Dear All,
We received a notice under section 143(1) from the Income Tax Department in 2014.

We are a society (residential complex).

The Income Tax Department has computed our income as per the Companies Act and not taxed it as per the normal tax slabs, hence we have been charged additional tax demand of Rs 2.19 lakhs.

And later, we received another notice under section 245 of the Income Tax Act, 1961 on 17-02-2023 to adjust the refund amount against the pending outstanding demand in the subsequent years. We did not file any rectification return from 2014 till the last notice received on 17-02-2023.

We filed the rectification return on 27-02-2023, 10 days after receiving the last notice under section 245. But till date the department has not taken any action on it.

As per Income Tax rules, rectification return should be filed within 4 years of notice issued by the department.

The demand is still pending and the portal is still calculating interest on it.

I need your suggestion.

Is there any way to complete the rectification return and delete the demand amount?

Before 2014 we were getting similar notices and we were filing rectification returns within the time limit prescribed by the Income Tax Department and the department was consistently accepting the correction returns and deleting the demands.

Regards

When tax payer has a income of salary, capital gain, and other sources means he want to file ITR 2 can he change... New tax regime and old tax regime every year?

Hi,

i am filing ITR 2 (online) under which i am mentioning the CG and 112A (which is exempted)..as i can check it is not showing the tax part on STCG...i dont know why..where all i have to mention it so that it shows the tax in TTI sheet...
STCG (Before 23.7.24=18669, After 23.7.24=44118)

If I declare income of a partnership firm U/S.44AD. Whether tax will be payable on income before deduction of Partners remuneration/Interest or after deduction of the same ?

individual trader havin 2.25 crore sales, no cash transactions.
is 3cd applicable? 3% is net profit margin

my view--> yes, as net profit margin is less than 6% and limit is increased to 3 crore.

good morning,

as per my per my AIS TDS of 1% as been cut under sec 194c, i working a freelance consultant in company who r payment salary on contract basis to my bank account. request to provide me the corresponding ITR code under 44
d to claim returns

regards,
Melvin

CAN WE CLAIM DEDUCTION FOR INTEREST FROM SAVING BANK ACCOUNT UNDER NEW REGIME WHILE FILING IT RETURNS FOR AY 25-26

PLS CLARIFY
THANKA AND REGARDS
SURESH R

Dear all

i am doing management consultancy business and in financial i am claiming loss and also my turnover not cross tax audit threshold limit please suggest tax audit applicable or not.

my total consultancy receipt of Rs 1700000/-

Dear Expert,

For below income details what are the tax implication for this ?

1. Salary : 5 Lakhs
2. Income from Professional services : 5.5 Lakhs
3. Interest from Bank: 1.5 Lakhs

Gross Total income is 12 Lakhs (excluding Standard deduction)

In this case will I be eligible for 87A rebate as my GTI is not exceeding 12 Lakhs ?

Hi,
I salary income along with other sources income is below Rs 2,50,000.
i have received Rs 20.00 lakh as advance against land sale (this land was gifted by my mother to me) & i have kept this 20.00 lakh as FD in bank
should i disclose this 20.00 lakh in ITR ? if yes How
i am showing my interest income on this FD in ITR under income from other sources.