Hi,

If net profit is less than 8%/6% (as the case may be) of turnover , then tax audit is applicable. (Turnover limit of Rs 2 cr).

However is there any condition that tax audit is applicable when profit is less than 8%/6% and when net income crosses basic exemption limit , else not? i.e both conditions to be satisfied?

Regards,

whether computers come under Equipment and TDS to be deducted on monthly hire charges paid on computers system under section 194I.

For Assessment Year 2020-2021 one condonation application U/s. 119(2)(b) was submitted to CIT Exemption Kolkata on January 2022 on 25.01.2022 it has been ask to the assessee to establish the conditions mentioned CBDT Circular No 9/2015[F.No. 312/22/2015-OT] dated 09.06.2015 and by obeying the order reply for the same was convey to CIT and till date the department is silent from their side by knocking the door of Learned CIT it has been directed to the assessee that application cannot condoned as per law but in the circular no 9/2015 its clearly state this condition "No condonation application for claim of refund/loss shall be entertained beyond six years from the end of the assessment year for which such application/claim is made. This limit of six years shall be applicable to all authorities having powers to condone the delay as per the above prescribed monetary limits, including the Board. A condonation application should be disposed of within six months from the end of the month in which the application is received by the competent authority, as far as possible" and here the case is for the A.Y. 2020-2021 so hope assessee didn’t violate this point. Again there was a refund for Rs. 196980/- computed after 15% statutory accumulation and the assessee didn’t claim any interest on belated refund also as in the notification that point also clearly mentioned "No interest will be admissible on belated claim of refunds." Under this situation what step one professional may take for natural justice?
Please guide me.

Hi,

Can a cement dealer opt for presumptive taxation under section 44AD?

I am referring to below :

44AD (6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—

(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;

(ii) a person earning income in the nature of commission or brokerage; or

(iii) a person carrying on any agency business.

This says 44AD is not applicable to agency business. Is cement dealer termed as agency business under income tax?

Regards,

Dear sir, Recently I have Download Traces offline Correction file From
Traces can any one Please help me Passward format to open the File

1. ABC Ltd. ( T/O more than 10 Cr) has entered into a distribution agreement with XYZ Ltd ( T/O more than 10 Cr). XYZ Ltd will handle, transport, warehouse and distribute the products after receipt of the products on consignment basis on behalf of ABC Ltd.
2. The Distributor, XYZ Ltd, will deliver aforesaid products to sub-distributors (both T/O more than and less than 10 Cr) and invoice the sub distributors in respect of such delivery. On the face of the invoice it is mentioned that “XYZ is acting as an AGENT OF PRINCIPAL M/s ABC Ltd”.
3. Collection: XYZ Ltd, the distributor, will collect funds on or behalf of ABC Ltd from sub-distributors.
4. ABC Ltd. will pay distribution fees to XYZ Ltd as per the agreement.

In view of the above fact kindly suggest provision of section 194Q & 206C (1h) of IT Act, 1961.

Dear Sir,

We are getting the following error while doing TDS return for the 4th Quarter.

"T-FV-2001 'Invalid Batch Header (BH) Record Length' i.e., number of fields in the batch header are not as per file format."

How to resolve this issue. Please help

Thanks in Advance

As per sec 10(10a) of IT act, commuted pension received by a Government Employee is fully exempt from tax. For non- Govt Employees, only part exemption is allowed.
My question is "Do the PSU bank employees come under the definition of Govt. Employee" for the purpose of this section?

New ITR forms for AY 22-23 is asking the pensioners mark the nature of employment which includes different options like CG - Pensioners, SG pensioners, PSU pensioners, other pensioners. (CG / SG - Central Govt / State Govt). Once it is marked as PSU pensioner, can the IT exemption be claimed for commuted pension which is fully exempt explicitly for Govt Employees only?

Can you therefore please comment / advise whether commuted pension is fully or partly exempt for us PSU bank employees?

i had sold my land Rs 61 Lac out which capital gains Rs 40 Lac
Shall i re invest for Rs 60 Lac or 40 Lac for get benefit of tax?

Hello,
I have query regarding issuance of Form 16 FY 2021-22. Client company have two branches i.e. Mumbai & Hyderabad, in April & May 2021 all employees TDS have been deposited at Mumbai TAN even for Hyd employees also after that they bifurcated to correct branches. Now my question, what are the options I have, to issue the Form 16 for FY 2021-22 now. Whether I should issue two form -16 for Hyd branch one is for apr & month & other is for rest months or not. Please suggest me the options as I will have to file TDS return.
Thanks in advance