what is standard procedure( Formula) to calculate Interest on Loan Given /Received P.A.

whether all the expenses relate to purchase of car motor car or are incidental to purchase of motor car.
or
processing fee and stamp duty for obtaining car loan should be capitalized or transferred to revenue .

insurance expenses, Road Tax first Time at the time of buying car , as per AS 10 , should be capitalized,
second time and afterwards insurance charges should be transferred to P/L account as a revenue expenses.

My cousin filed income tax return on 25th December, 2021 but it WAS NOT verified. Later on, a few mistakes were realized in that return and on 30th December, a revised return was filed by him and WAS VERIFIED IMMEDIATELY after filing. Thereafter, many messages were received to verify the return but since REVISED RETURN was already verified, no action has been taken by my cousin.
As the return has not yet been cleared, the following queries arise

a) Whether my cousin has to verify his original returm only then his revise return will be considered or there is no need to verify the original return as revised return has been filed and verified also.

b) Whether a revised return can be filed only after original return has been verified.

Hy, i am filling a income tax return ( belated) it is showing 1000 panelty as my income is between 2.5 to 5 L.
But also have 650 rs tds in 26as.
How to set off this panelty?

Dear Experts,
I have deducted TDS on rent of owner, got below Default Summary of Interest on Late Deduction, now where to pay this.

should i use Challan No./ITNS 281, Nature of Payment- will it ne 94A, pl. clarify
Regards
Chandra

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26QC Statement Acknowledgement Number Order Passed Date
Regular Statement XXXXXXXX 0x-Mar-2022
Correction Statement Correction ID Order Passed Date
- - -
Count of Correction Statement(s) 0 Net Payable (Rounded-Off) (Rs.) 600.00

Default Summary Details
Sr.No. Type of Default Default Amount
(Rs.)
(A) Amount Paid
(Rs.)
(B) Amount Payable(A-B)
(Rs.)
(C)
Sum determined u/s 200A of the Income Tax Act,1961
1 Short Deduction 0.00 0.00 0.00
2 Interest on Payments Default u/s 201
2(a) Interest on Late Payment 0.00 0.00 0.00
2(b) Additional Late Payment interest against the processing of latest correction 0.00 0.00 0.00
3 Interest on Deduction Default u/s 201
3(a) Interest on Late Deduction 600.00 0.00 600.00
3(b) Additional Late Deduction interest against the processing of latest correction 0.00 0.00 0.00
3(c) Interest on Short Deduction 0.00 0.00 0.00
4 Late Filing Fee u/s 234E
4(a) Late Filing Levy 0.00 0.00 0.00
4(b) Additional Late Filling levy against the processing of latest correction 0.00 0.00 0.00
5 Interest u/s 220(2) 0.00 0.00 0.00
Total Default Payable (Rs.) 600.00
Rounding-Off (to the nearest multiple of ten rupees) (Rs.) 0.00
Net Payable (Rounded-Off) (Rs.) 600.

I submitted form 112 1 year ago, but now showing as need to submit
Now, while I'm submitting form 112 an error is showing to upload college certificate where such option ,click here to upload is not working hence I unable to submit form 112 due to techincal error and also paid condonation fee on 25th feb 2021 , till now I didn't submit, now my articles are completed and I need to fill form 108,where it WILL be rejected by RO bcz form 112 is not submitted, I raise ticket and mailed to concern no reply got from there, could any one suggest me plz, bcz I cannot fill form 108 until form 112 is approved

Experts
Please guide. Is Deduction under Section 54EC or 54F available for sale of Urban Agriculture Land.
Thanks in advance.

Is einvoicing mandatory if sales made to unregistered party? Please clarify?

Sir,

we have enable envoice wef 1st april 2022, we are merchant Exporters we prepare export invoice with out payment of Tax , we are expecting less than 10 crores turnover next fy.

We are having tally erp but I want to use GEPP Tool to prepare Einvoice.

Can we use this tool for envoice or not.

Please guide