Hi Team,

I have filed updated return u/s 139(8a) for AY 22-23 in June 2023. Its been in under processing since Feb 2024 but not yet processed. Raised multiple complaints in income tax portal but was of no use. Does anyone also faced similar issue and how long it takes to process updated return?

Dear Expert,

Our company has organized annual event at one restaurant, where all employees will have meal, dance and party together.

Restaurant is charging amount around 5 Lakh.

So is this 5 Lakh amount liable for TDS deduction ?

Please guide.

Hi All,

An assessee owned two separate residential flats.
She sold both these flats during the previous year…i.e. one flat for 150 lakhs in April and other flat for 160 lakhs in August.
LTCG from these flats stood at 123 lakhs and 138 lakhs respectively.
She utilised the entire proceeds from sale of both flats for purchasing one new residential flat for 335 lakhs.
Can she avail exemption u/s 54 twice in the same assessment year ?
Will LTCG arising out of both flats be exempt u/s 54 for investment in the same new residential flat ? or does she have to buy 2 separate residential properties ?

Thanks & Regards
Niki

Sir,
It assessess owns maintained hospital yearly Gross receipts rs:2 crores books of accounts electronic mode method maintained f.y.23-24 and f.y.24-25 books of accounts manual mode maintained
Question:
Assessess electronic modes method maintained compulsory for it act.

There are three coparceners [one mother and two daughters] selling a residential property to an individual. Both the daughters will not receive any share from the sale proceeds money from their mother. They have given power of attorney to the mother. Mother only will execute the sale deed.
Purchaser has to deduct tax and pay it in seller’s PAN.
Now, purchaser’s doubt is whether can she pay the entire TDS amount into mother’s PAN only?

FORM 29B FOR MAT IS MANDATORY TO FILE BEFORE 30TH SEPTEMBER? IF YES, THEN WHAT IS CONSEQUENCES OF LATE FILING THIS FORM?

Sir
Can you pl clarify whether the flying instructors in the flying academy to train the pilot trainees, do they come under
44ADA. Please clarify
Rgds
Anand

Hello Sir,
I have one client for Agricultural Land Lease provide to Wind electricity company, as per lease agreement, agreement period is 20 years lease amount is Rs. 20Lacks. The lease amount paid by company whole in single year rs. 20lacks single payment and also Tds deducted @rate 10%.
But above situtation how much income disclosed to income tax return because Rs. 20 lacks considered not a single year it should lease period is 20years the income should shown year by year also.
Kindly tell the above problem solution

One of my client got a IT intimation that refund is in violation of Section 44ADA. However, we have filed Tax audit report U/s 44AB(e) business income. There is no professional income earned during the year. But while deducting TDS for one of transaction by one of their vendor it was been made U/s 194J. Please advise at the earliest.

my friend applied for duplicate PAN CARD as his pan card was lost somewhere.then he came to know that one more card was issued in his name. how to cancell another card.the card which he usages has linked with aadhaar.