Dear Sir

Ours is a partnership firm liable to audit u/s44AB. We have filed my ITR for the AY 2023-24 within the stipulated time, ie before 31st Oct 2023. We received defective notice on 12.12.2023 against which we had filed a corrected return on 27.12.2023 within in 15 days specified. On the same date the filed return also declared as defective and issued a fresh letter against the same. The due date for the new notice is 11.01.2024 but unfortunatly we had failed to submit explanations for the same. Now in the portal the submit button was disabled and we are unable to submit any response in this connection. Kindly advise us is there any solution available for the give the explanations in this regard. We had filed the corrected ITR and no changes proposed to be included therein. The reason for defective is some reconcilation between 26AS and ITR Income only.

Thanking You

CA MANU K

Dear Sir/madam,

Could you please advise on below query.
I have received critical illness insurance payout from insurance company.
Please advise whether I can transfer amount to wife bank account to make a fixed deposit. The reason I am asking is that interest on FD will get included in my taxable income if I do fixed deposit.

Thank you

Gajanan

Monthly mobile bills from Vodafone received. We have deduct TDS or not? If yes, then u/s 194C or 194J?

Sir,
Assessess govt employee itr filed every year.but assessess purchase of residential property value rs: 1 crores present financial year.
Question:
Assessess how to prepare of balance sheet and capital account

Our company organize an event of motivation speaker program for staff and partner, he raised an invoice + 18% and mentioned " Consultancy Fees" on invoice.

Please tell me much tds deduction on this payment. 2% or 10%.

Sir One Agriculturist no other income except Agricultural income had sold his rural agricultural land into residential plots over period of 3 years to maximize his sale value . Since there is no adventure in sale (Income from Business other than this sale) is it treated as Exempted Income or to be treated as Income from business.

My Appeal against AO order was dismissed by CIT(A) in Dec22 and then my CA filed ITAT Form 36 online within 40 days but did not file physical appeal in Delhi bench.
Now after 1 year i have received a section 271(1)(c) notice for penalty from IT dept and cannot find the appeal in ITAT website
Is the appeal valid or barred due to time lapse?
Can i file a appeal now and seek condonation of delay?
How to reply to notice for penalty?
Pls help

Respected Sir/ Madam

In 26AS of FY 2022-23 bit of TDS of 2021-22 is appearing and is claimed in return of FY 2022-23.

Income of FY 2021-22 whose TDS is now showing in 26AS of FY 2022-23 has been correctly accounted for in FY 21-22 and Income given for taxation in the return of FY 21-22 although TDS on this income had not been claimed in FY 2021-22 as it was not appearing in 26AS of past year.

CPC has not given credit of past years TDS in return of FY 2022-23.
Return processed without giving credit of TDS of FY 2021-22

Now Return of FY 2022-23 is processed and Intimation u/s 139(1) has been received with Computation of Restriction of TDS based on Rule 37BA which has reduced total TDS claimed in return by amount of TDS that pertains to past year (FY 2021-22)

What to do now to get credit of total TDS ( TDS of 2021-22 + TDS of 2022-23) in return of FY 2022-23.

Please Guide

Thanks & Regards

Facts of the case:

A. I the Landowner purchased a property being Land & Building vide Registered Deed of Conveyance in the year 1987.

B. In the year April 2021 I entered into a JDA with a Developer for construction of a Commercial Building on the above mentioned Property.

C. It is agreed that the Developer shall construct and handover to me 50% of the Constructed Premises to be constructed on the said Property..

D. I handed over possession of the said Property to the Developer in the month August 2021.

E. The Certificate of completion of the said project is expected in or around February 2024.

Queries:

1.Cost of Acquisition: In view of the Amendment made to Section 55 applicable from April 2021 whether I shall be eligible for stamp duty value or fair market value of my property as on 01.04.2001?

2. Indexation:
Whether Indexation is to be calculated as on the Year in which the Joint Development Agreement was executed i.e. April 2021 or till the year of the project receiving the Completion Certificate i.e. February 2024?

3. Full value consideration of Landowner: Whether Stamp duty value of my share in the constructed premises will exclude or include the cost of Land?
Kindly quote any case laws of ITAT or High Court regards to Query No. 3.

Dear Experts,

I am filing one GST Cancellation application however unable to file it due to below message:

"Warning Application of Cancellation of Registration is not allowed as you have filed an Application for Amendment of Core fields vide ARN xxxxx which is pending for Processing with tax official"

This is on old application made in 2020 for which reply was not submitted and tax officer has still not rejected at his end.

Please advice

Regards,