icon Exemption related to Batch Reunion Contributions

Voluntary Contributions from Batchmates for Reunion were deposited in my bank account and utilised for the same. It was a No Profit No Loss event and the Financial Statement has been consolidated indi


A. Dear Client,

For filing a Tax Return and claiming exemptions under the Income Tax Act, 1961, a detailed personal statement of accounts reflecting income and expenditures may be necessary based on your bank account transactions during the financial year. It is recommended to seek guidance from a Chartered Accountant (CA) or Income Tax Practitioner for further clarification and assistance with the necessary steps.

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icon IT returns

By mistake for financial year 2024-2025 i declared my IT investment with proofs which was old tax regime for salary 6,28,000 rupees, IT deduced in TDS for January, But now I changed to New tax regime


A. Dear client,

The amount of tax you owe will be displayed on the I-T department website when you file your income tax return (ITR). However, the first question you are asked when filing income tax online, or when filing an ITR offline, is which tax regime to use: the old or the new one. Under the new regime, there will be a tax rebate if the taxable income is up to 7 lakhs under Section 87 of the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under ...ReadMore

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icon Tax notice

Recieved show cause notice A.Y 2017-18 under sec.148 in the name of my father who has passed away on 23.12.2021. Death Certificate has been uploaded. Tax authorities came took legal heir certificate


A. Dear client,

A show cause notice against a deceased person is not legal as per Section 148 of the Income Tax act. Section 148 of the Income Tax Act, 1961 deals with the issuance of notice wherein any income is found to have escaped re-computation, r assessment or reassessment.

Any show cause notice against a deceased person is void ab initio which is null and unlawful from the beginning. Any show cause notice against a legal heir of the deceased is also void and unlawful. The Delhi High Court ...ReadMore

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icon Updated itr3 under sec 139 8a how to show already refunded amt

Sir i had filed my itr1 on 12/07/2023 my net income was 4.53 lacs after all deductions.. I also received refund of Rs. 25040. But i realised that i had not shown my intraday trading losses around 2

2 Response(s)

2 months ago


A. Dear Client,
In the given scenario, where you initially filed an ITR1, later revised it to include intraday trading losses, and now intend to file an updated ITR3 under section 139(8a), you need to address the received demand and show the adjusted figures accurately. While filing the updated ITR3, ensure that you include all the necessary details, including salary income and intraday trading losses. If the system is not allowing you to file due to a mismatch in refund figures, it might be a tech ...ReadMore

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icon Ceation of HUF

My father expired recently. I want to know if HUF Account can be opened with my mother and brother. If yes can proceeds from my father FD' PPF be transferred to the HUF account so that tax liability o

1 Response(s)

2 months ago


A. Dear Client,
In the context of Hindu Undivided Family (HUF), it's typically formed by a family where the members are lineal descendants and share a common ancestor. If your family qualifies as an HUF, you can open an HUF account with your mother and brother. However, the possibility of transferring proceeds from your father's FD and PPF to the HUF account might depend on the specific terms and conditions of these financial instruments and the financial institution's policies. It's advisable to c ...ReadMore

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icon Investing in Plot but half amount is paid by my dad

Will I get income tax notice If my dad is depositing 30L in my account for land registration? Another half I am applying for Home loan. How to manage this father to son transaction? Father's money is

1 Response(s)

2 months ago


A. Dear Client,

Your father comes under the category of your relative, and any monetary amount given by him will fall under the category of gift and it will not be taxed.

Thank You.

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icon How to Claim Refund for Automatically Adjusted Demand Notice

How can I request a refund of the automatically adjusted Demand Notice amount of 7500 for AY 2022-23, which was settled in the refund Intimation order of AY 2023-24? but on Filing Rectification for AY

1 Response(s)

3 months ago


A. Dear Client,
If you believe that the adjustment was incorrect and you are entitled to a refund, you may file a rectification request. This can be done online through the Income Tax Department's e-filing portal. Make sure to provide all necessary supporting documents and details. If the ITO is satisfied that there was an error in the original intimation order, they will issue a revised intimation order that reflects the corrected tax liability and initiates the refund process. Once the revised in ...ReadMore

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icon Double taxation agreements

there is a company in canada giving loan to an indian company and that indian company is providing interest on that loan, the interest is transferred to USA bank account of the canandian company. what

2 Response(s)

3 months ago


A. Dear Sir,
You may contact the International Advocates who have knowledge of International transactions more particularly loan transactions.

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icon Tax implications on sale of property through GPA

Mr. A owned a plot and he gave GPA to Mr B in June 2022 and got it registered it. Mr. B sold it to Mr. C and did the registered conveyance deed in Aug 2023 and got the title of ownership transferred f

1 Response(s)

4 months ago


A. Dear Client,

1) In India, the buyer (Mr. C) is generally responsible for deducting TDS at the time of making the payment to the seller (Mr. B) in a property transaction. In this case, since Mr. C paid the consideration of 75 lakhs to Mr. B, he is responsible for deducting TDS as per the provisions of the Income Tax Act. Mr. C should deduct TDS on the entire consideration amount at the applicable TDS rate and deposit it with the government.

2) If the property is registered at a value lower tha ...ReadMore

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icon Income tax evasion since 10 years.

I know few people who are landlords and are evading taxes since 10 years. They were raking 50-60 Lakhs per year in rental income off the books. They were taking everything in cash without providing PA

1 Response(s)

4 months ago


A. Dear Client,
Reporting tax evasion is a civic duty, and the government takes such reports seriously. The Income Tax Department may maintain confidentiality about your identity. However, there is no absolute guarantee, and in some cases, your identity may be disclosed during legal proceedings or investigations. If you have concrete evidence to support your claims, it is essential to provide this information to the tax authorities. You can approach the Directorate General of Income Tax (Investigat ...ReadMore

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