Manali

Is audit is compulsory for partnership firm having *Nil* turnover and having loss of approx four lakhs ?

No cash transactions.


bhavani P
12 June 2024 at 17:49

About withdrawl of FD's

Respected sir/ madam
We had send our savings to my mother and deposited Rs.70Lakhs in FD in my mother A/c for which already tax paid on that amount....now we want buy a property, for that we have to withdraw my money from the bank...now my doubt is howmuch amount we can withdraw in cash...is there any tax is attracted to withdraw the amount??
Without attracting tax what I can do??
Please answer to me


segaa

what to do when assessee (Individual) not showed salary income in income tax and deductor deduct TDS in 192 instead of 194J(b) for the same assessment year but later than time for revised return left. What to do?

Assessee showed that income in Business and profession head and filed ITR 3.


Suresh S. Tejwani

My proprietorship firm doesn't exceed 10 cr annual turnover and my cash transactions are under 5%. Do I need to hire a CA or can I file my own income tax returns?


Tanu
12 June 2024 at 13:36

TDS deduction rate if applicable

we setup a new company and filled the land with soil. now we make a payment to that individual person so which rate of tds deduction is applicable


hanif

Sir,
We Received Rs 250000/- in a single Day for a Single Sale Transaction of Rs. 250000
How much TCS is to be collected on this transaction s


Dipak Gulhane

My client received EX-GRATIA PAYMENT FROM EMPLOYER as part of Separation Agreement of RS.38,00,000 for discontinuing/termination of employment. He can join any other job after separation. In from 16 Employer deducted Tax on all salary including ex-gration payment. In salary Slip for that month its shown as "Ex-gratia" without mentioning whether its exempt or not. As I googled about ex-gratia taxability, its showing as exempt from tax but I was not able to find specific tax provision & section for this. But as in 26-AS salary is shown in full hence as per my analysis Its very probable that ITR may be scrutinized by IT Department. Shall I take this as exempt in a salary & if yes then under which section.


Priya
11 June 2024 at 17:28

ITR3 - Balance Sheet

I made 2L profit in Options trading in FY23-24, but stopped trading since I moved from Bangalore to London.

In last year's ITR I had put 20L in Balance Sheet (broker balance + bank balance).

I am wondering what to put in this year's balance sheet, since I have stopped trading and moved money to London.


Priya
11 June 2024 at 15:40

Invalid entry in TCS | Form26AS

To simplify (with dummy numbers):

- Bank deducted 1L in total for TCS (for sending money abroad under LRS). 
- When I checked Form 26AS, I saw that 20K out of the 1L was an invalid transaction.
- I emailed bank and they refunded 20K few weeks back
- I checked Form 26AS, and it still says 1L TCS and has the invalid transaction (of 20K). Ideally, it should be saying 80K TCS, since 20K TCS was invalid and is refunded to me by the bank.
- I've been chasing the bank for several weeks to rectify Form 26AS, but not getting any response.

Should I just file my ITR and mention 80K as the TCS? Or will the income tax department see mismatch in TCS and mark the ITR return as invalid?


Mahabir Prasad Agarwal
11 June 2024 at 12:48

26AS TDS not shown

Sir, after how many days of filing TDS Returns, TDS entries are reflected in 26AS ?






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