I purchased a property in India for which I submitted TDS via "e-Pay Tax" on income tax website in Jan 2024.
(Challan-cum-statement of deduction of tax under section 194-IA (Form 26QB))

1) Is that the same as "TDS Return"?
On some websites I read that "TDS Return" needs to be filed for those deducting TDS.

2) Is that any other step I need to perform as a buyer?

3) Is there anything I need to mention in the Income Tax Return that I file? I'm assuming that the seller needs to put in the TDS details in their ITR, and I don't need to mention it in my ITR.

My Form 26AS, shows the TDS Entry under "PART-VIII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)"


Thanks.

DEAR SIR,

ONE OF MY CLIENT OWNED 4 EKAR OF LAND AND ENTERED INTO JOINT DEVELOPMENT AGREEMENT IN THE YEAR OF 2021-2022. THE DEVELPOER HAS PAID GOOD WILL THROUGH BANK ACCOUNT RS.400000/- AND RS.200000/- AND CASH PAID RS.200000/-. THE AGREEMENT SHARES BETWEEN 50:50 AFTER DEVELPOMENT.

1. THE GOOD WILL RECEIVED FROM THE DEVELPOER TAXED IN HAND OF MY CLIENT
2. IF YES WHEATHER WILL IT CONSIDER TO BE BUSINESS INCOME OR OTHER SOURCES
3. ONCE SELLING PLOTS HOW TO CALCULATE CAPITAL GAINS ON THIS SITUATION
4. HOW TO FIND OUT EXPENDITURE FOR DEDUCTING FROM CAPITAL GAIN



YOUR VALUABLE REPLY MUCH NEEDED SIR

For assessment year 21-22 the short term gain filed in the IT Return has been doubled by IT Department and raised a tax demand accordingly. All efforts for rectification and submission of grievance has not yielded any result.
What could be the possible reason for dibling the income by Department?
What is the remedy?

Kindly Advise!

Can a partner of Partnership Firm make Drawings in cash or prefer banking channels? Salary to partner and interest on partner's capital is credited to Partner' s Capital account.
Is there any applicability of Section 40A(3) or 269ST of Income Tax Act in this case, if cash drawings are made?

I am salaried person & I have a withdrawal EPF during the fy 23-24. Please tell me do we have shown EPF withdrawal amount in ITR ?

Dear Sir,

My father made an FD from his Current A/c in which I was the joint holder in the account. But after his demise I am not able to redeem that FD in my account since the financial rights to redeem the FD lies with my father's account.

My query is can I redeem the FD from his account now and take FD amount in his bank account and transfer it to my mother's bank account since she is made the nominee for that FD.

Please help me to resolve this query.

Regards,
Divyesh Jain

Cos of living allowance is taxable or not for working in abroad and the salary is received as Indian money in Bank account maintaining in India

Hi, Can you please help me with this error occurred when filing of FY23-24 24Q Individual.

T_FV_6351 Applicable and Mandatory For Financial Year 202324 onwards 'Other special allowances und

I am an OCI (non resident Indian). My father (a Resident Indian) gifted me his share in a property in India through a registered gift deed in January 2024 and we paid stamp duty on it. This gift transaction is now showing in both his and my Annual Information Statement (AIS) for FY2023-24.
Questions:
1. Does my father need to report this gift in his ITR2? If so, where is it to be reported?
2. Since this is a gift from a close relative - father to son, my understanding is there is no gift tax implications for either my father or me. Is my understanding correct?
3. Are there any capital gains tax implications for my father? Does he need to pay capital gains tax on it ? He purchased the property in 2012 and gifted to me in January 2024 for no consideration..
4. Do I need to report this gift in my ITR? If so, where is it to be reported?
5. I typically do not file tax returns in India since my India income is below the threshold. Do I need to file an ITR this year only because of this gift transaction?

Sir/Madam

I have one question regarding off market shares transferred to spouse account during the fy-2023-24. This share are sold by spouse after transferring shares from her husband.

Now we have to calculate capital gain tax of sale of off market transaction. In this case what is the date of purchase for calculating capital gain tax?? Date of purchase of Husband? or date transfer shares to her demate account??

And to whom capital gain is taxable ??? Husband or her spouse. shares are sold from her demate account.

thanks in advance