Suresh S. Tejwani
25 October 2023 at 11:16

REGARDIING INCOME TAX TRIBUNAL APPEAL

WHETHER ASSESSEE HAS ANY LIABILITY OF PAYING ADVANCE PAYMNENT OF DEMAND BEFORE FILING APPEAL IN TRIBUNAL?
IF SUCH THEN HOW TO MAKE SUCH ADVANCE PAYMENT WHETHER VIA ONLINE MODE OR PHYSICALLY?


r rahul

I have filled return on 31 july and verified return 31 july filled original return with old tax system Can i revised return with new tax system i am salaried person what is rule?


Marimuthu

Dear Experts,
1 A company pays Rs 45,0000.00 to the service provider after deducting the TDS u/s 194C
2 After the certain period, the same service provider provides the service for the amount of Rs 20,000.00
3 Upto this second time service provided by him, the total trasaction value does not cross Rs 1,00,000.00
4 The query
Whether the company needs to deduct the TDS on this second time payment.
Since upto this second time payment, it does not cross the limit of Rs 1,00,000.00
Or once the TDS attracts, it needs to be followed in subsequent transactions.


VISWANATH SURESH
25 October 2023 at 01:16

54EC Bonds after 180 days?

I sold my property on 17-April-2023.
Am I eligible to buy 54EC bonds now to claim capital gains exemption? i.e after 180 days but within 6 calendar months i.e within 31-October-2023.

Further to above question, if I am eligible for exemption, even if I purchase the REC 54EC bonds now (after 180 days but before 31-Oct-2023), will IT department automatically accept it or I need to fight for it as the purchase of bonds is after 180 days but within 6 calendar months. Will Income tax department send notice since the investment in 54EC bonds is after 180 days?

Here 6 months statement w.r.t 54EC bonds leads to ambiguity and it is not clear.
Please help with more accurate information for above 2 questions.


Ashish Jain
24 October 2023 at 22:56

LTCG related queries u/s 54F

I've a couple of queries around LTCG u/s 54F.

1. Can I keep non-LTCG funds as well in capital gain accounts? I want to do this so that the corpus to buy a home stays in one place.
2. My mother wants to transfer me shares w/o consideration as a gift so that I can buy a home.
2.a. Will LTCG be exempted when I sell these shares?
2.b. Should I expect any notices if I try to seek LTCG u/s 54F in this case?
2.c. Can I be denied the LTCG exemption because of any reason in the above mentioned case?
4. Do I need to get any clearance from assessing officer when I close my capital gain account? If so, how to get it done?


Ankush Srivastava

Hi,
My AY23-24 refund is kept on hold with the message - "Refund kept on hold,Intimation u/s 245 is issued proposing adjustment of refund towards outstanding demand.
Sep 6, 2023". I checked the Outstanding Demand section and can see an action pending. How can I verify whether the demand is correct or not? Also, the demand is for AY 2021, so why is it being levied now given I had cleared my ITR in previous years? Is the simplest way to get the current year's refund to accept the demand and proceed? But then how will it guarantee that whenever someone files an ITR it is correct, and I can receive an outstanding even after 50 years?


Javed Memon

Respected Sir I have filled return u/s 139(8A) but return is defective or incomplete .
the notice received as per below reason
Return has been filed u/s 139(8A), but it is not accompanied by the valid proof of payment of tax as required u/s 140B.
i have filled return of 3 lakh fifty thousand income , i have Paid 1000 Rs. Late fees under self assessment Tax (300)
there is no tax Liability arised u/s 140B so why i have received this notice and
How to Respond this notice ?


Nilabja Saha
24 October 2023 at 19:48

Underwriting Commission Written Off

Underwriting Commission is written off , when ?
1. From Profit and Loss Account ?
2. From Securities Premium Account ?

Please give an example of each and explain the differences thoroughly .


Daya

IGST Output whether can be adjusted with CGST Input and SGST Input.


SHYAM KRISHNAN K
24 October 2023 at 18:47

Regarding Transitional Credit

What are the conditions for availing tran credit (Tran-2), if the delare have not the possession of tax invoices