recived a msg from ITR verification

' The return of income filed by you as per the above details is considered as defective with-in the meaning of section 139(9) of the IT Act for the following reason: 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. '

Hi Experts,

I bought Bharat Bond April 2023 in May 2020.
Unfortunately, I was forced to sell in April 2023 because the term got over.
NOTE: I did not want to sell and incur Short Term Capital Gain. The tax is quite high. (May 2020 to April 2023 is just under 3 years)
So, I immediately bought Bharat Bond April 2025 (exact consideration amount), hoping to make it a Long Term Investment (which was the initial intention)

Now my AIS shows Short Term Gains due to Sale of Bharat Bond 2023.
I want to show Long Term Capital Gain when I sell Bharat Bond 2025 in FY 2024-25.

Please suggest how I can save tax.

Thanks,
Kapil

Dear Expert,

In Oct-23 I do have ITC reflecting in 2B, but that time I had filled Nil return.

But later I realized that I should have avail this ITC, then I had avail that ITC in May-24, entered additional detail in Table 4(B)(2).

Now my credit reversal and re-claimed statement showing negative balance.

What actions can be taken to resolve this issue ?

ONE OF MY CLIENT IS HAVING GST AUDIT DEPARTMENT IS ASKING FOR GSTR1 LATE FEES

Hello friends,

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The final payment of Rs. 16 lakh was received in July 2024, with a 1% TDS deduction, deposited into the bank accounts of all three brothers.

Could you please advise on how to report this advance amount in ITR-2?

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