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Dear Client,
Your query lacks information. However, be informed that Section 131(1A) of the Income Tax Act empowers the tax authorities to issue a notice and conduct detailed investigations of the assessee's books of accounts, property, and ask for information if they believe he/she is trying to conceal income. The Income Tax authorities may invoke Section 131(1A) in the following scenarios 1) When there are discrepancies in financial statements or income tax returns, 2) If there are unexplaine

Dear Sir,

US Tax Withholding (Before You Get Anything)

If you win a US lottery as a non-resident (i.e., you live in India and are not a US tax resident):

The US Internal Revenue Service (IRS) typically withholds 30% of your winnings at source as federal tax before paying anything out.

Some online lottery platforms or agents must send this 30% directly to the IRS.

There may also be state tax depending on where the ticket was purchased (some states add 0-10% extra).

For example: on a $2.8 M

Dear Sir,

Since you sold the property in May 2024, you can claim exemption of Long-Term Capital Gain (LTCG) by:

Purchasing a residential house
within 2 years (i.e., up to May 2026), or

Constructing a residential house
within 3 years (i.e., up to May 2027)

This is under Section 54 (or Section 54F, if applicable).

So your belief that you can invest till May 2026 is correct.

Dear Client,
Section 131(1A) of the Income Tax Act empowers the tax authorities to issue a notice and conduct detailed investigations of the assessee's books of accounts, property, and ask for information if they believe he/she is trying to conceal income. The Income Tax authorities may invoke Section 131(1A) in the following scenarios 1) When there are discrepancies in financial statements or income tax returns, 2) If there are unexplained transactions or cash deposits that raise suspicion, 3)

Dear Client,
The last date to file Income Tax Returns (ITR) for FY 2024–25 (AY 2025–26) was 15 September, 2025. So, on the expiry of dead line, you cannot file your IT return(ITR) under the Old Tax Regime. However, you can file a belated return under the new tax regime until the final deadline of December 31, 2025 under Section 139(4) of the Income Tax Act, with applicable penalties under Section 234F of the Act. Your return will be processed under the new tax regime and you cannot claim th

Dear Client,
To deactivate the PAN of a closed company, the authorized signatory should file a surrender request with the Income Tax Department along with the struck off certificate issued by the ROC. The procedure can be completed either offline by writing a letter to the jurisdictional Assessing Officer or online through the NSDL website. If a company failed to file its Income Tax Returns (ITR)(last filed for AY 2013-14) for the Assessment Year (AY) 2014-15 onwards and officially closed in 201

Dear Client,
The rectification in a mistake in the computation of income under Section 154 of the Income Tax Act, 1961 can be initiated either by the jurisdictional AO on their own motion or based on a rectification request filed by the taxpayer. The common grounds of rectification include Arithmetic errors, Clerical mistakes, Factual errors, Discrepancies in TDS, TCS, or advance tax credits, Omission of legal provisions. A request for rectification can be submitted on the e-Filing portal if th

Dear Sir,
Yes, you can shift to the presumptive taxation scheme under Section 44ADA if your gross receipts are now below ₹50 lakhs and you meet the other eligibility conditions, even if your income was audited in earlier years. Please contact any local chartered accountant who is expert on the above issue.

Dear Client,
Under Section 54 of the Income Taxt Act, investors can get an exemption of up to Rs. 1 lakh on LTCG tax from selling shares or mutual fund units for each financial year. By spreading their redemptions across two financial years, they can use the tax exemption limit for both years. Long term capital gains(LTCG) on sale of listed equity shares and equity oriented funds are taxed at 12.5%, over and above exemption of Rs. 1.25 lakhs. For other stocks and shares, the capital gains are t

Dear Client,
A revised return can be filed even after the notice or intimation has been received by the taxpayer under Section 143(1) from the Income Tax Department. You can file a revised return under Section 139(5) of the Income Tax Act, 1961, even after your Income Tax Return (ITR) has been processed, provided it is within the due date, i.e, December 31 of the relevant assessment year. December 31, 2025, is the deadline to file the belated and revised income tax returns (ITRs) for FY 2024-2