DEAR SIR,

WHILE FILING INCOME TAX RETURNS WE SHOULD DECLARE TURNOVER DECLARED IN GST RETURNS OR THE RECEIPTS CREDITED IN BANK ACCOUNT. WHICH ONE TO BE CONSIDERED AS TURNOVER IN THE FINANCIAL YEAR. MEANS SOME ONE IS FILED LIKE IN THE GST RETURNS SALES DECLARED RS. 1,12,32,112/- BUT THE RECEIPTS RECEIVED IN THE BANK ACCOUNT 78,39,33389/- WHILE FILING IT RETURNS HE JUST TOOK THE AMOUNT RECEIVED IN THE BANK FILED U/S 44 AD PRESUMPTIVE TAXATION PROFIT @ 6%. IS THAT CORRECT WAY TO SHOW TURN OVER IN IT RETURNS.

I SAID WE SHOULD CONSIDER TURNOVER DECLARED IN THE GST RETURNS ONLY THE PAYMENT RECEIVED IN ELECTRONIC CLEARING MODE WITHIN DUE DATE WE SHOULD FILE U/S PRESUMPTIVE TAXATION .

WHICH ONE IS CORRECT WAY DEAR SIR

CLARIFY ME

THANK YOU

if TDS is deducted US 194DA on maturity of Life Insurance policy can we claim this amount ? policy is tax free or not ? please suggest

Sir i have 2 queries :
1. If i have received upi from my son of small amounts like 5k during the year aggregate amount is around 1.5 lakh.

2. If i have paid credit card bills aggregating to which around 10lakh , however in some of the cases i have ordered things for others and received amount in my savings account or by cash . How will i deal with it in itr filing.

Hi all,

My father invested in NSC in my name 5 years ago when I was a student with no income, so I was not filing return.
Now in FY 2022-23, I have received Interest of 300k on maturity which is reflecting in my AIS and TIS.
I have not shown previous years income and not taken deduction for investment in NSC in previous 4 years as 2022-23 is my first year of filing the return.
Please suggest if I can only show 5th year interest as income or whole 300k will be shown as Income.

HOW TO CALCULATE TURNOVER OF SPECULATIVE TRANSACTION OR NON-SPECULATIVE TRANSACTION ?

WHETHER TOTAL OF PROFIT AND LOSS NEED TO BE CONSIDERED AS TURNOVER ?
OR CAN BE SHOWN AS SHORT TERM CAPITAL GAIN ?

HI ALL,

WHIL FILING ITR2, IAM GETTING TH FOLOWING ERROR AT THE
TIME OF VAIDATION THOUGH I HAVE
NOT CLAIMED ANY AMOUNT IN SEC 80U
If option No is selected for 'Are you opting for new tax regime u/s 115BAC?' and In Schedule VIA, if Resident assessee has claimed deduction u/s 80U for self with disability then amount should be equal to Rs.75,000

PLS GUIDE
THNKS

Dear sir,
My salary income 2396930.00
interest income -26471.00
total income - 2423401
my tds deduction in salary & cash withdrawal (amount -519500) u/s 194n
we are file our return ITR -2 show income salary income & Interest cash withdrawal amount not show in ITR due to i think this is not a part of income .
After file return we have received defective notice due to Income show in itr not match with 26AS because cash withdrawal amount show in 26as

please help me how to resolve the problem

Assessee is a Trust filing return in ITR 7.
While filing the ITR 7 for the F.Y. 2021-22 in SCH IE-4 due to oversight assessee missed to fill up the "Amount applied for objective".
However, assessee filled up for Gross annual receipts and Balance accumulated in SCH IE-4.

Later the assessee received office communication to submit a response u/s 143(1)(a)(ii)

We submitted a response. Later the assessee received an intimation order by CPC (treating the amount that we missed to fill up in the "Amount applied for objective " as Income From Other Sources u/s 143(1)

Kindly advise whether this is a matter to be applied for as rectification u/s 154 or we should prefer an appeal?

The assessee (Son) receives a house Via Gift Deed from mother( Inherited by mother from her husband in 2003 after his death) & sells the same after a gap of one week in 2023 July.

Will the assessee receive benefit of Indexation in this case ? and what will be his acquisition cost & holding perod ?

My CA missed the F&O Loss shown in Trading P&L for FY 21-22, hence the ITR and computation do not reflect that loss. Is there a provision to show that loss now by means of revision of ITR or any other way? For your information ITR for FY22-23 has been filed too.
I could have easily adjusted current years profit against it but can't do that now.
Anyone with expertise please advice!!
Thanks in Advance!!