KHS
24 June 2021 at 16:10
Sir,
Ours is a small scale testing laboratory set up by unemployed graduate Brothers in Visakhapatnam District. Recently, we were awarded Annual Maintenance Contract work by Central Govt. Institute.
That as per NIT Document, the Price Bid Format wherein it was indicated " DO NOT QUOTE THE RATES HERE TO BE QUOTED ONLINE IN CPP PORTAL " . In the Technical Bid Schedule it was mentioned as follows:
Sl. Item description Quantity Units Rate inclusive Total Amt.inlcusive of Total Amount
of all taxes all taxes in words
As per Item Rate BOQ it was mentioned as:
Sl. Item description Quantity Units Estimated Basic Rate in Total Amt. Total Amount in
Rate in Rs. figures to be entered without words,
by bidder. taxes. Rs.
The learned Counsel may kindly be noted that on the basis of BOQ we have quoted most competitive price through e-procurement portal. On evaluation, we were awarded the AMC Contract and executed Service Agreement. Now, against submission of First Quarterly Bill receivable from the Employer, referring the "Specimen Schedule of Technical Bid" wherein we were agreed to Rate Quoted was "inclusive of Taxes" and directed submission of Revised Invoice by deleting the GST component from the Invoice submitted for.
In conclusion, it is humbly requested that ours being an unemployed Graduate brothers established Small Micro Laboratory (MSME) running on shoe-string budget and pulling the cart with great effort to stay in the market, Learned Counsel may kindly be help us with suitable guidelines to come across during this pandemic situation.
Optimistically looking forward direction to face ongoing scenario.
Thanking you Sir,
Sincerely, yours,
DSA Rao
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pratiksha wahi
23 June 2021 at 16:34
I have a doubt. Suppose Mr.X , a resident but non ordinary resident, receives his superannuation pension income from Australia after deduction of tax by Australian govt. at the rate 35% . The pension income is deposited by the govt. directly in Mr. X's A/C in a Bank say IDBI Bank in India and it is not deposited in any bank account in Australia. The pension income accrues and arises from Australia.My doubt is that whether the pension income credited to Mr.X's bank account in India is taxable in India as income of RNOR received or deemed to be received in India???? Also please give relevant IT sections and case laws if possible...Since the RNOR is not having any bank account in australia, it is deposited in his account in India. So can any relief be claimed for the same?????? One more Kind request...Pls give me the applicable sections and case laws too if possible to justify ur answer..It will help me to an great extent
Anonymous
20 June 2021 at 21:52
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
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
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
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santosh
14 May 2021 at 18:05
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
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.
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Property value to be filled in 4 tds forms
Me & my wife have purchase flat as joint owner. Current owner of flat is also on joint name (husband & wife) need guidance on TDS payment. my 3 queries are as under :
Property price is 1.20 CR, what value should we update in "Total Value of Consideration (Property Value)*
How many transaction i need to do. (2 buyer & 2 seller).. pl share example and value breakup. (TDS and Property value to be udpated in each form)