be made in our financial statements regarding this reversal
If provisions are of eligible nature and expenses are crystalized then tax implication and interest u/s 232 /233/234 ? please

Hello Team,

Trust you all are doing good.
I have a situation where in year 2022-23, taken a paid training from outside market worth 5L which was paid by employer, a KT bond was signed for 2 years effective post training. After 19 months of service(in year 2023-24) I decided to change the organization, had discussions on KT bond recovery on pro-data basis but they were adamant to recover full amount and during 3 months notice they recovered it full(2L+1.5+1.5L).

Now I have received Form 16, where they haven't mentioned this recovery but only income earned and respective other deductions during my stay.
As a consequences I have to pay taxes on those 5Lacs which I didnt received.

Could you please suggest way forward to show the amount which was recovered and reflect them while I process the ITR now.

Thanks
Prashant Pandey

PURCHASE SOLAR PLANT FOR SHOP CAN WE CALIM DEPRICIATION

AND WHAT IS THE RATE OF DEPRICIATION

THANKS IN ADVANCE

Is there mandatory to audit of superannuation fund? Superannuation fund is approved. If yes in which section?

Dear All,

The assessee has declared his income last year and filed form ITR 3 as there was a business income declared U/s.44ADA. He has GST number also. However, in last financial year (2023-24 AY: 2024-25), he does not have any business income. His income comprises of bank interest and long term Capital Gain.
Which form he has to use ITR 2 or ITR 3? As old regime is beneficial to him, question is can he file ITR 2 where opting for Old regime is simply by selecting while filing return? Or he has to file form 10-IEA and ITR return 3?

Please advise.

Thanks and regards

पति और पत्नी के नाम संयुक्त संपत्ति पर किराये की आय को आयकर रिटर्न में पति और पत्नी के नाम 80% और पत्नी के नाम 20% क्या दिखा सकता है जबकी प्रोपोर्टी में कोई अनुपात नहीं है

What is weight to be taken for Lorry while computing income under section 44AE, Whether Gross Vehicle weight is to be taken or Unladen weight is to be taken?

Dear Sir / Madam,
My query is as follows:
Mr A sold equity shares of listed companies and earned Long term capital gain of Rs. 275,000/- (Sales value Rs. 15 lakhs). He purchased a residential house property in the same year for Rs 50 lakhs.

Instead of claiming exemption of long term capital gain upto Rs. 1 lakh, Can he claim exemption of entire long term capital gain of Rs. 275,000/- by showing u/s 54F the investment of sales proceeds of equity shares of Rs. 15 lakhs in the purchase of new house property?

Kindly guide.
Thanking You,
Suraj

My employer has filled my HRA component in "Total amount of any other exemption under section 10" in Part B and "House rent allowance under section 10(13A)" is 0.

When I asked finance guy to get it corrected it, he told me that govt portal is generating wrong info. I think their CA has wrongly filled the info and he is justifying it simply.

Can I face problems in future in case he does not get it rectified? He is very rude.

How can I take it up with IT department?

Sir,
Assessess itr returns filed last 5 years details mentioned below
Income last 5years rs:35 lacs
Expenses claim last 5 years rs:12,50,000/-
Net balance amount rs:22,50,000/-
Assessess amount fixed deposit in bank rs:30 lacs
Question:
Assessess deposit amount rs;22,50,000/- or rs;30 lacs is correct procedure.