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Jomy George

Is TDS applicable on telephone and internet charges


Piyush

Assessee had invested through a broker by giving liquid funds & shares as margin money & broker was trading on behalf of the Assessee by giving regular returns.

Later the broker got bankrupt & all shares along with liquid funds were stuck with the broker.
As the broker has pledged the shares for trading all the shares were lost by the assessee as there was no recovery from the broker.

Later the assessee alongwith other sufferers from the broker filed a complaint with NSDL regarding the matter against the broker house.

Against the same an lumpsum amount against the total value as on the date of broker becoming brankrupt was released by NSDL which is hardly 25% of the total loss.

So, how to account for the amount received from NSDL in the hands of the Assessee and its tax implications.

Query
1. whether the same will be adjusted against liquid funds or shares?
2. Capital gains / taxes arising on the same and at what value ?
3. Can this be treated as exempt as compensation received from NSDL ?


Sanjay Ravi
13 July 2022 at 10:44

Schema error

When I try to upload my return, I get the error "Schema error occurred while submitting your form, please try later" This is while using V 1.1.10. How do I overcome this?


Ravi Blr
13 July 2022 at 10:33

Error message while claiming 80GG

My mother is a pensioner who gets a pension from the Post Office with no HRA. She lives in a rented accommodation in Kolkata. I am trying to claim 80GG for her, but I get an error "Deduction u/s 10(13A) and 80GG cannot be claimed for the same period", when the entry against Section 10(13A) is 0. Please clarify


Proloy Samaradivakera

I have been staying in a property (flat) which was owned by my mother and built in 1970s. My mother passed away in 2019 and I continued to stay in the property. In the WILL which she made, mentioned that the flat in which I was staying, to be given to me. Other flats to my brother and sister. The Will is yet to be executed and no mutation of property is done as of 31Mar22. Do I need to show the property as one of the assets belonging to me in Schedule AL (if income more than 50Lacs)?


Srinivasan D
13 July 2022 at 09:21

TDS on Property Sale advance

Sirs,
I have completed property sale in FY2022-23. As I understand, ALL the sale related proceeds & TDS need to be shown in FY2022-23.
However, I received a token amount in FY2021-22, wherein TDS (1%) was witheld. This appears in my 26AS statement fof FY2021-22.
My question is regarding 'how to show TDS deducted in FY2021-22'. Should I just not show this TDS in FY2021-22 filing, and include it in FY2022-23 filing?
OR
There is a provision to actually move FY2021-22 TDS entry to FY2022-23 (on the IT eFiling site).

Thank you


sonali
13 July 2022 at 03:26

MSME NIC CODE

Hello si
Please suggest what is the nic code for trading in inorganic chemicals while registering a firm in MSME. nic code is available in this category only in manufacturing head but we are trader. There seems no specific code for this category
Thanks .


Deepak Rawat
13 July 2022 at 00:21

Mismatch in Deduction U/s 80CCD(1)

Dear Expert,
Please guide on below mentioned issue:-
I am a private employee and I contributed Rs. 35000/- in NPS Tier-1 in FY 2021-22. In, my ITR, I am showing the same U/s 80CCD(1) to claim deduction. But in eligable amount it is showing only 31667/-.
May you please guide, where I am doing mistake ?

Thanks


CA Hardik Bunha

IN FY 18-19 WRONG ITC CLAIMED IN GSTR 3B (IGST CLAIMED INSTEAD OF CGST AND SGST). QUESTIONS ARE (1) IF RIGHT TAX NOW PAY AND CAN CLAIM REFUND ? (2) INTEREST APPLICABLE ? (3) PENALTY APPLICABLE ? INFORMATIVE MATERIAL (1) SECTION 77 OF CGST AND SECTION 19 OF IGST (2) RULE 89(1A) (3) NOTIFICATION 35/2021 (4) CIRCULAR 162/18/2021 WHAT WILL BE SCENARIO RIGHT NOW ? BECAUSE IN CIRCULAR AND NOTIFICATION "ONLY FOR TAX PAID", WHAT ABOUT ITC ? THANKS IN ADVANCE


Eby Thomas
12 July 2022 at 22:30

Petrol Allowance

Assessee is a bank manager entitled for 50L petrol as conveyance allowance. He is using around 35L(varies from month to month) exclusively for meeting his clients and for other official purposes. As per form 16 part B ,the entire cost 50L of petrol is added to his total salary.

Kindly clarify the following:

Whether he is eligible to claim Sec 10(14) for 35L, as per rule 2BB.

(c) any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit :
Provided that free conveyance is not provided by the employer;

In case this is not permitted, What is the appropriate treatment for such allowances.







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