SECTION 194IB OF INCOME TAX ACT
ONE OF MY CLIENT DAUGHTER, CLAIMED HRA FROM SALARIES BY PAYING HOUSE RENT TO HIS LAND LORD MOTHER OF RS.6,54000/- NOW MY QUERY IN THIS SITUATION RENT PAID BY INDIVIDUAL ABOVE RS 50000/- SECTION 194IB IS APPLICABLE TDS @ 5%.
THE SUMS DISPLAYED IN AIS REPORT THE INDIVIDUAL HAS TO FILE INCOME TAX RETURNS
REGARDS
IF TDS DID NOT DEDUCT IN THIS CASE WHAT WILL BE NEXT CONSEQUENCES WHETHER WILL GET NOTICE FROM IT DEPARTMENT
THANK YOU
REGARDS
REGARDS
ONE OF MY CLIENT PURCHASED AN AGRICULTURAL LAND HE HAS DEVELOPED BY OWN, NOW HE IS SELLING THE SITES BUT PROBLEM IS ALMOST ADVANCE AMOUNT HAS BEEN COLLECTED BY CASH ONLY THAT CASH INVESTING DEVELPOING LAND.
IN THIS SITUATION HOW TO CALCULATE CAPITAL GAIN OF OUT OF HIS EXPENSES ON DEVELPOING LAND.
THANK YOU SIR
REGARDS
IN THIS SITUATION WHAT WILL BE THE SOLUTIONS SOME CUSTOMERS PAID HALF CASH AND HALF NEFT.
2. ANOTHER ONE CLIENT MADE MISTAKE LIKE THIS SIR, JEWELLERY SHOP OWNED BY HIS FATHER AND GST NO ALSO WHILE SELLING JEWELLS AMOUNTS LIKE UPI PAYMENTS RECEIVED BY HIS SON AFTER THAT HE WILL TRANSFERRED TO HIS FATHER ACCOUNT EVEN THAT FATHER HAVING BANK ACCOUNT.
WHAT WILL BE THE PROBLEM WILL ARISE THE SON ONLY MAINTAINING HIS FATHER BUSINESS BUT SALE AMOUNTS RECEIVED BY HIM THEN HOW TO ADJUST THIS DEBTORS BALANCES.
THANK YOU SIR YOUR GUINDENCE MUCH NEEDED
REGARDS
DEBTORS AMOUNT RECEIVED BY SOMEONE OTHER THAN DEALER IS HARMFUL, ONLY SINGLE ACCOUNT TRANSFERRING AMOUNTS IS THAT ANY PROBLEMS SIR, THE AMOUNTS CREDITED TO SON ACCOUNT IF HE HAS TO FILE IT RETURNS,
ALMOST THE SALE AMOUNT RECEIVED BY THEM IS DIGITAL TRANSACTIONS IN SALE BILL THEY HAVE MENTIONED PARTY NAME AND ADDRESS WHILE TALLYING BALANCES ITS VERY DIFFICULT.
REGARDS
DEBTORS AMOUNT RECEIVED BY SOMEONE OTHER THAN DEALER IS HARMFUL, ONLY SINGLE ACCOUNT TRANSFERRING AMOUNTS IS THAT ANY PROBLEMS SIR, THE AMOUNTS CREDITED TO SON ACCOUNT IF HE HAS TO FILE IT RETURNS,
ALMOST THE SALE AMOUNT RECEIVED BY THEM IS DIGITAL TRANSACTIONS IN SALE BILL THEY HAVE MENTIONED PARTY NAME AND ADDRESS WHILE TALLYING BALANCES ITS VERY DIFFICULT.
REGARDS
THIS MISTAKE HAPPENED BEYOND OUR NOTICE, NOW THIS TIME ADJUSTING DEBTORS BALANCES AGAINST AMOUNT CREDITED BY HIS FATHER FROM HIS SON ACCOUNT.
HOW TO TREAT HIS SON ACCOUNT IN BOOKS ACCOUNTS ASSETS FOR HIS FATHER LIABILITY TO HIS SON.
THANK FOR YOUR SIR ONE MORE SUGGESTIONS
REGARDS
1. IF TREAT AS LOAN ACCOUNT IS THERE ANY INTEREST PAYMENT TO HIS SON FROM HIS FATHER
2. IF FUTURE WILL BE QUESTION RAISED AGAINST SOURCE OF HIS SON'S TRANSACTIONS DIGITAL TRANSACTION WILL BE THE SOURCE.
3. INSTEAD OF RECEIPT ENTRY JOURNAL ENTRY WILL PASS TO SET OFF SUNDRY DEBTORS BALANCES.
REGARDS
2. Can't deny.
3. No. Amount received in bank account.
THEN HOW SET OFF DEBTORS BALANCES AMOUNT IN LOAN ACCOUNT OF HIS SON
THANK YOU ONE SECOND SIR FOR YOUR PATIENCE
REGARDS
REGARDS
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