We bought solar panels and got 30% subsidy from government, how to pass entries in tally. how much amount to be capitalize and 30% where to transfer for Society books of accounts.

Sir,
I am working in India, My agency has put my salary under 194JB and 194C for IT.
Hence my ITR1 was rejected, which form should i fill.

regards
Aby Mathews

Mr. A, B and C are the partners in the partnership firm. Mr. A and his family are not in the contact of other partners. For the bank KYC all partner's proof is required. Therefore, other partner's wants to retire Mr. A form the partnership firm. Is It possible to retire Mr. A from the partnership firm without his sign? If no, then what is the procedure of Retirement of Mr. A from Partnership Firm?

I have filed my ITR on 19-July-24 and got this message. Im a salaried person.

The return of income filed by you as per the above details is considered as defective with-in the meaning of section 139(9) of the IT Act for the following reason:
Reason

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

Probable Resolution
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.

recived a msg from ITR verification

' The return of income filed by you as per the above details is considered as defective with-in the meaning of section 139(9) of the IT Act for the following reason: You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1. '

Hi Experts,

I bought Bharat Bond April 2023 in May 2020.
Unfortunately, I was forced to sell in April 2023 because the term got over.
NOTE: I did not want to sell and incur Short Term Capital Gain. The tax is quite high. (May 2020 to April 2023 is just under 3 years)
So, I immediately bought Bharat Bond April 2025 (exact consideration amount), hoping to make it a Long Term Investment (which was the initial intention)

Now my AIS shows Short Term Gains due to Sale of Bharat Bond 2023.
I want to show Long Term Capital Gain when I sell Bharat Bond 2025 in FY 2024-25.

Please suggest how I can save tax.

Thanks,
Kapil

Dear Expert,

In Oct-23 I do have ITC reflecting in 2B, but that time I had filled Nil return.

But later I realized that I should have avail this ITC, then I had avail that ITC in May-24, entered additional detail in Table 4(B)(2).

Now my credit reversal and re-claimed statement showing negative balance.

What actions can be taken to resolve this issue ?

ONE OF MY CLIENT IS HAVING GST AUDIT DEPARTMENT IS ASKING FOR GSTR1 LATE FEES

Hello friends,

My CA has filed Form-26Q in the month of May for 7 months rent, whereas it should have been filed for 6 months rent. How to rectify this error? What form need to be filed?

We have sold our late father's house for Rs. 96 lakh, and the proceeds have been divided among three brothers

An advance of Rs. 16 lakh was received in December 2023, with a 1% TDS deduction, deposited into the bank accounts of all three brothers.

The final payment of Rs. 16 lakh was received in July 2024, with a 1% TDS deduction, deposited into the bank accounts of all three brothers.

Could you please advise on how to report this advance amount in ITR-2?