Dear Sir,

I was filing a return U/s. 44AD from A.Y. 2020-21 where turnover was Rs. 20 lacs and showing profit as 8% . Now for A.Y. 2023-24 his turnover has increased to 1 cr and actual profit is coming to Rs. 5 lacs after adjusting all expenses.

I want to know can I switch back to preparing normal books of accounts and show profit of Rs. 5 lacs as selecting 44AD for filing return will result in higher profit.

Please help me in this matter.

Regards,
Divyesh Jain

One person met with a road accident and lay motionless for ten years and expired subsequently. On death he was awarded enhanced compensation on which interest an amount @20% as TDS.

Three high courts have opined that the interest on compensation is part and parcel of the compensation itself and is not chargeable to income tax since both compensation as well as interest thereon are capital receipt.

I have a similar case where the first award was received the return was filed by the assessee and refund obtained.
Now On the enhanced compensation, received later, condonation was applied for and received.
Can the assessee demand refund on the analogy that the interest is of capital nature and demand the entire tax deducted on interest?

Dear Experts,

1 A company's vehilce has met with an accident.
2 This vehicle is used for business purposes.
3 The company has incurred some service charges also
4 The automobile dealer has raised the invoice in favour of Insurance company.
5 Now the query is :
a. Whether the company needs to deduct the TDS on these service charges.

pls clarify

Hello,

I am an editor and writer who provides his services to a tech media company. I file returns under 44ADA.

Now, I am looking to enter into a partnership with a mobile+accessories seller, local shop, which is a partnership firm. Each month, a fixed amount will be paid as salary to all partners.

1. Can I claim relief for online profession as usual under 44ADA
2. Can I also claim relief for mobile shop partnership firm under 44AD at the same time?
3. If the mobile shop salary from partnership cannot be claimed under 44AD, can I still continue to claim relief for online services as professional under 44ADA?

What else should I keep in mind?

Thanks.

Honorarium received from state government to Sarpanch or MLA is taxable or non taxable?
If taxable under which secton ?
If exempt, under which section ?

Do we have report each and every VDA transactions or profit only , Since transaction is huge for capital gain case also i.e 100 transactions

Dear All,

Can i set off long term capital loss from sale of residential/commercial property against long term capital gain from equity share/mutual fund?

Thanks & Regards
Nirmal Dave

Dear Sir

Tax audit of NRI person for 2022-23 he was Resident in 2022-23.

Now he is at Norway and Tax audit to be file in this month, no authorirised representative is there in India as of now.

Is Option I ok?
Can NRI person apply for DSC through Aadhar OTP, courier the token at Norway
and Sign the Tax audit report?
also audited financial copy can we put Digital sign on the same?

Option 2
or we can take approval on email for TAX audit report and sign by us?

WHAT IS THE LAST DATE OF PROPRITIROS SHIP AUDIT

We are running two wheeler business. we got the vehicle from manufacturer and they are debit amounts in our dealer ledger as for freight recovery.

Should we deduct TDS, if it is yes kindly confirm the rate of TDS.