While deciding liability of an individual to deduct tax on payment of fees for professional services, which of the following is immaterial -

    Mr. Prakash is employed with XYZ Ltd. from 05.11.2019. He resigned on 31.03.2024 and also withdrew a sum of Rs. 55,000, being the accumulated balance of employer’s contribution in his EPF Account, on the same date. The tax would be deducted -

      TPR & Co., a partnership firm selling its product X through the digital facility provided by MKY Limited (an E- commerce operator). MKY Limited has credited in its books of account, the account of TPR & Co. on 31st January, 2024 by sum of Rs. 4,80,000 for the sale of product X made during the month of January 2024. Out of Rs. 4,80,000, it made payment for Rs. 4,00,300 on 3rd February, 2024. Further, Mr. Pawn, who purchased the product X through the facility provided by MKY Limited, has made the payment of sum of Rs. 40,000 directly to TPR & Co. on 15th January. 2024. Which statement is correct regarding requirement of deduction

of tax at source by MKY Limited?

        Mr. Ajay Sadhu, proprietor of M/s Blue Bird Enterprises having turnover of ₹ 65 lakhs and not subject to tax audit under the Income-tax Act, 1961 during P.Y. 2022-23, has received two bills for payment. The first bill is for ₹ 42,00,000 from Vijay Associates, an advocate and property dealer firm, for his daughter’s hearing and ₹ 21,00,000 from same Vijay Associates for brokerage service provided in relation to purchase of one property. Both bills were raised on 21-12-2023 but payment were made in instalments. 1st Instalment of ₹ 5,00,000 as advance was payment on 15 11-2023, 2nd Instalment of ₹ 45,00,000 on 25-03-2024 and balance amount ₹ 13,00,000 on 11-05-2024. Determine the TDS liability for Mr. Ajay Sadhu, if any, for A.Y. 2024-25?

        Mr. Ram acquired a house property at Chennai from Mr. Satyam, a resident, for a consideration of Rs.85 lakhs, on 23.8.2023. On the same day, Mr. Ram made two separate transactions, thereby acquiring an urban plot in Gwalior from Mr. VI pun for a sum of Rs.50 lakhs and rural agricultural land from Mr. Danish for a consideration of Rs.75 lakhs. Which of the following statements are correct?

    Mr. A has two bank accounts maintained with ICICI Bank and HDFC Bank. From 01.09.2023 till 31.03.2024, Mr. A withdrew the following amounts as cash from both the said accounts; HDFC Bank: Rs.50 Lakh ICICI Bank: Rs.120 Lakh

Compute the amount of tax to be deducted at source u/s 194N by HDFC Bank and ICICI Bank, respectively, while making payment in cash to Mr. A.

(iii)    Name of the lender

(iv)    Address of the lender

(v)      PAN of the lender

(vi)    TAN of the lender

      Mr. Jai, a resident Indian aged 60 years, won ₹ 9 lakhs and Mr. Veeru, resident Indian aged 55 years, won ₹ 8 lakhs from lotteries. Tax deductible at source under section 194B was duly deducted. Assuming that this is the only source of income of Mr. Jai and Mr. Veeru for A.Y.2024 -25, are Mr. Jai and Mr. Veeru liable to pay advance tax for that year? (MTP 2 Marks March 22)

      Mr. Kumar made the following cash withdrawals during the P.Y.2023-24 -

Which of the above banks are required to deduct tax at source on cash withdrawals made by Mr. Kumar in the P.Y.2023-24 if he regularly files his return of income?

        Mr. Vyas, aged 80, is a retired government employee. On 1St April 2023, he received the maturity amount of his LIC policy amounting to Rs. 3,50,000. This policy was taken by Mr. Vyas on 1st April 2013 on which the sum assured was Rs. 3,00,000 and the annual premium was Rs. 40,000. His other income comprised of pension amounting to Rs. 85,000. Mr. Vyas furnishes a declaration in Form 15H for non-deduction of tax at source to the insurance company stating that his net tax liability for the year is NIL.

Choose the correct statement from below:

B. A is of the view that the amount of Rs.1 lac shall be allowed to him as a deduction under the Income-tax Act, 1961. Whether A‟s view is correct?

        Mr. Kabir (a non-resident and aged 70 years) is a retired person, earning rental income of Rs. 45,000 per month from a property located in Mumbai. He is residing in Canada. Apart from rental income, he does not have any other source of income. Is he liable to pay advance tax in India?

Mr. P is a professional who is responsible for paying a sum of ₹ 2,00,000 as rent for use of building to Mr. Harshit for the month of February, 2024. The gross receipts of Mr. P are as under:

From 01.04.2022 to 31.03.2023: ₹ 55,00,000

From 01.04.2023 to 28.02.2024: ₹ 45,00,000

Find out whether Mr. P is responsible for deducting any tax at source from the rent of ₹ 2,00,000 payable to Mr. Harshit.

    An amount of ₹ 40,000 was paid to Mr. X on 1.7.2023 towards fees for professional services without deduction of tax at source. Subsequently, another payment of ₹ 50,000 was due to Mr. X on 28.2.2024, from which tax@10% (amounting to₹ 9,000) on the entire amount of ₹ 90,000 was deducted. However, this tax of ₹ 9,000 was deposited only on 22.6.2020. The interest chargeable under section 201(1A) would be:

 Mr. Nihar maintains a Savings A/c and a Current A/c in Mera Bank Ltd. The details of withdrawals on various dates during the previous year 2019 -20 are as follows:

Is Mera Bank Limited required to deduct tax at source on the withdrawals made by Mr. Nihar during the previous year 2023-24? If yes, what would the amount of tax deducted at source?