Dear Expert

Is TDS applicable for registration in Idea Awards exps ?

We paid a salary of Rs. 1,41,000 in cash this year to one of our employees. He is not on our payroll and bank transfer list. Now he is leaving the company. Mgt decided to pay Rs 2,50,000 as end-of-service/retirement benefits to him as he worked hard and sincerely during his tenure. So the total payment this year is Rs. 3,91,000. Is TDS applicable in this case?

Can we take a new regime of taxation limit to decide the TDS deduction limit or to take old regime limit ? Can we reduce the Standard deduction and other savings u/s 80C to decide the limit for the TDS deduction?
 
Please advise.

SIR
MR A FILED FOR THE ASST-YEAR 2024-25 WITH REFUND RS. 35200/- AS ON 25.08.2024 (FOR UNAUDIT CASE) TILL DATE NOT RECEIVED FOR THIS REFUND. THIS EFFECT OF REFUND RULES FOR DT 1.10.2024

THANKS

my turnover is Rs 21075130 no need to maintain books of accounts since my receipts is not exceeding 5% of cash critiria. my taxable total income after paying interest on capital and remuneration is Rs 1466540 tax will be 30% on this and cess will be 4%
But when i input data in form 5 it is calculating surcharge how to avoid the same since surcharge is applicable if my taxable income exceeds 1cr. could not understand what is the problem kindly advise. can i declare profit under presumptive taxation to avoid this surcharge

Under 194-c we need to deduct TDS if single bill exceeds 30k and aggregate exceeds 100k. However I am confused in below situation:
Bill 1 of 25k (no TDS deducted as it no limit exceeded),
Subsequently received Bill 2 of 34k (since 30k limit is exceeded do wo need to deduct TDS on 34k or 34k+25k),
And then Bill 3 of 50k (now at what amount should TDS be deducted)?

Dear Experts, i was filed ITR AY 2024-25, refund determined and received in wrong bank account ., The Bank account is my brother's account ,it was validated and EVC Unabled one in my IT portal, Now the account is locked by bank ( Recipient Banker Said) due to return of Refund to Sender Bank (i.e., ITD Refund Banker)., Can I file revised return to claim refund in correct bank account? or any resolution given to me sir.

Hi,

I sell my RHP1 in FY 24-25 say on 1 Oct 2024 for 80 Lakhs that was bought before 23 July 2023. I held it longer than 2 Years, so it is long term. The long term capital gain computed without indexation is 50 Lakhs. I want to use the benefits of Section 54. As per section, I can invest the capital gain in a new RHP bought 1 year ago or 2 year forward, and need to hold it for 3 years.
I purchased a PLOT in FY 23-24 say 1 Mar 2024, for 60 Lakhs. Doubts :

1. Can I show the complete 50 Lakhs of LTCG invested in PLOT and claim exemption u/s 54 in ITR of FY 24-25 ? I plan to build a RHP in it.
2. The 3 Year time limit is to buy and construct?
3. When does the 3 Year time limit start, on 1 Mar 2024 or 1 Oct 2024?

Thanks in Advance.

If a return for AY 2021-22 comes up for reassessment before 31st March, 2025 and the assessing officer finds the following while enquiring into the capital gain/ loss booked by assessee:
a). In AY 2018-19, assessee had incorrectly reported a short term capital loss (STCL) of 3 lakhs which was carried forward into AY 2019-20 when actually there was a short-term capital gain of 50000 rupees during this year
b). In AY 2019-20, assessee had offset 1 lakh of STCL against STCG and carried forward the balance 2 lakhs to AY 2020-21
c). In AY 2020-21, assessee had offset another 1 lakh of STCL against STCG and carried forward the balance 1 lakhs to AY 2021-22
d). In AY 2021-22, assessee had offset the remaining STCL of 1 lakh against STCG for that year

In such a case, can the AO do any or all of the following given that brought forward loss is a continuing issue ?
a). Disallow the setoff of 1 lakh for AY 2021-22 because the origin of this loss which was in AY 2019-20 was incorrect in the first place
b). Disallow the setoff for AY 2019-20 and AY 2020-21 (even though the escaped income is far less than 50 lakhs) and raise demands for these years
c). Disallow the setoff for AY 2018-19 (even though it is time-barred) and raise demand for this year

Is it necessary to include personal assets or liabilities (not related to business) in the balance sheet while doing tax audit?

Dear Sir, for the Asstt.Year 2022-2023, the assessee, the salaried person,has not filed the ROI, but however, the entire TDS was deducted by the employer. Now, after down loading the 26AS for the said year more or less the tax amount is tallied with the TDS deducted by the employer except of Rs. 5,250 which I have paid the tax under the self assessment. Now, I would like to file the ROI, but t there is no option to file the ROI, hence what is the solution/remedy