Assesses having turnover of 5.37 crore(Partnership Firm) and all transaction are within 5% limit than also he require to maintain books of account as per section 44AA and need to do compulsory audit U/s 44AB. Assesses has not opted 44AD in any earlier year

Whether a foreign company declared a dividend but doesn't transfer the same to the resident individual account, on the other hand, the amount adjusted through the capital account, what will be the taxability in the hands of the resident individual?

I'm an individual working remotely from India as a software developer (Independent Contractor / Consultant as per my contract) for a company based outside India. The company does not have any entity registered in India. I also earn through freelancing website like Fiverr. Income from Company - 9LPA (Direct Bank Transfer) and Income from Fiverr is inconsistent around 1 LPA, I also earn by directly providing services and receiving payments using Paypal ( 1-2 LPA). Which ITR should I File? Please help me out with the process.

A PSU HAS TAKEN STUDIO SERVCES (INTERSTATE ) TO RECORD ANTHEM VIDEO - FROM UNREGISTERED SERVICE PROVIDER & VALUE OF THE SERVICES is Rs. 4,50,000. KINDLY CONFIRM THE FOLLOWING :-
a) Whether RCM under GST applicable
b) Whether TDS on GST applicable ( if yes then credit of the same will be availed by?) in case of RCM
c) Can the services of above mentioned value be taken from unregistered service provider , interstate.

Respected Sir
I have not filled Income Tax return for A.Y. 22-23, in this Year TDS Deducted 22,000 u/s 194H
Can i Claim this tDS in A.Y. 23-24 Return ?

if Yes then What Income Should be Declare in itr i.e. only Current year income or Current plus Previous Year income

and What is the rule of Claim TDS of Previous Year ??

Dear Sir / Madam,

My query is as follows:

Mrs A had invested in RBI Bonds (Cumulative) in past, few of which got matured in FY 2022-23. She received Gross interest of Rs. 1,94,000/- and interest in maturity of Rs. 19,400/- as per Form 26AS.

However, out of Rs. 1,94,000/-, she showed Interest received on ACCRUAL basis on these bonds totalling to Rs. 96,000/- in past 3-4 Income Tax returns. No TDS was claimed on earlier interest income of Rs. 96,000/-. She was not aware of treatment of interest income.

As she had already shown interest income of Rs. 96,000/- on accrual basis in past returns, now the real income remains as Rs. 98,000/- to be shown in ITR, but now Form 26AS shows RBI bond interest as Rs. 1,94,000/- and TDS thereon.

Now in ITR of FY 2022-23 how to present this information, to show correct income of Rs. 98000/- ??

Kindly guide me,
Regards,
Suraj

रेस्पेक्टेड सर/ मॉडेम, इनकम टैक्स कैलकुलेट करते समय प्रोफेशनल टैक्स 2500 /- रुपए, सैलरी में से माइनस करे या इनकम टैक्स जो बन रहा है उसमे से माइनस करे, एडवांस में धन्यवाद
In income tax, professional tax should be deducted from salary or should it be deducted from income tax?

Let me explain the situation through an example. Two people ( A and B) want to exchange their land(same state, different cities, non agricultural) through exchange deed without any monetary consideration. Both of them have held their land for more than 10 years.

Before exchange of land :

Land of A :
the indexed cost of acquisition is 1 lac
the stamp duty value of land is 8 lac

land of B:
the indexed cost of acquisition is 2 lac
the stamp duty value of land is 10 lac

After exchage, what will be the income tax implication for both A and B ?

AIS & TIS are showing more interest as paid by bank on deposits while in 26AS and form 16A are less; while AIS & TIS match each other and 26AS &16A (Traces) match each other.

As such it is difficult to ascertain actual interest paid/ accumulated by bank, other than relying on 16A (Traces) issued by the bank.

bank may account the differential amount (26AS to AIS) as accumulated interest as paid in subsequent year.

Kindly advise, Is it better to adhere to 16A (Traces)/ 26AS than on AIS/TIS (interest paid ? or interest accumulated??) for interest paid by bank,for filing Current year IT return?

Which itr form can be plumber suitable for a person doing plumbing activities? If he opts for sec 44ADA IN ITR-4 then which profession code should be convenient for the plumber?