raghavendra b
22 March 2025 at 14:29

HIGHER VALUE TRANSACTION SFT-04

DEAR SIR,

FOR THE OF FINANCIAL YEAR 2022-2023 RECEIVED A E-MAIL FROM INCOME TAX DEPARTMENT THERE IS VARIATION IN AIS AND INCOME TAX RETURNS FILED REPORTED HIGHER VALUE TRANSACTIONS. ASSESSEE IS AN FARMER HE OWNED NEARLY MORE THAN 50 EKAR AGRI LAND AND EARN NEARLY 30 TO 40 LAKHS AGRICULTURE INCOME. ALL PAYMENTS RECEIVED FROM SMALL TRADERS THEY EVEN DO NOT HAVE BANK ACCOUNT SO MY CLIENT RECEIVED 33,15,880/- CASH DEPOSITS FROM DISTANCE CUSTOMERS.
INCOME TAX RETURNS FILED BASED ON THE BANK STATEMENT BUT ENTIRELY DECLARED UNDER AS AN AGRICULTURAL INCOME SO THERE IS NO CONFIRMATION REGARDING CASH DEPOSITS IS AN AGRICULTURAL INCOME.

FEED BACK ALSO FILED THROUGH COMPLIANCE PORTAL ' THE INFORMATION IS CORRECT'.
MY CLIENT SAYING ENTIRE AMOUNT IS COMPLETELY AGRICULTURAL INCOME PLEASE SEND FEED BACK IS INFORMATION CORRECT.

WHAT IS NEXT IF THE ITO OFFICERS ASK DOCUMENTS REGARDING CASH DEPOSITS, MY CLIENT KEEP THE BILLS AMOUNT RECEIVED FROM THE DISTANCE CUSTOMERS.

PLEASE GUIDE ME

REGARDS


Accounting Home Services
22 March 2025 at 11:46

PAN Card Surender

Hi, how to surrender a PAN card. Since firm Business is close.


Daya

TDS on technical fees on which services apply,
and also TDS on rating agency what percentage TDS apply.


Jaswinder singh

Respected Colleagues,
A Female received delayed Insurance claim from National Insurance Co. with Interest around Rs 15 Lakhs, Now Interest amount taxable as income or not in ITR related to AY 2019-20?


Chandra Kala
22 March 2025 at 10:12

Exemption u/s 10(23C)(iiiad) Schools

Exemption u/s 10(23C)(iiiad) Schools shall file updated returns for the A.Y.2023-2024 & 2024-2025 under exemption. In updated returns shall we show additional income. How to file updated return


V Ishu Hegde
21 March 2025 at 13:50

Filing of ITRU

A senior citizen has income of bank savings interest of Rs. 1276/ in the f.y.2021-22 A.Y. 2022-23. His tottal income for the A.Y.2022-23 is Rs. 1276 /- and hence no return has been filed for the A.Y.2022-23.He has recd email for filing of ITRU FOR a.y.2022-23.
1. How Shall he proceed?
2. what steps does he need to take?
3. When should ITR U be filed


Suresh S. Tejwani

What is time limit for revision of Audit Report?


Chandra Kala
20 March 2025 at 16:23

Updated returns - Schools

Whether it is necessery to offer income in the case of exemption claimed u/s 10(23C)(iiiad) for the returns filed u/s 139(8A) of the IT Act


Mahabir Prasad Agarwal
20 March 2025 at 18:49

Deposits by others in a bank account,

One of my client used to take payments in his own bank account from his various customers (Vide UPI/IMPS/NEFT). Subsequently, he used to withdraw cash from his account and refund the same to his customers after deducting a meagre commission. In this way, he has received a huge amount (Approx. 80.00 lac) in his bank a/c and has also refunded the same after withdrawing cash from his account. Now he approached me to file his ITR. How can I file his ITR? What nature of income is to be shown? Is there a way to file his ITR ?


Rajkumar Gutti
20 March 2025 at 15:45

Household goods

Grocery purchased for poor people donatio
For tds under 194 q limit crossed.
For deducting tds can gst taken into consideration or not.





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