We are registered GTA and we had raised our invoices for the transportation charges related to March-24 in the month of Apr -24 and accordingly GST returns were done. But one of our customer has taken provision of 26 lacs and has filed his TDS return. Now our auditor is telling that we need to pay income tax on that 26 lacs. But then there will be difference in turnover with ITR and GST returns. What is the solution for this. If we pay income tax on 26 lacs then the turnover mismatch will continue for next financial year also as that customer will again book provision in his books and file tds return accordingly. Please advice what we can do for this mismatch

Mr. X has filed their ITR under New tax regime, now he wants to revised his return under old Tax regime. whether revise return is filed under old tax regime?

Dear Sir,

Unknow tds entry reflect in my 26S FY 2023-24, now what is solution because last of itr filing is so close, pls tell me solution? if i am not consider that tds entry, my return will be show invaild or mismatch show or if i consider that entry but if later on the deductor file the tds correction sheet then return will be show mis-match.

Please some solution?

In the case where installation involves some material , TDS u/s 194-C is applicable. So If I have a service order which mentions the material amount and charges for installation/fitting. Shall I consider the whole amount of SO for TDS applicability or only the charges for installation for TDS.
Attaching the case for reference

PURCHASE ORDER
Supply of Grundfos make pressure booster pump with integrated speed controller model Scala
2, horizontal mount with flow rate for 2 Nos Rs. 99,414.00
Installation, Testing and commissioning of the pumps (02 Nos) including all Pipe fititngs and
electric wires and all allied accessories. Rs. 20,000.00
Sub Total: 1,19,414.00
GST@18%: 21,494.52 Grand Total: 1,40,909.00

Please do let me know the applicability of tax audit to a proprietorship concern who have the turnover of Rs.5.6 crores, whether we need to go in for tax audit or self assessment is enough.

HOW TO REVISED IN 26 QB STEPS AND PROCEDURE

Return of Income for the AY 2022-23 was filed by individual Long Term Capital Gains and claimed exemption u/s 54 by invested in Capital Gain Scheme A/c in a Bank. Now during AY 2024-25 the assessee had withdrawn the entire amount from Capital Gain Scheme A/c and closed due to unable to buy House Property/completion of construction of house property within the time limit. Under which head the withdrawn amount to be offered as income.

1- Is ITC on cement and other consumables available to petty contract taken from sub contractor?
2- Is ITC on rent of plant and machinery (JCB machine) available if used in making of immovable property?
3- Is any kind of ITC available to petty contractor constructing for sub contractor?
*All the above services are provided to construct an immovable property of someone (client) not own asset.
Thanks in anticipation

A government employee has received lumpsum payment of Rs. 75000 at the time of retirement form service, under the Family relief scheme. Is the amount exempt? If so under what section?

Thank you in advance

This is a single buyer and single seller transaction for an under construction property. I got a demand from the builder for the last installment payment which is around 6L. Along with this, I have to pay the other charges like advance maintenance, gas connection etc which is around 2L. Builder gave me 3 invoices and I have to pay the TDS for all of them.
1. First I am trying to pay the TDS on the 6L. I am marking this as last payment while filling 26QB form? Because technically this is the last payment in the schedule.
-- Total amount paid/ credited in previous installments, if any (A) = 3L (this is last installment amount)
-- Amount paid/credited currently (B) = 6L (current installment amount)
-- Stamp duty = 3L (original stamp duty I paid)
-- I am getting this error: Warning : Difference between total of ‘Total amount paid/ credited in previous installments, if any (A)’ + ‘Amount paid/credited currently (B)’ and ‘Stamp Duty Value (C)’ is more than 20%.

2. Should I select Lumpsum for paying TDS on Other charges?

Appreciate your help