Dear Sirs,
My client has filed her income tax return with section 44ADA in assessment year 2023-24, working as a gym trainer, has pending to file ITR of last two years. my queries are as under, Please guide,
1. can gym trainer file U/s. 44ADA ?
2. if yes or no can I file last two ITR U/s. 44 AD? there is no capital gain or other income ?
3. is there rule to continuity of 5 years for 44ADA ?
Request to guide on this
Regards

🔍 Breakdown of Your Income Details:

Particular Amount (₹)

Presumptive Business Turnover (44AD) ₹1.30 crore
Presumptive Income @6% (u/s 44AD) ₹7,80,000 as my cash transaction <5%
F&O Trading Turnover (Non-Speculative) ₹6.20 lakh
F&O Trading Loss ₹1,14,000 (Loss)
Other income ₹14,000

Can i show my main business in 44AD and F&O loss in normal PGBP income ? To avoid audit requirements?

Sir.
One of my family relative has 2 shop .he is senoir citizen and no other income.his rental income comes 8000+15000= 23,000.
Whether he need to file IT return.
Please advise.
With regards
BINU

Sir,

Please go through my below query :
I have received HRA Rs. 70800/- PA. my Basic Salary Rs. 241320 i am leaving in non metro city with Rental house, I have paid Rs. 78000/- during the financial year 2024-25
shall i eligible for claim the HRA more than i have received in salary i.e Rs. 70800/- but rent paid Rs. 78000/-.

I requested to you kindly guide me for above query

Thanks & Regards
Sanjay

I have transferred my owned plot of land to religious trust as gift without consideration, whether such transfer is taxable in my hand ?? if yes what shall be consideration

Hi team,

We were purchased a land on 21st March - 2024 - we paid to the landlord of 51,00,000 lakhs - Without deducting the TDS, now we scrutinize the ledger and got to know that - we are liable to pay the TDS at 0.1%, Rs.51,000. My question is like this.

1.What is the Late fee - If yes - what is the amount
2.What is the interest charges - What is the amount.

Kindly confirm it at the earliest.

Dear All,
We received a notice under section 143(1) from the Income Tax Department in 2014.

We are a society (residential complex).

The Income Tax Department has computed our income as per the Companies Act and not taxed it as per the normal tax slabs, hence we have been charged additional tax demand of Rs 2.19 lakhs.

And later, we received another notice under section 245 of the Income Tax Act, 1961 on 17-02-2023 to adjust the refund amount against the pending outstanding demand in the subsequent years. We did not file any rectification return from 2014 till the last notice received on 17-02-2023.

We filed the rectification return on 27-02-2023, 10 days after receiving the last notice under section 245. But till date the department has not taken any action on it.

As per Income Tax rules, rectification return should be filed within 4 years of notice issued by the department.

The demand is still pending and the portal is still calculating interest on it.

I need your suggestion.

Is there any way to complete the rectification return and delete the demand amount?

Before 2014 we were getting similar notices and we were filing rectification returns within the time limit prescribed by the Income Tax Department and the department was consistently accepting the correction returns and deleting the demands.

Regards

When tax payer has a income of salary, capital gain, and other sources means he want to file ITR 2 can he change... New tax regime and old tax regime every year?

Hi,

i am filing ITR 2 (online) under which i am mentioning the CG and 112A (which is exempted)..as i can check it is not showing the tax part on STCG...i dont know why..where all i have to mention it so that it shows the tax in TTI sheet...
STCG (Before 23.7.24=18669, After 23.7.24=44118)

If I declare income of a partnership firm U/S.44AD. Whether tax will be payable on income before deduction of Partners remuneration/Interest or after deduction of the same ?