Mr. Madan, a citizen of India and the Karta of an HUF, is employed in M/s. PCS Pvt. Ltd. He is drawing monthly salary of ₹65,500 in India. On June 1, 2023 he purchased one residential house property in Mumbai for ₹18,00,000 in his individual capacity. The market value of the property is ₹32,00,000 and value for the purpose of charging stamp duty is ₹23,00,000. On August 31st, 2023 he was transferred to the branch office of M/s. PCS Pvt. Ltd. in U.S.A. and he left India on September 1st, 2023. The overseas branch paid him a salary of $2,500 per month in USA. He managed business of HUF from USA when he was not in India. He had also gone out of India for 99 days and 201 days in previous years 2022-23 and 2021-22, respectively. He had never gone out of India prior to that. He visited India from January 1, 2024 to January 15, 2024 for training on a project and received 15 days salary in India as per his Indian monthly salary before being transferred. Mr. Rajeev, one of his friends, gifted him a sculpture in India on August 10, 2023. The market value is ₹45,100. Determine the residential status of Mr. Madan and his HUF and compute gross total income of Mr. Madan for the assessment year 2024-25 assuming he opted out of the default tax regime. The value of one USD ($) may be taken as ₹70.

Answer the following: (i) M/s. PQR & Co., a proprietary firm of Mr. Yogesh, paid an amount of ₹30,500 to Mr. Amit, a resident individual aged 45 years, on June 1, 2023 towards fees for professional services. Subsequently, another payment of ₹60,000 was due to Mr. Amit on January 30, 2024. Tax was not deducted from both the transactions. Mr. Amit has filed his return of income for assessment year 2024-25 on May 2, 2024, taking into account professional fees from M/s. PQR & Co. and paid the taxes due on the income declared in the return of income. What are the tax obligations in the hands of M/s. PQR & Co. on the assumption that the accounts of the firm are audited under section 44AB of the Income-tax Act 1961? (ii) M/s. Fastest Ltd. is an Indian car manufacturer. During the F.Y. 2023-24, it sold cars for ₹150 lakhs to M/s. Race LLP, a distributor of cars where the sale price of each car was ₹7.5 lakhs. The turnover for the F.Y. 2022-23 of M/s. Fastest Ltd. was ₹15 crores and M/s. Race LLP was ₹8 crores. What shall be the TCS/TDS implications on M/s. Fastest Ltd. and M/s. Race LLP?