for the past three years i was getting the tax audit done -- 44AB and filing the ITR from my CA
though not mandatory/applicabe as per law -- this year also i have income from share market transactions
(cash and F & O) and other income like interest/dividends/professional (lawyer ) etc
can i discontinue the tax audit and file my ITR in the normal manner. thanks
of course the late filing will be attracted. PLS guide

Sir,
We're unable to file ITR 7 and the error displayed is "Liablesec44AB flg mentioned in json is different from the Audited 44AB selected in previous screen. Kindly upload the json for Audited 44AB selected in the previous screen".
We are using winman software for filing returns. The trust is not liable for audit u/s 44AB and the option selected online is "NO". But the same trust is liable for audit u/s 12a and Form 10B has been duly submitted.
Kindly give us a solution

Dear Si,
I have filed My mother Income tax return as legal heir with department. My return has been processed and refund order issued u/s 143(1).
The refund was not credited in our joint account because she is not first name account holder.
Now I proceed to arrange to send in the name of legal heir refund. I have submitted the bank detail of Legal hier in Income tax login profile and it was again fail for validation of account.

Actually Income tax department wants to transfer the refund in my mother name and we have no single account in her name and if the said to legal heir account with my mother name bank will not accept.

So kindly guid how to update Income tax profile of my mother by changing my name as Leigal heir of SMT....... and cheque of NEFT should be made in my name .

Thanks

Shiv Kumar Gupta
9929607592
(guptask2007@gmail.com)

A friend of mine, having onsite salary ,filed his original ITR-1 on 31.7.2019. wrongly claimed the relief under DTAA against S.89(1). later filed the revised return on 9.1.2020 claiming relief u/s.90/90A in ITR2. The IT dept. has refused to grant the relief stating the original return was filed on 9.1.2020 (ie. after the due date). They have raised a demand against that onsite income for which tax has been paid in that foreign country.
The issue relates to the financial year 2018-19.AY 2019-20.
Can anyone advice on what to do?

One of our client is running a gaushala and is registered under Sec 12A and 80G there receipts are approx 1.5 crores I want to ask do they have to go for tax audit if they show there profit below 8 %. Or they are governed by sec 11,12 and 13 and not liable to tax audit

Sir I have one question that TDS applicable on container corporation of india if yes then which section apply

Dear Professional Colleagues,

I am initiating this query for general discussion only.

I have been pondering over how and under what provisions of Income Tax Act, 1961, a barter transaction will be taxable?

I am conscious that:-

1. CGST Act specially covers in definition of supply-supply by way of barter.

2. That income Tax Acc s.2(24) covers value of benefits or perquisites received from a company by a director etc. within definition of income.

3. s.28(va) of Income Tax Act covers within definition of income under the head " Profits and gains of business and profession"- any sum, in cash or kind, under a agreement for not carrying out any activity in relation to any business or profession for not sharing any knowhow, patent etc. likely to assist in the manufacture or processing of goods or provision for services.

4. s.45(1A) makes profits or gains arising from receipt of money or other asset chargeable under the head "Capital Gains"


5. There are other similar provisions under ITA, 1961 covering different specific situations involving barter transactions.

6. I am aware that s.194 and different parts thereof require tax payment even for consideration given in kind.


However, excepting specified situations and not going by s.194 or any parts thereof, what will be the tax implication for a barter transaction?

My books are being audited, and CA shows income from other sources in form 3CD in point 16.
And I filled my tax return taking all the income from other sources in account namely Interest on personal FDs, interest on S/a. Now CPC have doubled the income from other sources by adding that income back to the total income and sent me a demand letter. What should I do.
Same thing happened to my friends.
Thanks in advance..

PLEASE SHARE EXCEL SAMPLE FORMAT OF BS AND PL OF A DOCTOR LIABLE FOR AUDIT U/S 44AB ON MY MAIL ID PALAK16AGRAWAL@GMAIL.COM
PLEASE PROVIDE SOON
THANKS

Hi All

Whether form 10F is mandatory for making foreign payments?

Is there any latest notification on the same?

Thanks in advance.