Sir,

One of my friend has filed ITR 1 on 1st of August 2022. There is no tax due after deducting the TDS as per Form 16. But, due to late filing, he has to pay Rs. 5000/- late fees. He paid that amount on the same day, but failed to fill up the challan details in the ITR.

Now, the IT department has raised a demand for Rs. 5000/- Can he go for rectification in the IT Portal under the head SERVICES and furnish the challan details of the said payment ? Is it correct ?

Pls. advice.

Our is a Education Institution. We have registration u/s 11 (12AA Registration). In this connection, we request you to file we can claim exemption u/s 10(23C)(iiiad). If we have registration u/s 12A of the IT Act

I am Naynesh from Ahmedabad.

I am a professional. Since 4 years I have filed my tax returns under section 44ADA. Now in P. Y 2021-2022 , I have incurred Speculative Loss (intraday) approx 20 Lakhs as well as have professional income of 10 Lakhs. Turnover from Speculative business is more then 1 crore(Aggregate of Positive and Negetive difference).

Now my questions are:-
1) Tax Audit mandatory for speculative?Can we look into the 10 crore limit of tax audit?
2) If audit is mandatory then what is the tax treatment of professional incomes in tax audit and tax return.
3) Can I continue my professional incomes under section 44ADA by showing 50 percentage profits.
4) Is there any mandatory requirements of to include professional incomes in my tax audit turnover.

Please all people guide me on this.

Dear Sir,
I request you to kindly clarify below points. I have income from house rent and interest from FDs. My interest income may exceed 20 lakhs and house rent may be around 5 lakhs. I would like to know is there any other tax rules I should follow if my income from interest is more than 20 lakhs. Please clarify.

Regards,
Rajanna

Respected Readers
Partnership Firms books of account getting audited from AY 2017-18 to AY 2021-22 for continuously 5 years. For FY 2021-22 firm turnover is 16 lakh, whether Tax audit will be applicable or Can file complete ITR with profit less than 8% .

Please Guide Friends

Dear Sir,

Financial Year 2019-20 We have filed ITR under section 44AD declare profit 8%. In Financial year 2020-21 Turnover is Rs.45 Lacs and profit is 4.6% Filed the ITR after audit under section 44AB. Financial year 2021-22 Turnover is Rs.73 Lacs Profit is 8.34% Can we go for 44AD or need to audit please suggest.

Me and cousin have 50% partnership in LLP with 50000 capital each.
We ran the business for 3 years. LLP now has around 1Cr assets in balance sheet.
We are planning to sell the company. The 2 new partners will be putting 1Cr into company. We are planning to take that money and exit.
Can someone advice on how to go about doing this. What will be the tax implication for exiting partners?

I have one Unit at Wester Line in Mumbai and let out the same Per Month Rent Rs.60,000/-.I living at Cetral line in mumbai on Rent and paying Rent Rs.40000 per month. So I request please guide me how to calculate my Income from House Property?

SCHOOLS GETTING EXEMPTION U/S 10(23C)(iiiad). IN ITR-7 SCHOOLS SHOULD BE ENTER BALANCE SHEET FOR THE A.Y.2022-2023.

IS IT NECESSARY TO ENTER BALANCE SHEET

The Individual person drawing Gross Salary of Rs.795000/- Including HRA & Transport Allowance. He is residing in his own house.
Can he eligible to claim deduction in ITR of House Rent allowance u/s.10 (13A) & Transport Allowance u/s.10(14)(ii)