IS A LOAN GIVEN TO OTHER COMPANY TOWARDS TAX PAYMENT, WHICH IS A SHAREHOLDER TO BE TAKEN UNDER RPT TRANSACTION?
eg: A company given loan to B company for payment of tds monthly.

Kindly clarify.

I am seeking detailed information on the specific provisions and guidelines governing the taxation of judicial officials' income. I am particularly interested in understanding the allowances that are exempted from income tax, as per the relevant sections of the Income Tax Act.

To provide context to my inquiry, I have thoroughly reviewed the available resources on the official website of the Income Tax Department, but I believe that a direct clarification from the department would be invaluable in ensuring accurate compliance with the prevailing tax regulations.

I have attached Judgement Order copy towards tax free of sumptuary allowance, Medical allowance & Leave encashment allowace to assist in framing my query more precisely.

I kindly request your assistance in providing comprehensive information on the following points:

Clarification on the specific allowances exempted from income tax for judicial officials.
Any recent circulars or notifications that may impact the taxation of judicial officials' income.
Procedures to be followed for availing the aforementioned exemptions.

And also, major number of judicial officials in Karnataka calculating their income tax by deducting allowances (i.e., Sumptuary allowance, medical allowance & Leave encashment allowance including arrears thereon) in Gross salary before showing in computation (Only showing Net salary)

I understand that your time is valuable, and I appreciate any guidance or assistance you can provide to address my queries. If there are specific forms or documentation required to facilitate this process, please inform me, and I will promptly comply.

Thank you for your attention to this matter. I look forward to receiving your response at your earliest convenience.

DEAR SIR,

CONTRIBUTION MADE TOWARDS NPS ACCOUNT U/S 80CCD(2) BY EMPLOYER CLAIMING AS HIS BUSINESS EXPENSES. THE CONTRIBUTION MADE BY THE EMPLOYER IT IS TAXABLE IN HANDS OF THE EMPLOYEE. IF IT IS NOT TAXABLE THEN HOW SHOULD AN EMPLOYEE CLAIMING DEDUCTIONS U/S 80CCD(2).

THANK YOU

REGARDS

If I file updated return for ay 2023-24 in January 2024, upto which date can I get notice for scrutiny 143(2)?

Error in Uploading Return:

"clause 6 of Balance Sheet and any of the clause 62 to 66 of profit and loss account as applicable are to be filled if books of accounts are not maintained u/s 44AA"

Kindly help me to resolve this error.

An assessee who purchased a vacant site its stamp value exceed 110% than that actual price paid. Assessee wants to avoid section 56 deemed income due to the above transaction. what is the proceedure ?

Dear experts,

Our company made payment to non-resident, deducted TDS and remitted to government. Form 15CA has been filed. Subsequently, contract got cancelled. We informed to non-resident to adjust this payment with future invoice.
1. In this case, is it possible to adjust TDS deducted and remitted u/s 195 with future TDS deductions?
2. What will happen to the Form 15CA filed?

We Bought a residential plot for which we made a booking on *Jan 2021* along with an advance of 10% payment.

We got allotment letter on May 2021 clearly indicating plot number and everything in detail.
We got registered sale agreement in August 2021 for the property.
Later we kept on making payments as per schedule and got registry done in OCT 2023.

We got possession letter on OCT 2023.

Now in March 2024 we want to sell that plot which is a part of plotted development, as it is without construction will it qualify as STCG on sale or LTCG.

Please give your opinion.

We are seeing on internet that new income tax rule coming that if payment is not made with in 45 days it will be added to income .what is this?

Sir
Mid-Day Meal is supplied to students of elementary level by Mid-Day Meal suppliers, Meal is supplied as per rate fixed by the Government. For example, the rate fixed per student is Rs 12 / per day. The supplier supplies food at the rate of twelve rupees per student on each day. It is a no-profit activity. However, when the payment is made to the supplier at the end of the month towards the supply of mid-day meals, my office has been directed to deduct tax from the amount to be paid to the supplier. My question is -- Since the supplier has not earned any profit in the entire process of supplying meals, is he required to pay tax ????