Incase of Intraday, Speculationa & F&O Turnover is more than 2 Cr in Financial year 2023-24 and if such party wants carry forward loss incurred by such F&O and speculation then what is the way to carry forward such loss?
If audit would be applicable as Turnover exceeds 2Cr in particular financial year?

Good morning sir/s,
One assesee couldn't filed the correct return, he couldn't able to produce the evidence against his claims under chapter VI A, for the same year Income Tax Authorities issued notice under section 133(6) calling information,
can we file updated return of said employee against notice issued by IT Department under section 133(6), and can we file the reply along with updated return computation,

assesee is ready to pay the tax including additional tax there on,

please guide me, how to suggest him

Dear Experts,

For the purpose of calculating surcharge @ 10% on Income exceeding 50 lacs, how long term capital gain on listed shares eligible for 100000 exemption is to be considered?

Foe Example Total income from all the other sources is 48.50 lacs and Long Term Capital Gain on Equity is Rs. 2 lacs( without considering exemption of Rs. 1 lac). Here, total income becomes 50.50 lacs although Tax is to be paid on 49.50 lacs. Is surcharge applicable subject to marginal relief?

Please advise.

Thanks and regards

I am having Income from Business & so i am filing ITR 3 for FY 2023-24

My Tax Liability under both Old and New Regime is Nil

But ITR form is showing New Tax Regime as default regime. For Opting out of new regime, i have to file form 10-IEA ?

In all earlier years i have filed return under Old regime.

If I file return for FY 2023-24 under New regime , Can i Switch to Old Tax Regime in future Financial Years. ?

Please help to resolve the below issue

Travel Concession or assistance [section 10(5)], House Rent Allowance [Section 10(13A)]

T_FV_6354 If 'N' is selected for field 'Whether opting for taxation u/s 115BAC? OR Whether opting out from taxation u/s 115BAC(1A) (Applicable from FY 2023-24 onwards) [Yes/No] ', then no value should be specified under this field for statements from FY 2023-24

I'm a professional doctor. I'm not employed anywhere. I had PPF account in which my PPF interest is above 3.5 lakh p.a. Is this interest taxable or not?

Dear sir/s,

Can 115BAC opt for updated return of employee where as in original return not opted ITR Form 1

We an Indian Company have awarded a contract to an Indian Resident company for a project outside India. We have deducted Tax at source from the bills of the Indian company as per the extant rules of the foreign country. However, we are making the net payment against the bill in INR to the Indian resident company from India to their Indian account.

Are we liable to deduct IT TDS again from such remittance as per the rules of Income Tax of India?

Dear Sir,

We have advance from Sundry debtor in Credit Side in Balance Sheet. While Filling ITR-3 i dont find anything where i can show Please suggest Can we show under Sundry Creditor

Please advise

DEAR SIR,

MY CLIENT OWNED HEAVY GOODS VEHICLE (16WHEELS) AND ATTATCHED TO THE COMAPNY. THE COMPANY DID NOT DEDUCT TDS U/S 194C BUT IN FORM 26AS SHOWING BUSINESS RECEIPT OF RS 64300. BUT AS PER SECTION TDS SHOULD DEDUCTED IF THE CONTRACT BETWEEN THE CLIENT AND COMPANY. IS THERE ANY PROBLEM TO CLIENT OR NOT
MY CLIENT ALSO DOING OTHER MAIN BUSINESS PHOTOGRPHY AND VIDEOGRAPHY.

THE INCOME FROM CONTRACT HIRED FROM THE COMPANY SHOULD BE DECLARED IN OTHER SOURCE OR BUSINESS INCOME.

PLEASE GUIDE ME