IS COMMISSIONER HAVE POWER TO ISSUE REFUND IF APPEAL FILED AGAINST RECTIFICATION ORDER UNDER SECTION 154 VIDE RETURN REPORCESS OPTION? IF WE FORGOT TO CLAIM TDS FOR LAST YEAR?

Dear Sir / Madam,

I would like to understand taxation in simple terms in the case of the redevelopment of a building for its members. I have read a few articles but did not get clarity on taxation and its reporting in the ITR etc. My queries are as follows:

This building is a Pagdi building situated in Mumbai, where the tenants have come together for the redevelopment of the building through a developer. They will receive 450 sqft in exchange for their earlier 240 sqft. The building was constructed in 1945.

There are two types of tenants: A) Tenants who are not going for additional area other than what they are eligible for, i.e., 450 sqft. B) Tenants who are going for additional area beyond what they are eligible for, i.e., may go up to 600 sqft.

The development agreement is entered into on 14-02-2025. All tenants are opting for flat in exchange of their property.

My questions are as follows:

1) Is the tenant required to show this transaction in their ITR for AY 2025-26 as a sale of property to developer? If yes, what could be the cost price and sale value? Will there be any capital gain in both cases mentioned above?
2) Is the tenant required to obtain a valuation report as of 01-04-2001 and 14-02-2025?
3) If not shown in AY 2025-26, and the construction is completed after two years, say on 14-02-2027, is the tenant required to show this transaction in the ITR for AY 2027-28? What would the cost price and sale value be in this case?
4) Is the rent received from the developer for relocation to another place taxable?
5) Is any hardship allowance received taxable in the hands of the tenant?
6) Is GST payable by the tenant at any point during the entire redevelopment process?

I would be grateful if someone could clarify the above points and provide any additional considerations from a taxation and ITR reporting perspective.

Thanks & Regards,
Suraj

If a person purchase flat of value 55 lacs which is under construction can tds be deducted and paid on full value of consideration instead of on each installment

Dear Sir / Madam,

I wish to know about taxation, in layman's language, in the case of the redevelopment of a building for its members. I have read a few articles, but I did not get clarity on taxation, its reporting in ITR, etc. My queries are as follows:

This building is a Pagdi building situated in Mumbai, where the tenants have come together for the redevelopment of the building. They will receive 450 sqft in exchange for their earlier 240 sqft. The building was constructed in 1945.

There are two types of tenants: A) Tenants who are not going for additional area other than what they are eligible for, i.e., 450 sqft. B) Tenants who are going for additional area beyond what they are eligible for, i.e., may go up to 600 sqft.

The development agreement is entered into on 14-02-2025. Also, note that the tenant is not selling the flat.

My questions are as follows:

1) Is the tenant required to show this transaction in their ITR for AY 2025-26 as a sale of property? If yes, what could be the cost price and sale value? Will there be any capital gain in both cases mentioned above?
2) Is the tenant required to obtain a valuation report as of 01-04-2001 and 14-02-2025?
3) If not shown in AY 2025-26, and the construction is completed after two years, say on 14-02-2027, is the tenant required to show this transaction in the ITR for AY 2027-28? What would the cost price and sale value be in this case?
4) Is the rent received from the developer for relocation to another place taxable?
5) Is any hardship allowance received taxable in the hands of the tenant?
6) Is GST payable by the tenant at any point during the entire redevelopment process?

I would be grateful if someone could clarify the above points and also provide any additional points to consider from a taxation and ITR reporting perspective.

Kindly revert.
Regards,
Suraj 

Dear sir/ Madam,
we have a registered society incorporated on 22/07/2022 and started business from 01/09/2022 . now we want to take exemption u/s 12A and 80G and for that what form should we file form 10A or form 10AB as we already started business.

Dear Sir,

We have exported the goods to Korea, but they have done re-work on the goods we exported.
We are required to pay USD 32,400.00 for the rework charges now.
Can we deduct the TDS from this payment?

Thanks.

Sir one of csc centre(individual) deals in money transfer and get cash payment from customers and transfer from his current account to others. And withdrawl money from aasdhar also. IRCTC ticket booking. Now his transaction in account exceed 22 lac in previous year and he earned Rs 328000
should he need to take gst? if yes than his liability becomes more than earning. For every Rs 1000
transfer charged Rs 10 as service charge
how to deal account for ITR and gst?
please suggest

Dear Experts. I have seen / heard conflicting comments on this issue. Hence bringing it up to the CA experts here. Appreciate if more experts share their views on the below

1. EPF: As per EPFO rules, a salaried employee can continue his EPF membership without any restrictions. However if no contribution is received in the account for 3 consecutive years, after 3 years no interest will be earned. Income Tax Act says EPF withdrawal upon retirement is tax free. Given this situation, in case of an employee who works with a company for more than 5 years, retires at age 60, does not withdraw the EPF accumulation until age 63, will the interest earned between age 60 and 63 be a tax free income or is it taxable?
2. NPS: Upon retirement at 60 years, a subscriber can withdraw 60% of the corpus as a lumpsum, which is tax free and has to take an annuity for the balance 40%. PFRDA has recently introduced a new withdrawal option “Systematic Lumpsum Withdrawal (SLW)”. Under SLW, a subscriber can make the withdrawals in a phased manner instead of a lumpsum. Withdrawals can be made monthly, quarterly, half yearly or annually upto age 75. If a retiree opts for SLW, are the returns earned during the deferment period tax free? Deferment period refers to time from age 60 upto period when SLW ends, max 75 years.

Hello experts,

From next year, the tax slabs have been increased to 12 lakhs.. i have invested a good amount in debt funds on my spouse name in July 2024 and planning to redeem it august 2025.. she is not working right now.. the expected profit gains from redemption is around 11 lakhs.. should i pay any tax on the profits ? the debt funds are held for 13 months only..

SIR
Mr A. Run of one wholes sales trade name xxxx. up to the FY year 2023-24.He purchased land of cost 75 lakes as on 10.05.2023. and debited in the trade balance sheet. He closed this business as on 31.3.2024. and he desired sold this land under real estate business from1.4.2024.how this land transferred from trade business to real estate business and pass this business entry.
thansk