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11 July 2024 at 18:03

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I am getting below error message though I have entered correctly. Can someone please assist?

'In schedule CG, at s.no. A2, 111A or 115AD(1)(b)(ii) can only appear once. Please enter total value.'

k chakraborty

partner received remuneration from partnership firm, but his total income is below threshold limit i.e below 250000, is it mandatory for him to file ITR

11 July 2024 at 15:59

Conveyance Allowance in ITR

Hello Sir,

My company is not showing Conveyance Allowance in CTC. They are giving all allowance in special allowance section.
Can I show Conveyance Allowance while filling ITR to get tax exemption under section 10 sub-section 14(ii) for RS 19200 (Conveyance Allowance)


Dear Experts,

In one of the case where HUF is the proprietor , IT return was being filed under presumptive scheme by declaring 8% income of the turnover for 3 years. ITR 3 was filed since there was capital gain on shares as well and business income shown under presumptive scheme.

Now in 4th year , business is in losses. So in this case do I need to file ITR 3 with entire balance sheet and profit and loss? Also will it be subject to tax audit since loss?

Pls advice


11 July 2024 at 13:33


We have deducted & deposited TDS @ 20% rate because Party does not provide his PAN number for the Month of May,2024.

Now how to file 26Q Return without PAN No. ??????????????????????????


Form 16 issued with OLD TAX REGIME and TDS has been deducted under the head of salary of a Salary person. Now can he choose for his income tax return AY 24-25 in New Tax Regime and Can he claim his TDS (which has deducted under the head of salary income)?

11 July 2024 at 12:12

Can HUF Calim Exemption us 54F

Hello Members,

I sold of shares in HUF and the proceeds received was then invested in the newly bought residential flat by me and my family. However HUF name is not there in agreement but rest all of the co parceners are owner of the said flat.
Can I claim exemption us 54 F on the Capital Gain on derived on selling of the shares.

suresh s. tejwani

If books of accounts of any assesse is audited u/s 44Ab and also having FNO and intraday transaction then can he opt presumptive scheme for FNO and can show Profit and loss as positive figure by showing turnover and 6% profit by banking channel?
If no what is the other option to treat such FNO transaction?


Dear Sir,

Mr A files his return u/s 44AD. He provides gaming services to individuals and corporates. One of his parties deducted TDS u/s 194I(a) instead of 194C and deposited the tax. He uploaded his return showing his entire turnover of 750500/- u/s 44AD.

But he got the intimation of defective return mentioning that the TDS is deducted u/s 194I which is ineligible for presumptive taxation.

There was no event of renting out of anything nor his invoice mentions rent etc.
How can the defect be rectified?

Kindly guide me.
Thanks & Regards,

Jacob Abraham

Can we adjust the loss on commodity trading with the business profit or any other taxable profit in the year of loss?

Can we carry forward such losses after the current year adjustment and set off against future taxable profits

Is there any difference in taxability of the above in the case of Private Limited Company, Partnership Firm or Individual?

Answer Query