Sir,
one of landlord pay local board building tax on 15.07.2026 for 25-26 payment . He also incurred Penal interest for that
1. which year he can claim deduction form his rental income
2. can he claim Penal interest also.
Please advise
With regards
Binu

If a foreign individual receives a foreign inward remittance (income received from outside India), where should this be reported in the ITR utility, if at all? If the amount is exempt from tax in India, is there any requirement to disclose it in the ITR? Kindly clarify the relevant schedule/field, if applicable.

Hello Sir /Maam

EPFO credited interest.I put VPF above 2.5L as I find VPF a safe option inspite of tax component.

But credited interest it's not reflecting in 26AS/AIS

How to file tax and for which year to file tax
The Passbook neither mentions date of credit not the taxable interest .Just I see enhanced amount .When entries are not there in 26AS/AIS how to file?

I have a query regarding the reporting of Futures & Options (F&O) transactions in ITR-3 and the applicability of tax audit under Section 44AB.

The facts are as follows:

I am engaged in F&O trading.
The total traded value (purchase + sale contract value) exceeds ₹20 crore.
The absolute net profit from F&O transactions is ₹7,13,000.
I have filed / intend to file ITR-3.

My queries are:

Since the ₹20 crore represents only the total traded value and not the F&O turnover as per ICAI guidance, is a tax audit under Section 44AB applicable?
While filing ITR-3, should the purchase and sale figures represent the gross contract values, or should only the F&O turnover (computed as per ICAI guidance) be reported?
If the Trading Account schedule in ITR-3 contains fields for Sales and Purchases, what amounts should be entered for an F&O business?

Sir,

I need your guidance regarding my Income Tax Return.

I run a kirana store where I sell grocery items. Along with the grocery business, I also provide money transfer and utility bill payment services.

For both businesses, I receive payments in cash as well as through UPI. All the cash collections are deposited into my current account.

* Grocery sales are ₹58 lakh, and these sales are reported in GST.
* I file my Income Tax Return under Section 44AD for the kirana business.
* From the money transfer and utility bill payment services, around ₹48 lakh has been collected from customers. However, this amount belongs to customers, and my actual commission income is only about ₹2.5 lakh.

My question is: How should I report this commission income in ITR-4? Should I show only the commission income of ₹2.5 lakh as my business receipts, or should the total customer collections of ₹48 lakh also be reported anywhere in the return?

Please guide me on the correct treatment in ITR-4.

Experts /Sir,

Like all EPFO subscribers, EPFO Interest for the FY2024-2025 was credited in July 2025 i.e. in FY2025-2026 (IT AY2026-2027).
EPFO has deducted TDS for the Interest paid. Looks like EPFO has either not remitted the TDS to IT Dept. or have credited it against some other PAN than mine.
Both the Interest paid and TDS deducted does not reflect in my AIS or Form 26AS.

I have raised EPFO grievance and also sent EPFO Commissioner an email, but there is no response.

The only proof I have is the EPF Passbook/Statement downloaded from EPF website which shows Intt. paid and TDS deducted.
While filing ITR for AY2026-2027, is there a way I can claim this TDS without the AIS/Form 26AS reflecting the Intt. paid and TDS deducted ?
Appreciate your expert advice.

Good morning Sir,

I have a query regarding Section 44AD.

Can interest income earned from a money lending business be treated as business income and offered under Section 44AD? Or should such interest income always be shown under the head "Income from Other Sources"?

Could you please clarify the correct legal position and any relevant provisions or judicial precedents on this issue?

Thank you, Sir.

Which ITR to file if the TDS is deducted under 194A and 194C? If I'm filing ITR3 it's showing you cannot file under this as there is no business income and if I'm filling under 2 its saying I cannot file under ITR 2 as 194 C is not considered under ITR 2

Respected Members,

I have a query regarding the reporting of Remuneration received as a Foreign Employee from a Foreign Enterprise, which is exempt under Section 10(6) of the Income-tax Act (subject to satisfaction of the prescribed conditions).

In the previous year, while using Spectrum software, we were manually entering this amount under exempt income, and the ITR was filed successfully.

However, after the latest software update for AY 2026-27, manual entry is no longer permitted. We have to select an item from the predefined list. Although the list contains **"Remuneration received as Foreign Employee"**, selecting this option results in a JSON validation error stating "Specify Category."

On contacting Spectrum support, their executive advised us to report this income under "Income Exempt as per CBDT Circular", after which the JSON is generated successfully.

My query is:

1. Is there any **CBDT Circular/Notification** under which remuneration received as a foreign employee from a foreign enterprise is treated as exempt?
2. Since the exemption is available under **Section 10(6)** and not by virtue of any CBDT Circular, is it technically and legally correct to report it under **"Income Exempt as per CBDT Circular"** merely to overcome the JSON validation issue?
3. Has anyone else faced this issue in Spectrum or any other ITR utility? If yes, what is the correct reporting approach?

Any guidance or reference to the relevant provision, schema validation, or CBDT instruction would be greatly appreciated.

Thank you.

This version clearly explains the issue and is likely to get precise responses from practicing CAs.

Issue: A salaried employee is getting reimbursement of Fuel/driver expenses etc as part of his salary against his own car. So far in old regime, he can claim the exemption u/s 17(2 of Rs. 32,400/- for his small car. However, while switching to new regime this year, he is unable to claim the same in ITR-2, though the Form captures the perquisite amount under the Income Head- Salary properly. My query is -

1) Is this exemption u/s17(2) is still available under New Tax Regime ?
2) And if so, how can this be claimed in ITR-2?