My daughter has an NRO account which was converted from her resident account after her status changed to NRI.
After that the NRO account has been credited with dividends from Mutual Funds, SB interest and payouts from Life Insurance maturities and survival benefits. Last year 2023-24, HDFC mutual funds worth Rs 159692 were bought. Her status in HDFC MF is also in NRI status.

While filing for income tax for AY 2024-25
( i) I could see an amount of Rs 46772/- under the heading Dividend Income' (chargeable at normal rate) -
which is correct and this is showing in AIS/26AS
(ii) I could see an amount of Rs. 46772/- again under the heading 'Any other Income chargeable at special rate'. The actual head shown is 115A(1)(a)(iii) - Income received in respect of units of UTI purchased in foreign currency ? This is not shown in AIS.

Is amount under (ii) correct or this is a mistake from ITD in auto filling?

We have purchase some Table Fan & Revolving Chair to our COMPANY NAME with GST number for Office & Factory use purpose.

Can We take ITC for this Capital Goods.................

Company A Private Limited had an NPA loan in FY 23-24 for which the Bank gave OTS (one-time settlement) time limit of which was supposed to end in April 2024, but the company paid a 50% portion in FY 23-24 and took extension of 90 days and paid entire loan in the month of June 2024, i.e. FY 24-25. The loan amount was Rs.5 crores, settled at Rs.4 crores. How to deal with this as per AS 4 Event occurred after the balance sheet date.

One of my cousins is running an NGO (women’s welfare) WCD – under- PFMS. As per the instructions of Government of India, she has opened FCRA account to receive donations from foreign. If any amount is received in this FCRA account, what is the procedure to withdraw this fund? She has another current account of same NGO in to which she receives local donations. Is it permissible to transfer funds from FCRA to local account and then spend from that account?
R S Sai Kumar

We are a Public Sector Undertaking (PSU) registered under the Companies Act, 1956. During the financial year 2019-20, we made a provision for pay arrears effective from January 2016. Subsequently, we have continued to make provisions against pay arrears every financial year. The total provision till date amounts to ₹21 crores.
What are implication if reversing this provision in the financial year 2024-25.
Income Tax & Penalties and Interest, specific disclosures need to be made in our financial statements regarding this reversal
If provisions are of eligible nature and expenses are crystalized then tax implication and interest u/s 232 /233/234 ? please

WHAT IS THE RATE OF GST APPEL TAX PAYMENT FOR GST APPEL 7% OR 10%

Hello Team,

Trust you all are doing good.
I have a situation where in year 2022-23, taken a paid training from outside market worth 5L which was paid by employer, a KT bond was signed for 2 years effective post training. After 19 months of service(in year 2023-24) I decided to change the organization, had discussions on KT bond recovery on pro-data basis but they were adamant to recover full amount and during 3 months notice they recovered it full(2L+1.5+1.5L).

Now I have received Form 16, where they haven't mentioned this recovery but only income earned and respective other deductions during my stay.
As a consequences I have to pay taxes on those 5Lacs which I didnt received.

Could you please suggest way forward to show the amount which was recovered and reflect them while I process the ITR now.

Thanks
Prashant Pandey

PURCHASE SOLAR PLANT FOR SHOP CAN WE CALIM DEPRICIATION

AND WHAT IS THE RATE OF DEPRICIATION

THANKS IN ADVANCE

Is there mandatory to audit of superannuation fund? Superannuation fund is approved. If yes in which section?

Dear All,

The assessee has declared his income last year and filed form ITR 3 as there was a business income declared U/s.44ADA. He has GST number also. However, in last financial year (2023-24 AY: 2024-25), he does not have any business income. His income comprises of bank interest and long term Capital Gain.
Which form he has to use ITR 2 or ITR 3? As old regime is beneficial to him, question is can he file ITR 2 where opting for Old regime is simply by selecting while filing return? Or he has to file form 10-IEA and ITR return 3?

Please advise.

Thanks and regards