Veerchandra B Shetty
10 May 2021 at 17:26
State Bank of India has taken a residential property on rent. The rent was paid to the house owner. However the TDS was deposited against other PAN. The issue was noticed after six months. Accordingly it was brought to the notice of the Bank, but the bank did not pay any heed and just gave some vague reasons for the six months and rectified the PAN number subsequently. It is now almost more than two years. Can the issue be sorted out as the owner needs to return the deposit due to end of lease. The house owner is insisting to deduct the difference of TDS of Six months which has not been reflected in the IT.
Can the bank rectify the TDS challan and correct it with the proper PAN number.
Veerchandra B Shetty
10 May 2021 at 16:56
An EOU has done DTA sale and accordingly reversed the appropriate Customs duty and paid the same under Head 0038 due to oversight as the same should have been paid under Head 0037
The customs authorities are now issuing a show cause notice for the same stating as non payment of Customs duty.
What is the provision in such a scenario? Can a SCN be issued stating as non payment of Duty, when the duty has already been paid.
How can the Head be rectified in the payment done
jasud Babasaheb
10 May 2021 at 13:14
One of my clients getting Approx. 5 Cr credit in his account every march end to shuttle his bank loan account, now my question is, will that amount will attract GST, if yes then he has to pay GST to government or Not
The amount of 5CR which are coming from other borrowers account to his account from the same bank, where he has loan account.... Is this transaction are legal transaction?
abhijit majumder
26 April 2021 at 14:56
To
The Fellow experts
During the FY 2020-2021(precisely between January 2021 to March,2021) a Contractor (Say 'Mr X') provide certain service to our Company the value of which is more than Rs.3 Lakhs.
But he submitted his bill for payment in April,20, 2021(Bill date is also 20th April,2021) for the entire amount.(No payment was made to him during January 2021 to March,2021).
At what rate his TDS U/s 194C will be Charged on Mr X(Being an individual) ie .75%(For FY 2020-2021) or 1%(For FY 2021-2022)?
Regards
Abhijit Majumder
Read more at: https://www.caclubindia.com/experts/browse.asp?cat_id=3&mode=all
Anonymous
22 April 2021 at 11:34
Is there any exemption from payment of income tax for the interest a citizen (who has been paying income tax for the amount of salary and interest from commercial bank account he receives) receives for fixed deposits in the primary Cooperative Society in the rural area in Kerala, in addition?
Can anyone tell me the relevant section of the income tax act or any case laws in this regard?
One news paper article on this issue says because of some presidential declarations the interest income received by a citizen on his deposits in the primary cooperative society is not liable to be taxed. Is it true?
Anonymous
29 March 2021 at 12:32
I inherited land in 1998 from my parents (after their death) which was inherited by my father from his father(my Grand father). My grand father was the first Diglot Pattadar from the then Government.Now I want to sell the property. This land is declared by Government as Agricultural Land suitable for House sites. In my understanding I can not claim this as non capital asset. If I have to compute the CG how do I get the cost of acquisition.
Thank you
shyam lal
20 March 2021 at 09:12
Is receiving rent taxable? If yes then till which amount p.a. is exempt from taxation,lastly can one take rent in cash.
Anonymous
18 March 2021 at 10:44
Respected Sir,
If the seller is dealing with multiple articles or products in the market then what should he do to get the GST registered on e-commerce platform. He should mention the HSN of each and every article again and again.
B.S.NARAHARI
14 March 2021 at 08:04
Namaste sirs
I sold one residential vacant plot in North Bangalore and with this sold amount, im planning to purchase the Flat in the apartments which is 10 years old.
Now do i need to pay 20.8% capital gain tax even after purchasing the resale house ( not new house ) in the apartment.
Please advice
Regards
Narahari
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Is sec 44aa applicable for commission agent having g/r 10lac
An assessee received Notice U/S 139(9) Erorr Code- 1022 as folowing :
"The return of income filed by you as per the above details is considered as defective with-in the meaning of section 139(9) of the IT Act for the following reason: Reason Probable Resolution Taxpayer is offering Income under the head Profits and gains from Business or Profession. Hence, as per the provisions of Sec.44AA, the taxpayer is required to maintain books of accounts. As seen from the return of income filed, the taxpayer has offered regular business income in addition to Presumptive Income. However, Part A of the Profit and Loss Account and Balance Sheet are not filled, in respect of the regular business income. The correction of this defect has to be made by filing a corrected return. In the corrected return of income, the Balance Sheet and Profit and Loss account have to be filled, to show the basis on which regular income from business has been computed. Please note that the books of accounts are required to be audited, if the regular business income disclosed in the return is less than the limits prescribed under the presumptive taxation provisions of the Income Tax Act. Accordingly, books of account are to be maintained and the report of audit has to be furnished. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid."
My Quarry is the Commission agent is require to maintain Books U/S 44AA or not if his Gross Receipts is above or Below 10 Lakhs ? Please resolve my Problem. Please say how i can reply this Notice., Thanks & Regards