S
Sudhanshu B
Is non-taxable capital receipt shown in ITR or not?
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No in case on individuals who are nit required to fill business balance sheets, they are not required to report capital receipts like loan, gift etc. For more information you can connect with us at ca.pujasharma@outlook.com
yes For more information contact 7667559772
N
Naren Raj
I had received an SMS from IT department on 28th March stating there is high value transaction and I need to check compliance portal and refile IT returns. The compliance portal had data on 29th March but when I went to check again on 30th and 31st March to take necessary action, there was no data under - e-campaign-high value transaction. I am not sure how to proceed.
K
Krishnasagar
I am the buyer wishing to buy a property of co-owners, 2 persons (sellers/ vendors) and amount for sale consideration/ agreed is 83 lacs INR which will be shared equally among co-owners as per property laws, still do I need to deduct 1% of the amount for sale considered and generate form 26AS?
Here, 83 lacs INR amount is shared among co-owners as 41.5 lacs INR equally which is less than 50 lacs as per section 194-IA.
Also I have observed that, there was such a case resolved at ITAT, Jodhpur Bench, Jodhpur court
Case name: M/s. Oxcia Enterprises Private Limited Vs. DCIT, Circle-TDS, Udaipur,
Appeal no: ITA No.291/Jodh/2018,
Judgement date: 06.05.2019
which stated in favour of appeal that there is no TDS applicable as per section 194-IA for such case. Please check para 5 and 6 of judgement order. For reference, there is an attached court judgement order.
So with this reference, I would like to know more about my case described before and firm clarity on the same.
Please let me know soon about the same.
Yes so this is a case which means there is litigation in treating this 50 lakh on each person so it's always better that if you wish to not get into litigation deduct TDS.
If you need any consultation click here: https://www.taxontips.com/tax-notice-personal-consultation/
S
Sudhanshu B
Hi. Last year I had an injury owing to which I have been declared to have a disability and I was given compensation for the injury as per my company standard documents. Since this is compensation and not income, is it mentioned in ITR form or how does one mention in ITR form?
C
Citizen
Gambling income
What if I won rs.20,000 but have already lost rs.30,000 so do I need to pay tax on my winnings or the amount is it exempt upto the extent of my winnings because I suffered a netloss of rs.10,000
As per income tax they don't see loss you need to pay tax on winning.
T&C apply
