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Anonymous   20 June 2021 at 21:52

Late filing fee u/s 234e

I purchased a property in Mumbai on 31 December 2020 with an agreement value of 1.7cr. In all I paid approximately 43.75 lakhs till February 2021. TDS @0.75% was approximately 33000. There was a delay in payment of the TDS amount. I got a notification from the Income Tax department u/s 200A for interest on late payment and late filing fee u/s 234E which is approximately 10,000. My Question:

1. Is there a way I can get a waiver of the late fee?
2. Was TDS applicable to me in the first place in FY 2020-2021 (as I understand that TDS is applicable u/s 194-IA only if payment exceeds 50 lakhs in a financial year?
3. What are my options to reverse the late filing fee

Anonymous   12 June 2021 at 13:58

Tax on nominee

I am the nominee in mutual fund account and properties, where I have will also, executed by my deceased uncle.
My question is:
will this be taxable at my hand or exempted. ( I am salaried working in India)

sakshi garg   10 June 2021 at 20:37


i have a mining firm in name of my sister. She is doctor by proffesion and serving in government hospital under compulsory bond of 1 year only on Stipend basis. Is there any provision in Income tax under which i have to withdraw her name from firm?

Anonymous   04 June 2021 at 18:36

Regarding transfer of rights between karta and huf

Can a HUF transfer its rent rights to its Karta and who will be taxed for such rent received?

Sagar Kadyan   04 June 2021 at 18:33

Regarding transfer of rights between karta and huf


santosh   14 May 2021 at 18:05

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

Veerchandra B Shetty   10 May 2021 at 17:26

Tds deducted but deposited to another pan

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

Payment of customs duty under wrong head

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

Gst on earning

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

Rate of tds under section 194c

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)?
Abhijit Majumder

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