Hello, I am planning to buy a mobile phone on EMI, but I do not have a credit card. My friend has agreed to use his credit card for this purchase, and my company will reimburse the EMI amount to me each month. To claim this reimbursement, I need to submit the following documents to my company monthly:
1) The phone bill.
2) The credit card statement showing the EMI debit amount (from my friend’s card).
3) My bank statement showing the same amount transferred from my account to my friend’s account each month.

The EMI cost is around ₹9,100 per month, totaling over ₹1 lakh annually. My concern is whether my friend might be taxed on the amount I send him each month, as it could appear as income in his account.

Questions:
Will my friend be liable to pay tax on these monthly reimbursements if they exceed ₹1 lakh over the year?
If so, what is the best way to structure these transactions to ensure that this reimbursement isn’t considered taxable income for him?
I would appreciate any guidance on how to handle this to avoid tax implications for my friend, as this amount is solely intended for the EMI payment of my phone.

Thank you in advance!

Dear CA club Team,
I am doing the my company and my Company Name is Varun solution Pvt Ltd and my question is My company is dealing into export and pay some commission as well as taken pay some professional fees payment to outside india.
So Please guide me can i deduct tds under section 194H and 194J or any other section if any other section then what should the Tds Rate and any provision and pls discuss with me example basis

Our company is using the service from Open AI and Envato (Both are NR and issuing bills in foreign currency), should we need to deduct TDS?
Payment made via credit card 15CA and CB is required?
This will also be covered under Appeal No: IT No. 3234/Bang/2018.

Company arranged picnic in Imagica for employees. They raised invoice for Tickets, Snacks & beverages ( 300000+100000+25000)and also separate invoice for value vouchers (Rs.101000) which was used by employees for shopping in Imagica.

Need clarity on deduction of tax at source on value vouchers

I Form 15CA needed for remittance by domestic travel agent by to Foreign Destination Management Company of Rs. 85000 for hotel booking.

Sir,
Can you please tell me what is the TDS rate on rent paid to NRI?

Will OLD Tax regime continue for the year 2024-25 ???

I had bought a Pre-const house for 55lac and paid Stamp duty on 55lac during registration.
I made 54,00,00 payments in installments and now making the last installment of 1 lac

On the 26QB form

Total Value of Consideration (Property Value) -₹55,00,000
Payment type*-Installment
Whether it is last installment ?*-Yes
Whether stamp duty value is higher than sale consideration ?* - Dont know what to choose
Total amount paid/ credited in previous installments, if any (A) * ₹54,00,000
Amount paid/credited currently (B) *-₹1,00,000
Total stamp duty value of the property (C) *₹55,00,000

Now under
Tax Deposit Details, I am getting
Amount on which TDS to be deducted (D)*₹55,00,000, which looks wrong.

Should this not be the amount currently paid ₹1,00,000. What am I doing wrong?

I have some doubts about filling ITR 6 Schedule CFL and UD of a private company. The details as follows.

In FY 22-23:
Income: 278,565
Depreciation (as for IT): 162049
Depreciation (as for company): 166461
Loss (as for company): 20,59,983

In ITR 22-23:
Schedule CFL: 20,59,983
Schedule UD: 162049

In FY 23-24:
Income: 76,429
Depreciation (as for IT): 127,862
Depreciation (as for company): 195,621.75
Loss (as for company): 684350

1) What should be mentioned in Schedule CFL and UD for 23-24?
2) Whether Schedule CFL and UD was correctly filed in 22-23?

Sir
I have given Rs 5 lacs on different dates to three persons without any consideration as details below :- 1 .my sister in law's husband
Rs. 2 lacs(saddhu bhai)
2. My sister in law's son 2
lac
3. My sister in law 'a daughter 1 lac for 3-4 months period on occuussion of marriage of her daughter and for their house construction.
All the above transaction made through online through phone pe

Question is that after 4 months they will return my
money through digital transactions.
Please confirm
1. Whether it is ok
2. Any tax complication will arise when I will receive my money from only one person ie from my saddhu bhai (they are going to retire after 4 months and after receiving his superannuation money from govt they will return my money)
Regards
CD SHARMA
🙏