IF MR.X IS IN THE BUSINESS OF ITEMS COVERED UNDER CESS HOWEVER IN THE ANNUAL RETURN AS WELL AS GSTR 1 AND 3B MR.X HAS NOT TAKEN CESS IN HIS RETURN
NOW DEPARTMENT HAS ISSUED NOTICE FOR PAYING OUTWARD LIABILITY OF CESS BUT DEPARTMENT HAS NOT CONSIDERED INPUT CREDIT OF CESS ALSO
NOW HOW TO RESPONSE IF WHOLE OUTWARD LIABILITY IS TO PAID OR INPUT CAN BE DEDUCTED FROM SUCH LIABILITY?

Dear Sir / Madam,

Section 54EC of the Income Tax Act says the amount of capital gain should be invested within 6 months from the date of transfer to avail this exemption. My two scenarios are as follow:

Scenario 1 -
Mr. A sold a flat on 21/03/2024. So he can invest the capital gain amount in 54EC-eligible bonds till 20/09/2024.
But since the due date of filing his ITR is 31/07/2024, this investment is required to be done before 31/07/2024. Am I right?

Scenario 2 - Mr. A decides to invest the capital gain amount in the New house property. For resale property, he has a time limit of 2 years after the sale of the old property i.e. up to 20/03/2026 OR he can invest in self-construction or under-construction property till the end of 3 years after the sale of the old property i.e. up to 20/03/2027.
Therefore, he keeps this capital gain amount in the Capital Gains Deposit account scheme. But just before the completion of 2 years, on 01/03/2026 he decided not to invest in new property.
So my query is that: Can he NOW invest this capital gain amount kept in the Capital Gains Deposit Account Scheme (before the completion of 2 years) in 54EC-eligible bonds? or this option is gone and the capital gain not invested would be taxable in 2026?

Please guide.

Thanks & Regards,
Suraj

Hello Experts,
For a Trading Firm having turnover 3.5 crore missed to file GSTR9 for F.Y.2020-21, now on portal late fees is auto calculated showing approx. 1,50,000/- and day by day it is increasing.
and for a Construction Firm with turnover of 10 crore missed to file GSTR9C for F.Y.202-21, so is there any relaxations now to mitigate this late fees burden, any circular/notification/judgement anything which can assist in this situations.

i have used IDFC's first bank Classic Credit card. the limit is maintained low. One day to cancel the railway ticket by opening the IRCTC website, a call from the site asks to tell 16 digit card number and phone no. within a fraction of a second Rs. 30000/- amount is debited. without getting any OTP as well as the approval to increase the limit. called and asked to stop the transaction. and blocked the card. customer care asks to file a cybercrime FIR and submit a copy along with a Dispute form. on the day itself filed the complaint and FIR copy along with their dispute form. they acknowledged and" within 90 days it will be resolved " like the message received. after 30 days they send the statement to pay around rupees 31608.62 and continuously per day around 30 to 40 calls from all over India. making more harassment. today they sent MSG to pay Rs.35144.52.to
all the issues were brought to their Nodal office head. but no response. and it is referred to RBI also. my question is the bank know where the amount has been transferred? if a bank employee makes a wrong entry, then he has approach the other paying bank to collect or with hold the transaction. in my cash why IDFC first bank not to follow the paying bank to recall bank the amount stolen? simply saying it is paid to merchandise. and it is my responsibility to pay. how the bank safeguards the customer. please advise,how i recall the stolen amount from my credit card

A Resident individual holding foreign (USA) company (pvt ltd)'s shares & If he sells the same whether he is liable to tax in USA?

Please explain the Availability of ITC incase of Joint Development agreement from angle of both developer and land owner.

Ours is pvt ltd co. we have formed separate group gratuity trust and it was approved by Income tax department.
The Gratuity Trust has invested the money with LIC Group Gratuity Scheme.

1. We are making provision for Gratuity liability as actuarial report (as per INDAS) in the books of company and shown on liability side under provision.
2. Whatever amount we pay to LIC is shown under assets side as Gratuity Fund with LIC and every year what ever we pay is getting added in the balance and claim deduction for what ever amount is paid to LIC.

Just now we are passing only 2 entries in the company's books
1 - Provision of Gratuity as per actuarial Report
Gratuity a/c Dr. (profit & loss)
To Provision for Gratuity (Liability Side)

2 - For amount paid to LIC for Group gratuity scheme.
Gratuity Fund (LIC) Dr. (Assets side)
To Bank Account

my question
3. Whatever Interest we received from LIC is shown as income in gratuity Trust. & Trust is having separate PAN No. and we also file Trust Income Tax Return. - so shall we also show that Interest income in Company's profit & Loss account ? if yes how -i.e. what entry should be passed -say interest shown as income in p&l but dr. to what ?

4. when ever employee left the job and having completed 5 years - LIC pay Gratuity Directly to Group Gratuity Trust account and from trust account it is directly paid to employees.

Do we also have to show Gratuity paid to employees in company's books of account if yes what will be the entry ? i.e. which account will be debited and which account will be credited ?

highly appreciate if some one help to solve our query.
Thanks in Advance.

This pertains to my IT return for AY 21-22. I had filed the ITR return within due date (i.e. before 31st Dec 2021). The Due Tax payment (self-assessment Tax) of about INR 2 Lacs was paid within 4 days of the filing of Tax. I also paid interest of around 7000/-, as was showing in the Income Tax system, though no interest should have been applicable

Please let know whether I can file:

1) Rectification to update my challan for payment of INR 2 Lacs: -
I was told that last date of filing rectification was 31st Dec 2023, for AY21-22. Can you please confirm whether I can file rectification. In this case I am getting Tax due of around 35,000/-, as system is not capturing date of my challan payment of INR 2 Lacs and calculating interest for delay. Actually, no interest should be applicable.

2) Updated return under 139 (8A):-

In this case, I am getting marginal refund of around 6500/- (nearly same as the interest amount I had paid), but since refund is not allowed under 139 (8A), I have to manually make it zero, before system allows the filing.

Please confirm whether 1) or 2) is the right way to proceed.

If a school has incurred expenditure on photography on various functions such as annual function, some event. some promotional work etc then under which head it will be debited ? Please inform.

I have received RSUs from my company during the calendar years 2021 and 2023, but due to ignorance I failed to update schedule FA of ITR-2. How can I go about fixing this, will I be able to update the previous 2 ITRs using ITR-U?