WHETHER THERE IS ANY TIME LIMIT FOR FILING RECTIFICATION U/S 154 FROM THE DATE OF FILING ORIGINAL RETURN?

Hi Sir/Madam,

My Company purchased a fixed asset for Rs. 51500. Out of 50000,Rs.1500 is for transportation charges. Whether TDS applicable on Transportation charges of Rs. 1500?

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Hello Tax experts,

My query is related to the interplay of Advance Tax, Long Term Capital Gains and Section 54F exemption for some recent financial transactions.

I sold shares in Jan 2024 and earned Long Term Capital Gains > Rs. 1 lakh. I plan to invest the entire sale proceeds in a residential property to avail LTCG tax exemption under Sec 54F.

1. So, do i need to pay advance tax on the LTCG ( @ 10% of LTCG) in March 2024 quarter to avoid interest/penalty under Sec 234A/B/C?

2. If I have to pay advance tax by Mar 2024, it means that i have effectively paid the LTCG tax to IT dept, and in future I'll have to seek refund of it when I apply for Sec 54F exemption. Is this understanding correct? If not, please correct me.

3. If i skip paying advance tax by Mar 2024 and deposit entire sale proceeds into Capital Gains Account Scheme (CGAS) by 31 July 2024, will i still be charged interest/penalty under Sec 234A/B/C?

4. Any other ways by which I can eliminate the need to pay taxes upfront/block my money whether in form of Advance tax, CGAS deposits, Sec 54F exemption etc.

Requesting genuine advice from the experts on this forum and thanking them in advance for their valuable time and advice.

Dear Experts,

One commercial property was purchased by a partnership firm in 2005 consisting of 5 partners.

However in a span of 4 to 5 years , 4 partners retired from the partership due to losses in business and partnership firm was dissolved. Also in land records , the property was transferred to the 5th partner who then continued the business as a proprietory concern. However no compensation was paid to 4 retiring partners due to losses in business as per agreement.

Now if the 5th partner i.e the sole proprietor sells the property what will be the cost of property for purpose of Capital gains? Will it be only his share when the property was originally purchased or entire cost of the property?

Please advice

Regards,

For FY 2020-21, the income tax return was filed under new tax regime but while filing Revised return (ITR 3) The return was processed without considering the same as it was not opted within the the orginal due date. The income tax return for the subsequent two years was filed under new tax regime without filing the form but within due date and the same was processed with demand ( Old regime). Can you please advice the resolution of this issue.

Thanks in Advance

How to check supplier status of compliances By Pan Card No?

Dear Experts

one of my clients received an advance amount in FY 18-19 for goods supply from the party and he deducted TDS 5% showing that commission expenses..now the income tax department wants to add this income under section 147. when he filed an income tax return he did not claim this tds while filing income tax..

Kindly suggest a reply and provide me with reference case any

Dear Sir

Please clarify whether the following taxable income calculation is correct or not,as the total deductions are more than the taxable income

Gross income-1819876

Standard deduction-50000
Chapter vi deductions-601206
Hra exemption-120762
24 b-200000
-----------------------------
Total deductions 971968

Taxable income-847908

in F.Y 2021-22 we missed a TDS payment of Rs.1,00,000 under 194j now we are paying this in Q4 f.y 23-24. in which year this TDS will be reflected