Dear Sir / Madam,

The queries are regarding Turnover of Intraday transaction to be mentioned in ITR and condition for maintaining the books of accounts.
For example, consider following intraday shares transactions

Purchase value Sale value P/L
10,00,000 12,00,000 2,00,000
45,00,000 38,00,000 -7,00,000
16,00,000 19,00,000 3,00,000
---------------------------------------------------------------
71,00,000 69,00,000 -2,00,000

So here turnover for determining tax audit would be calculated as the sum total of absolute profits minus losses made on daily transactions i.e. 2,00,000+7,00,000+3,00,000=12,00,000.
And Total of Sales value is Rs. 69,00,000/-

So my questions are as follows:
1) In ITR3, while mentioning the turnover, which figure we need to mention as turnover? Rs. 12,00,000/- or Rs. 69,00,000/-
2) For condition of maintaining the Books of Accounts, sales/Turnover/gross receipt should be more than Rs. 25 lakhs.
So in this case, for this condition, what turnover we would consider to check this condition.

Kindly guide.
Regards
Suraj

Hi

Can we avail benefits under section 44AD if the principal business of the partnership is renting out machinery & equipment towards infrastructure and allied services. Also, when do we have to pay advance tax for a financial year under this section.

I filed a return with an higher income than I accrued and the same return was processed and have received a demand notice u/s 143. Now can I rectify the return to the originally earned income ( confirmed in form 26as).

If rectifying should I rectify it while submitting the json file or submit the old details and then rectify it later ?

I unfortunately Misinformed my income in my ITR on the higher side and the return was processed and I received a notice U/s 143(1) requesting demand on the same. my questions are

can I go for rectification of return and change the income declared to the original amount accrued, (which is also supported by form 26 as) or what is to be done with respect to the same. Please advise

TDS with repect to FY 2019-20 under 194C, deducted but failed to pay to the Govt. Suppose we are paying the same along with interest, can customer will able to claim tds, IT return date is already over for the FY 2019-20. Please note that our 3CD filing is not completed for FY 2019-20. Suppose we are revising TDS return now for FY 2019-20 Q4, which year customer's 26AS will reflect. FY 2019-20 or FY 2022-23. Please reply

One Taxpayer turnover is 30 lacs in a year.
He is an individual Indian resident. He is a propreitor and not liable foe audit also. He has taken one gala or industrial place for his business (works contract). He pay monthly rent to landlord Rs. 40000/- .
So my question should he need to deduct TDS on rent payment.

If yes then suggest under which TDS section???? Please answer my query on urgent basis.

Thanks

A company declares a dividend the amount of which is less than Rs 5,000/- in the hands of a shareholder and so there is no TDS.
Subsequently, in the same FY, the company declares a further dividend, taking the total dividend paid to more than Rs 5,000/-, and so there is TDS on the total of both dividends paid. (This TDS is made from the second dividend amount.) In such cases, Form 26AS shows only the second dividend amount paid against which the TDS figure (on both dividends) is shown.

The I-T Return requires us to show the "Corresponding Receipt/Withdrawals Offered" which means that we have to show the total of both dividends whereas the pre-filled figure would be only the second dividend amount on which tax has been deducted. Hence while filling in the TDS schedule, should one correct the pre-filled figure in the ITR to the total of the two dividends?

Form 26AS needs to be corrected by the I-T Dept. correspondingly as otherwise the total of the dividends received as shown in the pre-filled ITR, would not tally with the record of shareholders, which may lead to avoidable correspondence.

Sir/Mam,

Individual Person paying Advocate fee above 10 Lakhs to Individual Advocate, TDS applicable or not, if applicable which Section or Percentage.

Individual Personal Not having TAN , how to deduct and pay to Income tax department, what about return.

If TDS not applicable what is procedure to follow for payment above 10 Lakhs.

Plz kindly explain the procedure.

Thanking you,

Hey,

I am a CA article trainee and also an Accountancy Subject Matter Expert at Chegg. I solve doubts/questions and get paid after getting TDS deducted u/s 194J. I am confused as to report it under 44AD or 44ADA? Does solving doubts about Accountancy come under the specified profession of 44AA? Please clarify on the same at the earliest as to choosing between 44AD or 44ADA along with an explanation.

Help is appreciated.
Thank you

I mentioned wrong TAN number in TDS schedule in ITR3 for A/Y 2021-22. It was pointed out in Intimation received u/s 143(1) in month of April 2022. I now want to request for rectification. Under rectification, the facility to rectify TDS mismatch is not yet provided. Do not know when it will be available. My refund is held up. Alternative suggested is to use option of rectifying by correcting data in the return filed. This option is available in off line mode. I do not know if it will allow correction of TDS schedule. I have downloaded Json file from the return filed, but I do not know how to open it for correction. Can some one guide me step by step how to proceed?