Respected Sir / Madam,

One of my clients had a property which he co-owned with his parents. Though the ratio of ownership was not mentioned in the Builder-Buyer Agreement, he had the details of cost of acquisition contributed by each of the co-owners.

However, when this property was sold (my clients being confirming party in Tripartite Agreement between Builder, Buyer & my Co-owners Clients as registration was not done by clients after allotment by builder after possession), the sales consideration was paid in a different ratio & TDS deducted accordingly.

Now while filing ITR, for LTCG on sale of such property,
(1) Sec-194-IA is applicable for transferor & transferee, and here the transferor is Builder & transferee is Buyer then why TDS deducted on client's sales consideration? Is there any exception to Sec-194-IA?? Though I have claimed Self-occupation benefits during filing ITRs of my clients as per Sec-27 Deemed ownership as possession was given by builder to my clients.

(2) Should we show sales consideration which the buyer paid to co-owners & TDS deducted u/s-194-IA OR apportion the sales consideration on the basis of ownership (investment cost) of each co-owners?

(3) COA should be indexed separately for each co-owners OR apportion the total COA in the ration of sales?

AS per law, Sales consideration & COA should be in the ratio of ownership (cost of investment) to compute correct LTCG but to apply the provision of laws now, will my client receive any notice from IT Department in future as sales consideration will mismatch as per Form 26AS & Form 26QB?

Please advise.

Unlisted Shares of a Company Incorporated in India are Held by a Non Resident Company (100% Holding). These shares are now being transferred to another Non Resident Company. What are the Sections with regards to LTCG Tax and if TDS also attracted under any Section.

Hello Sir/Ma'am,

My query is that I have client whose turnover is Rs. 22 Lac and Net Profit is rs. 88k which is around 4%, He is not opt 44AD for filling ITR and He is file return as per normal provisions, I just want to know that whether he is liable for Tax Audit or Not ?
bcz as per 44AB turnover are not exceed Rs. 1 Cr. For Audit requirements or neither he is opt for 44AD which is related with 6% or 8% profit rule

REGARDING RCM , OUR GOODS R SUPPLIED FROM AHMEDABAD THROUGH A TRANPORTER HAVING MAHARAHRTA GST NO. , WE ARE LOCATED ANT MUMBAI , GOODS COMIMG TO MUMBAI
PLS ADVICE WE SHOULD PAY RCM 5 percent as CGST , SGST OR IGST

We are a partnership firm and our turnover is around 2 crore p.a
Though our turnover is below 2 crore can we generate E invoice in gst portal

thanks and regards
suresh R

Hello, Sir
With information on my salary and capital gains, I'm filing an ITR 2.
Even though I successfully completed the entire form, the tax-paid details eventually disappeared from Part B -TTI.
I tried logging out and logging back in again, but the issue persisted.
Part B -TTI contains the all the tax paid details in beginning of filing.

Hi, I am a salaried Indian Resident and want to appear for the PMP certification examination held by PMI Institute USA. The examination fee is 405 US $ and the membership fee is 149 US $.
While making the payment to PMI for the above-said certification examination the PMI institute is charging me 99.72 US $ as TAX, which is exactly 18% (GST %) of the total amount payable i.e. 554 US $.
Please advise on the following :
1. Is TAX applicable for examination fees and membership fees also? If not, then how can I claim the paid TAX amount?
2. If I make the payment can I claim an income tax deduction while filing income tax returns for the FY 2023-24?

We are making payment under technical testing and analysis fees to FSSAI (Food Safety and Standard Authority of India). So, do we need to deduct TDS for the same or same will be exempt u/s196 of Income Tax.

Sir,
A person doing pawn broking shop, he accept the jewels and repledge the same in bank and withdraw the amount by cash, his turnover in bank around 43 lakhs, now the bank deduct TDS for cash transactions around 45000/- can I declare 12% interest for the 43 lakhs as Taxable income and deduct the tax and balance can get refund?

I jointly owns two properties and 100 % owned 1 property , In Total 3 Properties. Can I claim all three property as self occupied because the co owner owns only two property and he claimed both the properties as self occupied. So can I claim my 100% owned property and 2 co-owned property as self occupied and because for co owner both the properties are to be self occupied.