Can Deduction w.r.t. LTA be allowed for travelling through hired vehicles say for example a traveller booked for entire family? Or it can be claimed only for journeys via bus, air or railway?
What are the conditions to claim this deduction?

Dear Sir,
I have a client who is providing freelancing services in the USA. The USA vendors give him Off-market Cryptos and gift cards in exchange for his services. These amounts if we calculate turn in approximately in crore in a year. He sells these cryptos as per their requirement in the market in terms of some percentage like 98% of vale etc.
What are the Tax implications when he sells these cryptos in India. these services will count as export of services or not. please tell me these too. he has LUT and IEC also.

Dear Experts, please guide me on my query.
Is the benefit of indexation using Cost inflation index available while computing LTCG on sale of listed equity shares as per section 48 with 20% tax? Or 10% according to sect. 112A. Thanks.

Dear All,

HUF's original IT return was filed under NEW regime before due date & there was a refund of Rs. 44000/-., Now the assessee wants to revise this return as he forgot to show Tax saver FD of Rs. 150000/- under 80C investment. Had this shown earlier, he would have got refund of Rs. 49000/-.

Can he file a revised return under OLD regime by claiming this 80C deduction??
Kindly guide.

Thanks & Regards,
Suraj

Dear Experts

We have received Income tax demand u/s 156, however we missed to take credit of one TDS. Shall we pay the demand first and then revise the ITR or directly file the Revised return?

I've registered a Private Limited company one year back. Basically it's registered as an Financial services company. (mutual fund distribution ,insurance agent)
But I want to know

1.whether it's possible to Make Conglomerate Investment in public company by infuse more capital from promotor for long term horizon .
2.its possible even our reserve and surplus is low .

Thanks!

In respect of a trust registered u/s 12A, suppose we have total receipts amounting to Rs.10,00,000 during the year out of which 8,00,000 has been applied to charitable objects. This results in excess accumulation of Rs.50000 (i.e. excess over 15% of 10,00,000). When we enter the receipts and expenditure in the ITR form, it itself computes excess accumulation of 50,000 and includes it in taxable income. Now this 50,000 needs to be reported in section 115BBI. However when we do so, in the total computation, this 50,000 gets updated twice (one from the system calculated excess and other from schedule BBI) resulting in total taxable income of Rs.1,00,000. Although tax is being computed on Rs.50000 only as the other 50000 is getting exempt being less than basic exemption limit but from the disclosure point, the taxable income computation is not correct. Please suggest on how to resolve this issue.

How to seek more time to reply/file submissions against the above ascertainment of TAX Liability.

INTIMATION RECEIVED,TODAYFriday,the,25.10.2024....SATURDAY/SUNDAY OFF...then from Tueday,onwards DEEPAWALI HOLIDAYS till 31st October,2024.

The GST Department wants reply by the same date,31.10.2024...Not possible to submit the REPLY......

PLEASE ADVISE...

THANKS

Dear Experts,

Kindly share your views on the below described issue with notification/circular/case study:

Mr.X having all his business and registration in West Bengal owns a residential property at Odisha.
The mentioned property rented out to Mr.Y registered company of Odisha as residential property used for residential purpose only.
Mr.X have no business in Odisha. Total revenue earned form Odisha is below Rs.20 lacs and no tax liability is arising in Odisha.

What will be the applicability of GST in the above mentioned scenario? What tax will be recorded in Tax Invoice from Mr.X?
Will it be IGST (RCM) or CGST-SGST(RCM) in the hands of Mr.Y?

Thanking you in advance for your opinion.


Applicable Tax on Residential Property Situated in Different State

Whether TDS is applicable in the case of loans available from Non banking finance companies