We maintain Employee Gratuity Trust account in bank. LIC credited gratuity amount in our Bank trust account.
In gratuity trust bank account unclaimed or un paid huge amount lies from 8 years. In that gratuity trust account bank interst credited.
Now we want to transfer interest earned amount to our business bank account and to show int. income.
Is it right method, if no, then what treatment to be done.

Pl. Guife

I followed the below process for claiming TDS refund on cancelled property deal:
In case of refund of TDS for Form 26QB, the buyer/deductor has to log-in to TRACES portal as a ‘Taxpayer’.
Step 1: Log in to TRACES – Enter User Id, Password, PAN and captcha
Step 2: Navigate to Statements / Forms > Request for Refund.
Step 3: Read the Refund Checklist and click on Proceed
Step 4: Select one of the reasons and click on ‘Add Challan‘
Step 5: Mention the reason for raising the refund request in the space provided.
Step 6: Enter the challan details. Click on ‘View Challan Details’
Step 7: Click the Challan Consumption Details
Step 8: Tick the appropriate checkbox and click on ‘I Agree‘
On the landing page, One can Add Challan or Remove the Added Challan.
Step 9: Click on 'Proceed' to continue.
Step 10: Enter the Communication Address and Bank Address
Step 11: Verify the details of Authorised Person. Click on 'Proceed' to continue.
Step 12: On next page, Click on ‘Submit Refund Request‘
Step 13: Validate 26QB Refund Request with DSC. Click on 'Proceed' to continue.
Success message will be displayed on the screen. One can Preview and Print Form 26B Acknowledgment.

HOWEVER,
On entering challan details, when I click 'View Challan details', challan details are not displayed. Instead there is a remark in red "Refund request can be submitted for OLTAS challan (s) where available amount in challan is equal to or greater than ₹1." Please guide. Do I need to revise my 26QB first, If yes, what changes should be made in that

Sir i purchase capital good on the month of march 2023. but received itc on 3b in april 2023.
NOw in gstr 9 in table no 6 whether i have to segregate the ITC as capital good or not as i have received in april 2023.
or i will show in table 8 (c) column and not to be shown in table 6 in gstr 9.

Please advice.

I have a money-back Insurance policy with AGEAS FEDERAL (formally known as IDBI FEDERAL).
I have paid premiums for 10 years, and now, from this year onwards, I will be getting around Rs. 2,85,000 per annum back for the next 5 years. This year I got Rs. 284705.18 credited in my bank account.

What is the taxability of this receipt?

Kindly advise

sir, i have filed a belated return(itr2) of client for ay 2024-25 on 14 dec2024 claiming there in income of 2 minor children (bank fd interest income)(return filed in mother's pan) and also claimed tds deducted under pan number of respective minor child as per form 16a of rs 17685 correctly. while processing this return they have issued refund of only one child's tds rs 8825 hence subsequently rectification request filed which was processed now with laibility of rs 8860 (17685 minus 8825 ) thus disallowing entire tds amt of rs 17685. reason given is Form 26AS does not contain amount
of TDS/TCS with respect to the
TAN mentioned in schedule TDS 1/. as such pl guide me how to rectify the case. thanks.

SIR, A DEFAULT NOTICE WAS RECEIVED FOR NOT DEDUCTING TDS AT 20% INSTEAD IF 1%. THE ASSESSEE APPLIED FOR CORRECTION OF DATE IN TRACES WHICH WAS APPROVED BY THE SELLER AND HAS GONE TO THE ASSESSING OFFICER WHO HAS ASKED FOR SOME DOCUMENTS . NOW THE SELLER HAS AGREED TO APY THE BALANCE DEMAND TDS ALONG WITH INTEREST AS PER NOTICE.
1. WHETHER IT CAN BE DONE? SINCE HE WAS UNABLE TO PAY THROUGH E-TAX SINCE BUYER'S PAN IS BLOCKED
2. WHETHER HE HAS TO APPLY FOR CANCELLATION OF CORRECTION REQUEST?
3. ONCE CANCELLATION IS DONE AND DEMAND PAID, WHAT HAPPENS TO THE NOTICE GIVEN NY THE ASSESSING OFFICER? WILL IT BE CLOSED OR NOT?
THANKS

Dear Experts
I faced a problem in the payment of TDS on rent in Form 26QC of my client. He pays rent on the property INR 90000/- per month and he vacated the property on 28th February 2025. TDS @5% was deducted & deposited for 6 months rent (i.e April-24 to Sep-24) & @2% was deducted & deposited for 5 months rent (i.e. Oct -24 to Feb-25) by submission of 2 No. Challan Cum Statement 26QC.
But TDS certificate 16C was generated @2% instead @5% deposited on total of rental amount INR 540000/- (Rent paid from Apr-24 to Sep -24) from the portal.
The date of Deduction & date of payment is 26th February 2025 mentioned in 2 No. From-26QC
1) Is the rate calculated @5% on 6 month rental amount if i mention TDS deduction & date of rent payment was 30th Sep -24 instead 26th Feb-25, I think i need to pay the interest & late filling fees from 1st Oct-24 to 26th Feb-25. OR
2) Challan INR 16200/-was showing unconsumed in the portal, can I make a refund request to my client bank account without any digital signature?

As per CBDT Order dated 27.06.2024 [issued in F.No. 173/03/2021-ITA-I(Pt.2)] The last date to make payment under Form 4 under DTVSV 2020 was 28.02.2022, One of my client opted for DTVSV 2020 but payment in case of my client was made on 19/03/2022, The status on IT Portal in my client's case was still showing "Awaiting Signed Form 5 from CIT", Therefore I e-mailed office of P-CIT to issue Form-5 and they replied that payment was made beyond the due date hence Form-4 is not found correct to be processed for issuance of Form-5 on the other hand my appeal was pending in ITAT of which Order has been passed u/s 250 of Income Tax Act,1961 The appeal is dismissed on the grounds that the appellant had opted for the Vivad se Vishwas Scheme, settling the tax dispute.
What are further consequences and their solutions?

is materials purchased in cash 50,00,000/- acceptable or not incurred, in one case consumable purchases are more than 50 lakhs towards consumable purchased shown in profit and loss account

if Rectification order passed by AO and if we already apply to ITAT Appeal against order of 250 of CIT(A) in reference to old assessment order under section 147, then we need to file form 36 separately for rectification order or not? if not then which order whether rectified or original order need to be attached in ITAT Appeal submission?