Please provide correct advice in the following situation.

We filed ROI for AY 2019-20 on 30-10-2019 and paid a tax amount of Rs 1,20,03,465/- under section 115JB. Above return was processed u/s 143 (1) by intimation dated 19-05-2020. The Company has deposited Advance tax of Rs. 40, 00,000/- and ITR -6 for AY 2019-20 was filed under Section 139 on 30-10-2019 to obviate any violation in Tax compliance including the TDS claim of Rs. 87,29,484/-. In the Intimation order the assessing officer had accepted the income and other claims of the Appellant but had demanded Rs 97,85,148/- as balance tax and interest.

During the Assessment Year relevant to Previous Year 2018-19, the land under the ownership of the Assessee has been taken over by the Government for Guruvayur Dewaswam (GD). LA compensation of Rs.38565360/- (on 5- 2-2018), Rs.4,00,00,000/- (on 4-2-2019), and Rs.48,28,009/- on19-11-2020 were paid to the Petitioner Company. Deductor, GD did not deposit the TDS to government in relevant years, this resulted in the demand of Rs. 97,85,148/- on Company towards balance tax and interest in the intimation u/s 143 (1) dated 19-05-2020. GD deposited Rs.95,02,088 /- towards TDS and Rs.21, 25,421 /-towards TDS and interest on 30-1-2021 and filed TDS return for the Assessment Year 2021-22. (not AY 2019-20).

Deductor is delaying filing revised TDS return in spite of many requests even by Income tax authorities.

Can the Income tax department seek to recover Income tax with fine from Company for AY 2019-20, on mere fact that Petitioner could not account for deposit of such tax (TDS) (Rs.87,29,484/-, only because the deductor, after paying the compensation to Petitioner in relevant year, did not deposit TDS to government revenue? Should the assessee suffer for the fault of the deductor? We understand There is a bar under Section 205 and circular of CBDT in this matter.

Dear Mr Tanna, Before soliciting your sincere opinion I must first congratulate and compliment you for the benevolent job being done to alleviate the problems being faced by the solo taxpayers from the pounce of the IT Office. I would request you to go through my problem which is very much exhaustive and moreover disheartening for the busy people like you. I am a retd employee from LIC in the FY 2020/21. In FY 2021/22 I had received arrears of salary along with commutation of pension and leave encashment. The employer while finalizing the IT for 2021/22 had deducted IT giving the exemption for comm pension, 80CC and 80D without the benefit under sec 89. While filing IT I could see the effect of AIS. Without any further deduction except under 80 TTB, I tried to confirm the Total Taxable Income as per 26AS/AIS. The self-assessed tax was to be paid on three dates because of the ATM limit etc. The last payment which was on 28th July, could not be successful and was debited on 29th as a result I could not add the CIN No etc., on the Add box of tax payment. Since the total amount of tax was paid before the last date i.e 31st I did submit a short paid ITR presuming it would be taken care of. On 1st Aug I received a message under sec 143 with a demand due for 4660/. The e-file status was showing the ITR is under process with O/S demand Nil (four Green tick was displayed). Till Aug 30th when I found the ITR is not accepted despite the grievances as cited above, again I paid the balance amount going thru the demand due option, there also I faced the same problem from bank. The amount could be debited on 31St Aug. I did pay the amount thinking the ITR and tax deposit are different Module. Moreover after filing ITR I made a query with the ITO regarding exemption of Transfer grant which should have been allowed at source. They denied it under pretext that no further exemption after filling. In order to see the last payment due appear under SAT head I had submitted a grievance which was not seen till I spoke to the help desk. One reply came with so many tags to file revised IT under section 131 (5). While I visited for re-file, I could see the interest amount along with an increased taxable income thus returned back. Now my questions are: 1. How the taxable income would vary when a letter under 143 is issued with a demand? 2. If I am to re-submit the ITR under Sec 131 (5) can I restrict the taxable income to the earlier one? 3. Can they alter the taxable income when Sec 143 is invoked? 4. Finally, should I conform to the query or wait till they make their earlier demand set right. Sir I had filled it by myself without the help of a professional. Your opinion would be mostly an antidote against the IT virus that has made me upset. Eagerly awaiting your reply.

I made a Fixed Deposit of Rs. 1Lakh at a contracted @7% for a tenure of 3 years on 1April 2021 in a private bank. However due to some reason i prematurely closed the Fixed Deposit on 3April 2022. Being premature closure,the interest rate paid by the bank was reduced to 5% for the FD deposit period viz. 1April 2021 to 3April2022. But the Bank had already deducted TDS each quarter of FY 2021 starting April2021 till 31March2022 on the interest paid @ 7% and the same had been deposited to Income Tax Department and also being duly reflected in the 26AS against my PAN for all these 4 Quarters of FY 2021_2022 (AY2022-2023). Now the issue is as actually my actual income is less than the income reflected in 26AS, i am entitled to pay less income tax and so claim partial refund of TDS reflected in 26AS. Please advise how to treat this TDS in my income tax return filing for the AY 2022-2023?

Plot of Land Ballia,UP. Purchase year-1990 in two instalments Purchase price-Rs 42,000 (35000+7000) Stamp Duty Valuation-Rs. 73,000(Rs.9000+Rs.64000) Advance taken in 2019 -Rs. 15 lakh without any documentation in joint SBI Bank Account of father and mother, both sr citizen father being first holder. Father expired in 2020. Sale to different person on August 11 2023 for Rs 20 lakh received in HDFC Bank joint account of mother and son,mother first holder . Rs. 15 lakh transferred through RTGS to the person who gave advance and Rs.3 lakh as interest claimed by him transferred through IMPS and Phone Pe to a different person whom the first person owed money, at the request of the creditor and debtor. Stamp Duty Valuation of Land in August 2023- 39 lakh. The total Yearly Income of the mother, sr citizen, is Rs. 12000 as pension (Rs. 1000 per month). She has not filed any previous ITR. Tax implication and tax planning for both buyer and seller and response to following specific queries- • In ITR, there are 3 rows. One is for sale consideration,2nd one is for stamp duty valuation and 3rd one which automatically takes higher of these two as sale consideration under section 50C. So here If I put actual sale consideration in both rows, will it amount to false declaration ? Consequences for this because if I give stamp value, then automatically IT system will pick up the higher stamp value and calculate tax accordingly. What to do then? • Who will bear the tax burden? First Account holder or 2nd Account Holder or both or any clubbing provision? • Sr. Citizen Mother has only Rs 1000(one thousand) per month family pension as income and does not file ITR. If she does not pay any tax at all, what are the chances of detailed scrutiny and consequences? • If mother happens to be assesse, does she need to pay any advance tax or file ITR? • How to get Fair Market Value (FMV) and circle rate of Land as on 01.04.2001 for calculating Indexed cost of Acquisition in 2023-24. • How to get FMV on date of agreement/date of sale? • If assesse declares certain FMV in ITR both on 01.04.2001 as well as on date of sale i.e. 11.08.2023, is supporting documentation required at any stage or mere declaration will suffice? Steps to be taken by IT in this regard? • What can be the maximum Tax Liability and maximum date of depositing this tax/ITR and steps to mitigate this tax liability/payment?