LTC is not taxable under the old tax regime but is taxable under the new tax regime.

An employee adopted the old tax regime in the financial year 2022-23 and took a ₹50,000 advance from his department and availed the LTC. The employee also submitted a claim for the remaining ₹20,000 of LTC to his department in the same financial year.

However, his department processed and paid the remaining ₹20,000 in the next financial year 2023-24. In 2023-24, the employee switched to the new tax regime.

Therefore, will income tax be levied on the ₹70,000 received by the employee?

I WANT TO FILE IT RETURNS FOR MYSELF FOR LAST FY2023.24
I CAME ACROSS THIS NEW REGIME AND OLD REGIME.
IF I AM A SALARIED PERSON HOW AND WHAT ITR SHOULD CHOOSE.
SIMILARLY MY FATHER IS PENSIONER WHAT ITR SHOULD I CHOOSE.

PLEASE CLARIFY

IS GST APPLICABLE ON ELECTRICITY DUTY PAID FOR POWER GENERATION BY DG SET GENERATOR?

Hi sir, I have mistakenly reversed the eligible ITC under 17(5). Is it possible to reclaim that?

Sir,
Our two employees PAN is inoperative due non linking with aadhar. Salary paid to them for FY 23-24 was Rs.573201 & 527315. They opted new tax regime. So no tax had been deducted. TDS return filled and return processed with defaults. Justification report shows short deduction of TDS Rs. 99640 & Rs.90463.
Does provision of Sec 206AA applicable as the employee is not liable to pay tax.
Pls reply what to do.

during previous year the firm did a consturction contract work for govt. and raised gst invoice (first quarter). later during final payment it was found out there was a measurement discrepency hence we received 5000 less than actual receivable, the same was roported in gstr 1 for quarter Jan-March through a credit note. However due to lack of outward supply in that quarter we could not actually claim the amount reflected in the credit note in the GSTR 3B, resulting in GST turnover showing (actual +5000). Though there will be no issue of turnover mismatch with TDS and ITR, There will be a discrepancy b/w turnover to be reported in ITR and as per GST. What to do? we have not filed yet.FOR clarification we file gst under QRMP scheme

A company has agreement with a TV channel that the company will give Rs 1 lakh to the winner of the dance show.
Is 194 B applicable. Please suggest.

Sir
An individual & his spouse purchased a flat in joint names while they were employed and were resident in India. Thereafter they both went abroad and become subsequently NRIs. But flat in India is still lying closed and is not rented out and is in self possession only and they are not earning any rent etc as it is not let out . There is no loan and no interest liability . Hence following queries:-

1. Are they still required to fill schedule of " Income from House property " in their respective ITRs when income of house property is NIL. OR they are really not required to fill schedule at all , as there is only one property and is in self possession only. ?

2 Are both of them required to show same flat in their individual returns ( as there is only one flat ). as the flat is in their joint names as " co-owners " ,??

3. Is it compulsory to fill schedule of " Income of house property " even if there is one property and that too in self possession and with "NIL" income therefrom.???

4 Will there be any issue foreseen when they will sell this flat some time in future but are not filling schedule of " Income from House Property" of present years when they are still owners.????

Pls guide on above four points assuming that there is no loan interest to be paid .

I purchased a property in India for which I submitted TDS via "e-Pay Tax" on income tax website in Jan 2024.
(Challan-cum-statement of deduction of tax under section 194-IA (Form 26QB))

1) Is that the same as "TDS Return"?
On some websites I read that "TDS Return" needs to be filed for those deducting TDS.

2) Is that any other step I need to perform as a buyer?

3) Is there anything I need to mention in the Income Tax Return that I file? I'm assuming that the seller needs to put in the TDS details in their ITR, and I don't need to mention it in my ITR.

My Form 26AS, shows the TDS Entry under "PART-VIII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)"


Thanks.

DEAR SIR,

ONE OF MY CLIENT OWNED 4 EKAR OF LAND AND ENTERED INTO JOINT DEVELOPMENT AGREEMENT IN THE YEAR OF 2021-2022. THE DEVELPOER HAS PAID GOOD WILL THROUGH BANK ACCOUNT RS.400000/- AND RS.200000/- AND CASH PAID RS.200000/-. THE AGREEMENT SHARES BETWEEN 50:50 AFTER DEVELPOMENT.

1. THE GOOD WILL RECEIVED FROM THE DEVELPOER TAXED IN HAND OF MY CLIENT
2. IF YES WHEATHER WILL IT CONSIDER TO BE BUSINESS INCOME OR OTHER SOURCES
3. ONCE SELLING PLOTS HOW TO CALCULATE CAPITAL GAINS ON THIS SITUATION
4. HOW TO FIND OUT EXPENDITURE FOR DEDUCTING FROM CAPITAL GAIN



YOUR VALUABLE REPLY MUCH NEEDED SIR