We plan to purchase one Saloon Car costing Rs. 9,90,000 for my daughter. Funds are transferred from me, my wife and her brother to her account and she is transferring the same to Indus Motors.
She is employed. We all are filing tax returns.

Are there any tax implications?
What precautions, if any, do we have to take and are there any documents to prepare?
We are not taking any loans.

Kindly advise

Dear Experts.,
The gross receipts shown in Form 26AS are higher than the total of the receipts shown under all heads of income, on which credit for TDS has been claimed, in the return of income filed. Thus, while credit for TDS is being claimed in the return of income, the corresponding receipts are not fully disclosed in the respective income schedules. Hence, the return of income filed is regarded as defective, as per clause (a) of the Explanation under section 139(9).
I have declared interest income earned from savings bank and FD interest. Apart from this I have Cash Withdrawals of 1144000/- for which TDS deducted u/s 194 N Shall i declare cash withdrawals as income in ITR3 Please guide me. Thanks in Advance.

Is interest earned from government bonds/bills invested through the RBI's retail direct platform considered "Income from Other Sources'" like FDs?

Budget 2024 removed indexation benefits and long-term capital gain benefit for debt funds. Do the changes apply only to the deby funds purchased after March 31, 2023?

IT Department sent a defective return notice. But client didn't notice it. Time has lapsed a month ago. How to resolve this ?

Dear Sir
1. In CPC portal I am unable to apply rectification showing error as Latest return not yet processed which is updated return which is pending for processing from 9 months.
2. Can I approach Jurisdictional AO and do manual rectification to release assessment order

The assessee is a contractor. The contractee has done the tds on the whole amount paid 6cr. Where as the assessee has considered the amount as inclusive of GST and filed the GST and ITR on 5.08cr turnover the same has also been considered in the audited financials and TAR. The ITR has been filed by claiming the tds for the whole of 6cr and it became defective. Any suggestions on how to proceed further.

Note: The contractee is not willing to revise the tds by saying that he has paid the whole amount as advance.

I am 75 year old senior citizen and have lost my life time savings & investments in cyber fraud.
Can I set of the loss against long term and short term capital gains

LLP is subject to audit under companies act 2013 having turnover of Rs.2.25 Cr

My question is
In this case due date of filing return of income of LLP and its partners is 31st October 2024 for AY 24-25 ?

Child is foreign citizen Father is resident is income accrued in nre and FCNR clubbed and taxable?