Dear Sir,
There is demand of Rs. 71,584 for the Q2 and Q3 towards non filing of TDS belated returns for the F.Y.2015-2016, but during the year TDS deducted and paid and filed the belated returns of Rs. 25,550 for both the periods ie. Q2 and Q3, Now the question is under supra section whether the demand ie late fee is of Rs. 71,584 or only it would be restricted to Rs. 25,550 to the extent of which there is TDS deducted and paid. Becasue no penalty should not be more than of tax amount.
2. since demand pertained to F.Y. 2015-2016, as the propreitory ship got closed and propreitor also passed away. does the recovery proceedigs will happen

Ours is an insurance company. We pay brokerage to the Insurance brokers. The brokerage is generated on the last day of the month and TDS on the same @ 10% is remitted to the IT dept. before 7th of the next month. However, Invoices for the payment is raised by the Brokers subsequently.

In the specific case, we had already remitted TDS on brokerage for the months of June & July 2023 at the specified rate. However, now brokers have raised their bill for the month of June & July 2023 after obtaining Lower deduction certificate effective from 25th August. 2023 to 31st March 2024 and requested us to adjust the lower deduction rate of 4% against their bill for the months of June & July 2023.

As per our practice TDS becomes payable on accrual or payment whichever is earlier. Accordingly, we had remitted TDS @ 10% for the month of June & July, 2023. As the validity date of the Lower deduction certificate is 25th August 2023 to 31st March 2024 is it possible to adjust the lower deduction rate for the Invoices for the month of June & July 2023 which was raised after issue of Lower deduction certificate.

Please guide.

We have opted for New Tax Regime in A.Y. 2021-22 by filing Form 10-IE so, during A.Y. 23-24 again need to file Form for opting New Regime or it is by default continue for A.Y.2023-24 and we just need to select at the time of filing return that we have earlier opted for New Regime in A. Y. 2021-22

Sir,

Please advise

(1) Its mandatory to show employers wise Salary if a person have salary from 3 employers all employers have shop keeper no tan number even salary paid to employee by cash in mode and by Cheque salary from All employers (207600/- By Cheque 120000/- by Cash 48600/- By Cash Total salary Rs.376200/-
(2) its mandatory to carry forward losses if Losses from mutual fund Rs.157/-
(3) Its mandatory to File ITR-2 or can we go for ITR-1 if income from Salary, income from others source, and losses of Shares or mutual funds.

As per Budget 2022 amendments in the income tax law, for the purpose of filing income tax returns in the case of trusts, application of income shall be allowed on cash basis only. Thus amount of application shall be considered only if it is actually paid irrespective of the year in which liability arises. These provision of amendment is applicable since Assessment Year 2022-23.

Suppose in earlier years the expenses are booked on mercantile / accrual basis and payment of creditors are made in the current year. In such cases, whether the payment to creditors will be treated as applicaiton of income for the purpose of filing income tax return. Also deficit not allowed to carried formwad. in such case what will be treatment of brought fporward deficit. Kinldy advise us

I AM PAID TDS CHALLAN 194B INSTED OF 192B
SO THE PAID CHALLAN US 194B, VALID & ADJUST US 192B ?

please advice.

Is Table No. 18 is mandatory in GSTR9?
If yes, is there any Turnover limit for table 18 of GSTR9 as same as Table 17 of GSTR9?
And in "help" tab of Table 18 of GSTR9 in GST Website it is showing Optional. Why?

Dear Experts,

Please clarify the application of Corpus Fund - Tax Exempt Category.

We received a corpus fund for fulfilling a specific purpose.

There are some expenses, which are necessary for fulfilling the specific purpose - such as payment gateway expenses, remuneration of persons who are working to fulfil that specific purpose, travel expenses etc.

Can these expenses be allowed as an application of the Corpus Fund as per the Income Tax Act 1961 and the current Finance Act?

Please clarify which expenses are allowed from such specific corpus Fund.

Respected all
One of my client is engaged in restaurant services – the annual turn over is less than Rs.75 Lakhs. Are we eligible to opt for composition scheme? Please advice
R S Sai Kumar

Please clarify,
1- I bought a good for Rs. 500 + GST (18% Rs.90) = 590
and I sold that good for Rs. 490 + GST (18% Rs. 88.2)= 578.2 (at discount)
here, the ITC of (Rs. 90- Rs. 88.2) Rs. 1.8 is being accumulated,
will this amount be refunded at any time...
2- Am i eligible to claim whole Rs. 90 ITC.
Question relates to discount circular no. 92 and 105 of 2019.
Thanks in advance