Dear Respected Members,

I would like to seek clarification on the consequences if an audited firm fails to deduct TDS under Section 194C/Other Section's of the Income-tax Act.

As per my understanding:

If TDS is not deducted where it is required, 30% of the related expenditure is disallowed under the Income-tax Act while computing taxable income.
Apart from this disallowance, are there any other consequences?
For example, if the firm is subjected to an Income-tax assessment or scrutiny in the future, can the Income-tax Department still require the firm to deduct and deposit the TDS on the same expenditure, even though 30% of that expenditure has already been disallowed in the same assessment year?
In other words, does the disallowance of 30% under the Income-tax Act relieve the deductor from the obligation to deduct and deposit TDS, or can both consequences apply simultaneously?
I would appreciate your guidance on this issue.

Dear Team,
I have a primary current A/c in HDFC bank from long back. Now I open a CC A/c along with CA/c in Axis Bank with a credit limit of Rs 90 Lakh. Now Axis Bank insist me to close my HDFC CA/c. I want to continue all three accounts. Kindly suggest the process along with cost for the same.
Regards,
Dilip Baranwal

Assessee had transferred property on 28-10-2022 which was purchased in FY 2012-13, Full amount invested in capital gain account scheme (CGAS) before filing of ITR on 07-06-2023. Amount was not utilized and Deemed Capital Gain accrued on 27-10-2025. Whether tax rate on LTCG applicable would be 12.5% (as per current law) or 20% (tax rate at the time of original transfer) ?

Please guide.

A O says more than 20 clients have not paid taxes through return in 3B,on searching with portal all have filed R1 and 3B further clients also confirmed they have files all returns on due dates and all the clients are big suppliers and doing transaction them with many years.How to reply to A O?

I am auditing the financial statements of Medical Services, which engages in the procurement of medicine and surgical equipment for which the company receives a grant from the government. These medicines are transferred to the respective Government hospitals. The entry was passed; however, is not in compliance with AS 12. The grant-in-aid received is designated as a revenue grant, which includes the service charges for the company; however, it is not treated as a revenue item; rather, it is shown as a liability. However, when they transfer the goods to the government, they consider it a sale. The entry passed is as follows
Grant-in-aid liability account Dr
To Grant-in-aid income
To Service charges (plus GST payable on service charges)
Upon discussion with the organisation, they stated that they have a GST registration and, therefore, once purchased, the sale entry becomes indispensable. The sale is at cost price; therefore, GST liability does not arise.

Purchased shares on 5 August 2024 and sold it on 4 August 2025.
Which type of capital gains will it qualify for.
The dates are of actual contract note.
Also found discrepancies in AIS for shares sold within 10 months still it reflects as long-term in AIS. Many costs are shown as nil eventhough purchased 2 years ago. Is their Data in AIS not updated. Is it experienced by everyone.

Thanks in advance

My GSTR3B system generated shows The following in the ITC Tile
IGST -180 (because someone wrongly raised the invoice and also put the credit note)
SGST - 512
CGST - 512
However when I click on Make Payment, it shows 180 as a liability to me.
I have raised complain n GST Portal, but there is no reply. Tomorrow is last date of GSTR3B filing.
Can anyone guide me.

Dear Sir,

Pls advice for our Company received service from Travelling Agent for Ticket Bookings i.e. AIR TICKET/DOMESTIC TICKET & GIVE US Reimbursement BILL TO US Without Tax.
Its attract GST ON RCM to us ?

The person is a salaried individual over 60 year with income from other sources. For FY 2025-26 only he has F & O Profit/ turnover of Rs. 78,000.00. Which schedule in ITR 3, he should report it -Trading or p/l account & BP?Required to fill BS? Total income apart from F&O is 65 lakhs in FY 2025-26. Is schedule AL mandatory? Mandatory to maintain books & account?

Please provide me average cost of high quality diamonds in 2001