Dear All,

HUF's original IT return was filed under NEW regime before due date & there was a refund of Rs. 44000/-., Now the assessee wants to revise this return as he forgot to show Tax saver FD of Rs. 150000/- under 80C investment. Had this shown earlier, he would have got refund of Rs. 49000/-.

Can he file a revised return under OLD regime by claiming this 80C deduction??
Kindly guide.

Thanks & Regards,
Suraj

Dear Experts

We have received Income tax demand u/s 156, however we missed to take credit of one TDS. Shall we pay the demand first and then revise the ITR or directly file the Revised return?

In respect of a trust registered u/s 12A, suppose we have total receipts amounting to Rs.10,00,000 during the year out of which 8,00,000 has been applied to charitable objects. This results in excess accumulation of Rs.50000 (i.e. excess over 15% of 10,00,000). When we enter the receipts and expenditure in the ITR form, it itself computes excess accumulation of 50,000 and includes it in taxable income. Now this 50,000 needs to be reported in section 115BBI. However when we do so, in the total computation, this 50,000 gets updated twice (one from the system calculated excess and other from schedule BBI) resulting in total taxable income of Rs.1,00,000. Although tax is being computed on Rs.50000 only as the other 50000 is getting exempt being less than basic exemption limit but from the disclosure point, the taxable income computation is not correct. Please suggest on how to resolve this issue.

Whether TDS is applicable in the case of loans available from Non banking finance companies

Hii
I received notice for aforesaid topic(REBATE U/S 87A DISALLOWANCE AGAINST SPECIAL INCOMES(111a)) should i pay the demand or file revised return to change the nature from capital gain to business income assuming stock are held stock in trade and claim benefit of 87a on business income.

whats are taxes applicable on derivative such as
F&O - Securities Transaction Taxes
Currency - ?
Commodities - Commodities transaction taxes.
Please reply what are taxes applicable on Currency .

what is the Tax treatment and Accounting treatment of Derivative, such as
F&O, Currency, Commodity etc

I have read that maximum 14% of salary (Basic+DA) is allowed as deduction u/s 80CCD(2). But is there a maximum amount of limit of the said deduction ? If my salary is 15.00 lac (Basic +DA) and 14% of which comes to Rs. 2,10,000/-. Whether employer can deduct 2,10,000/- as NPS on behalf of me ? And whether I can get deduction of 2,10,000/- from my salary income ?

Which bussiness code , working for Deal Share Delivery . Tds have been deducted under 194c. please provide income tax business code

Dear Experts,

One of my friend filed Nil return in ITR 1 with old tax regime for AY 2023-24 before due date i.e. on 15 July. Same got process in the same month. But in December, He filed revised return in new tax regime in ITR 2 and paid some taxes. When this return got process, as per 143 intimation department assessed it as per old tax regime and put some extra tax liability as demand.

He filed Rectification multiple times but every time they process as per old tax regime and liability remains same.

My question is, Can we file rectification for revised return which is being filed after due date i. e 31 July? How can we address this situation?
Thanks in advance.