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CA. Aditya Goel
01 September 2023 at 18:23

TDS u/s 194 IA - Practical Queries

Please help with my queries regarding TDS u/s 194IA on purchase of property

1. first payment made on 1st January (booking amount), then 2nd payment made on 8th january (allotment amount), builder buyer agreement is executed on 15th January, in this case what would be date of agreement/booking to be filled in form 26QB.

2. property purchased by husband and wife (both working), but whole payment is made by the husband to the builder, in this case, TDS compliance is on both or only husband?

3. in case both needs to pay the tds then in form 26QB, in total value of consideration, 1 CR to be filled for each or 2 CR each? i think it should be 1Cr (their share) but still double checking as total value of property is 2 CR.


Rajesh
01 September 2023 at 17:35

Unsecured Loan by Partnership Firm

Can A partnership firm engaged in trading activities grant unsecured loan to another partnership (not related in any any manner).
Is there any legal issue under money lending Act and any other Act ???


Lalit Chaudhari
01 September 2023 at 16:59

Calming the TDS of AY 2021-22

I am salaried person and regularly filing my income tax return (ITR-I). In the assessment year 21-22 I received the amount of Rs 32,50,822/- as compensation for Compulsory Agri Land Acquisition by govt. However the acquisition body deducted the TDS of Rs 6,50,164/- at the rate of 20% view non submission of Pan Card and I did not get the credit on my pan for that relevant AY 2021-22, further I filed my income tax return for AY 2021-22 showing only salary return and did not claim the compensation and its TDS. Thereafter, after lot of persuasion through my lawyer, recently I got the credit of the TDS of Rs. 6,50,164/- in AY 2021-22 but in mean time my return was processed by CPC and issued intimation order u/sec 143(1). Further I tried to rectify the said return but I was not able to do the same and the IT web portal rejecting the rectification request showing the reason that an additional TDS claimed. Now my question is how to claim the said TDS of Rs. 6,50,164/- of assessment year 2021-22.


sai reddy

Hello Sir,
What would be income tax business code for income earned through proof-reading of books.
Thank you for your guidance.


Rajesh

Hi,
A partnership firm is registered with 2 partners and one partner dies in March 2021 , but the firm continues its business activities till date and files his GST and Income Tax return in Firm status. As one of the two partners dies, the firm should be dissolved as the number of partners after death is below 2.
This year the turnover is above 2 crore and its liable for 44AB audit. Please advice whether an auditor can accept the engagement and if yes, what audit qualification has to be put on the audit report and other matters also.


M.Ramkumar
01 September 2023 at 15:02

Section 68 of companies Act 2013

Dear Experts

Kindly let me know , What will be the accounting entry in case a Private Ltd company Buy back its own shares

Thanks in Advance


Ritesh Shah

I have received an email from the Income Tax department citing the above subject error against the ITR filed for AY 2023-2024.

I am shocked to note that the department has referred to a section 80P which is irrelevant and we have not claimed any deductions under this section in our ITR.

How do I resolve this issue?


Amol Khandagale
01 September 2023 at 14:21

ITR PARTNERSHIP DISCRIPANCY

In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income. please solved the query


CA Sunil Kumar CS

I have asked for Score Card and criteria on preparation of Score Card for a nationalized bank and they refused to give it taking stand that those are their confidential matters. can we go for an appeal.


J DAMODARAN

Dear Sir/Madam, We are Tax Consultancy Firm, have file a Partnership firm IT for the Ass Yr 2023-24 with Loss for a Manufacturing Firm.
Received a Message stating that
"In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income."
Please suggest how to resolve
Thanks