TDS is booked in FY 23-24 , but the payment was received in FY 24-25. When can I claim the TDS194JB

Product name :
Unmanufactured tobacco with brand name.
HSN 24011090
IS IT TRUE prevailing structure as below:
CGST 14%
SGST 14%
Plus compensation cess @36% on MRP valuation.
Mahesh Tobacco company

I prepared and uploaded my ITR 5 return using ITD e-Filing-DU-v1.1.1., downloaded from https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns#itr-5, However, upon reviewing the filed return for validation compliance, I noticed a Category A defect. Despite this, the utility allowed me to upload, verify, and submit the return.

Specifically, according to ITR 5 - Validation rules for AY 2024-25 (version 1.0), Table 2: Category A Rules, Sl. No. 12, I should have filled in "No books of accounts in Balance sheet and P&L" since I selected "No" for maintaining accounts as per section 44AA. Nevertheless, neither the utility nor the e-filing portal detected this error.

I'm concerned about the next steps and seek your guidance. Please verify whether the filed return will be processed by CPC or rejected. Additionally, suggest whether I should file a revised return to rectify this defect.

Further, I'd like to bring to your attention that the utility version released on 05/07/24 is later than the release date of ITR 5 - Validation rules for AY 2024-25 (version 1.0) on 31-May-2024. Should I presume that the utility is following updated validation rules not yet publicly released? This concern arises from the fact that the preface of the validation rules mentions that these rules are intended for commercial software, whereas I used the income tax department's utility.

Please clarify this discrepancy and advise me on the best course of action.

Mr. X is Land Lord, individual and having Land 1000 Sq Yrds

Mx. Y is Builder

They entered in to JDA (ratio 60:40)
Total 10 flats (6 flats for Land Lord and 4 flats for Builder)

Capital Gain Tax Calculation (after completion Certificate)
FCV 6 Flats * 10 lakhs (SDV value) =60,00,000
Land (40% )Acquisition 3,90,000*348/100=13,57,200
Long term Capital Gain= 46,42,800

Here my doubts:
here Stamp Duty Value means flat construction cost and land (undivided Share) cost
Can we reduce land cost from this SDV Value to take FCV value because here in my opinion construction value is only out consideration. 60% land was hold with us as undivided share.

if not why shouldn’t be reduce land cost?

Please give reply

Thank you

Hi,

While filing TDS for an under construction apartment, I had incorrectly mentioned two values
1. Total Property Value
2. Amount paid

In both these values, I missed out to remove the GST component. Based on these incorrect values, I got a notice for short payment and they have asked to pay the value along with the fine.

For this I had filed a rectification request but it keeps getting rejected with message -
" has not submitted/ attached with the mail required documents which are mandatory to file correction for 26QB to this office as on date. Hence, the application is hereby rejected. You are further requested to file a new correction form along with necessary documents.
Please file the online correction again and submit for approval."

This has happened twice and now I am not sure on what to do. Can someone provide guidance on what can be done?

At present the shortfall is about 2000 and the interest charged is about 400.

Under the head salary where to include the annuity receiver from lic?
As the computation is asking for employer details. Where should we include this annuity

i work in metro and my minor children stays in city. i have taken two houses on rent for myself and my kids. can i avail HRA for both the houses

I have not submitted any details of Landlord for claiming HRA exemption as I had consented for New Regime to my employer during FY23-24. However, now I want to claim HRA exemption by opting Old tax regime. However, no provision found in ITR2 for inputting Landlord’s PAN & details . Whether can I still claim HRA relief without these details?. I am having Agreement with landlord & rent paid online receipts.

GST officials are about to come in the office for inspection...what can be expected..if there is anything we need to taken care of..?

What is the GST rate and HSN code for bakery Snack's items:
puffs items egg puffs, vegetable puffs, Panner puffs, Samosa, Kachori, Veg roll, chips items.