Sir/Madam
Please Guide
If Assessee has Turnover of 6219360
Presumptive income @8.5% is 528646
Gross Total Income is 531148
Can I File ITR 4
if Not which ITR should be filed
Thanks in advance
I gave loan of Rs1800000/ to a party of which party returned me Rs600000/ by banking channel in April 2023.Now the remaining Rs12 lakhs party is not returning.I filed a case in court and party tells court he paid in cash Rs1200000/
I want to bring this matter in notice of Income tax department so that income tax department can take actions for concealment of income and showing false cash payments.please advise in this matter urgently.
Hello
Scenario:
If a person (say Mr A) purchases an apartment in a real estate project during launch for an amount of 10 lacs by entering into purchase agreement with the builder and holds the agreement for 2 years without doing actual registry of the property.
After 2 years (which would qualify the property as long term) Mr A sells the property to another person (Say Mr B) say for 20 lacs and the builder does actual registry of the flat in the name of Mr B.
Now will the gains of Mr A of Rs 10 lacs qualify as long term capital gain and be taxed as per new amendments at 12.5% or will it be IFOS since actual registry of the flat is not done?
What is the adjournment process of hearing notice of ITAT ?
Error Description
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
Probable Resolution
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable.
Kindly Note as per Form 26AS TDS has been deducted u/s 192 & 194S.
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Dear Experts,
I have income from Salary, Other sources and STCG+LTCG (Shares) and Home Loan (Self Occupied). While filing ITR2, Home Loan Interest is appearing in CFL. It is not deducting from total income. Pls guide, where i am wrong (I have chosen Old Tax Regime).
Thanks in advance.
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