1) What are the consequences' and which return shall be considered as valid return?
2) What if intimation u/s 143(1) consider the return under old regime and moreover not considering the deduction under old regime( such as 80c, std. deduction from salary)

Hi,
I plan to start a Real Estate LLP firm.
Primary aim is to buy and hold Commercial real estate for rental and capital appreciatoin.
If I am able to put the entire rental income back into real-estate, will I have to pay any taxes
e.g. if my rental income is 15lacs and I buy fractional CRE from strat-prop for the same amount, will there be a tax outgo?
If I sell a property bought under the name of the LLP, and have gain in it, and if that money too is ploughed back into buying real-estate, what would be tax outgo?
Regards,
#Valmick

how to file TDS Correction Statement against TDS demand Notice for the FY 2007-08 and 2009-10.

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

Assessee is an LLP Firm in the business of making music videos.
He has approached an investor to invest in his video for completion & distribution of song & in return a % of revenue will be shared with the investor.

Query 1 - Is GST applicable on the above transaction at the time of Investment inflow (for Assessee) & revenue sharing outflow( for Investor), if YES under which HSN code ?

Query 2 - If GST not applicable, then how the same will be shown in BOA at the time of investment incoming & when the revenue start generating (outflows) at the time if sharing of revenue in the said song. for both Investor & Assessee.

CAN WE FILE ITR U , EVEN IF WE DONOT HAVE ANY TAX LIABILITY & OUR INCOME DOESNOT EXCEEDS EXEMPTION LIMIT

A company did RTGS of a cheque of amount Rs. 30,00,000/- to the client, Bank Charges deducted 95 and the amount got credited is 29,99,905/- and the bank charges is not reflected in the bank statement. How this entry should be recorded in the Company and as well as in the Client's books of accounts?

Dear Sir,

One Proprietor issued the Travelling Reimbursement to one pvt ltd company value of Rs.40,000/- every month for visit to Pvt Ltd Customers for marketing purposes, he is just market a Pvt Ltd Company products by visiting to various customers, in this case 194 R is applicable to Proprietor, company has to deduct the TDS to him @ 10%, pls clarify.

Sir

One of my friend is about to file ITR for FY 21 - 22. On downloading the Form 26AS, he found that the TDS deducted from his commission payments by one of his principle, has been shown under Section 194I(b) - Rent on other than Plant and Machinery, instead of section 194H. My friend does not own a house.
The auto populated ITR form is showing the said amount as Income from house property.
Shall we make it as "Zero" under the head "Income from house property " and add that amount
with commission income ?

Pls. advice.

Is the Income Tax Site functional, I am Unable to file returns.