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Dear Sir,

Yes, you can still receive your EWS (Economically Weaker Section) certificate even though a new financial year has begun, provided your application was properly submitted and verified. In most States, including West Bengal, the certificate is issued based on your eligibility at the time of application, and delays on the part of the authorities do not invalidate your claim. However, since EWS certificates are generally issued for a specific financial year, the authority may e

Dear client,

In the your case for AY 2022–23, the addition made by the Assessing Officer under the Income Tax Act 1961 by invoking Section 115BB and taxing the gross winnings from online card games without allowing set-off of losses is legally challengeable before the Income Tax Appellate Tribunal on multiple grounds, namely that the specific regime for online gaming taxation was introduced only subsequently (Section 115BBJ), and therefore for the relevant year such income ought to have been

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.