Question No. 1 – Can a person having income from the Business and Profession can opt for new taxation regime?
Question No. 2 – If a person having income from the Business and Profession opts for new taxation regime than for how many years he has to compulsory file his return of income in new taxation regime?
Question No. 3 – If a person having income from the Business and Profession does not opts for new taxation regime for the A.Y. 2021-22 does he will continue to have the option to opt for the new taxation regime in the next A.Y. 2022-21?

Dear Sir,

Case A - Assesse is liable for Tax Audit
Question No. 1 - Section 269ST states that the person cannot receive Rs. 2 Lakh or more in cash in aggregate from a person in a day while section 40A(3) states that the person cannot do payment of more than Rs. 10,000 in cash in aggregate to a person in a day. Sir I find that the section 40A(3) overrule section 269ST as :-
(i) if you cannot do payment of more than Rs. 10,000 in cash in aggregate to a person in a day than how the other person can receive more than Rs. 10,000 but less than Rs. 2,00,000 in cash. So here the Section 269ST does not have any relevance /use.

(ii) if a person does the payment of any amount in cash but less than Rs. 2,00,000/- than the recipient can receive the amount in cash without any contravention of section 269ST but the payer of the amount will be liable for the violation of section 40A(3) so the payer of the amount will never ever do the payment of more than Rs. 10,000 in cash and hence again the recipient will never receive an amount of more than Rs. 10,000 but less than Rs. 2,00,000 in cash and consequently section 269ST same as in case of point no. (i) above will never come into play.
I cannot understand how both of these sections can be applied in real life?

Question No. 2 - Can a assesse liable for tax audit make an invoice of cash sales more than Rs. 10,000 from a person in a day and receive cash from him as he is the seller and can receive any amount less than Rs. 2,00,000 in cash from a person in a day as in this case there is no violation in respect of section 269ST on his(seller) part irrespective of the fact that the their will be contravention of the section 40A(3) by the buyer if he does the payment of more than Rs. 10,000 in cash to him(seller) in a day?

Case B - Assesse is not liable for Tax Audit

Question No. 1 - If the assesse is not liable for tax audit and files his return u/s 44AD as profits are presumed to be 8% of their turnover so whether the assesse still has to abide section 40A(3) and section 269ST?

Question No. 2 – Can a assesse not liable for tax audit make an invoice of cash sales more than Rs. 10,000 from a person in a day and receive cash from him as he is the seller and can receive any amount less than Rs. 2,00,000 from a person in a day as in this case there is no violation in respect of section 269ST on his(seller) part irrespective of the fact that the their will be contravention of the section 40A(3) by the buyer if he does the payment of more than Rs. 10,000 in cash to him(seller) in a day?

Regards,
Shruti Agarwal

I bought a piece of land 3 years back for ₹1 lakh. Today its value is ₹2lakhs.
I want to introduce this piece of land as capital contribution in a company.
Would this result in capital gain tax for me?

Dear Sir

Please help me i am little confuse someone worried me if you file your ITR then you face to notice from IT department because you mention your all saving account detail in ITR. Sir, its reality or not i have never filed ITR because annual income is less then basic limit. but i am saving Rs.90K to 1.10 Lac each year from Since 2007 Company graduity & PF withdrawl also in Bank. We have converted to FD
Kindly suggest,

WE ARE UNABLE TO FILE 115BAA
BELOW MENTIONED ERROR
Application for exercise of option under section 115BAA(5) of the Income Tax Act 1961[ Form No.10-IC]
Application for excercise of option under sub section 115BAA of the Income Tax Act 1961. The form is in compliance with rule 21AE
SUBMISSION FAILED
Response form server
Please fix the following issued and try to submit again

Respected Sir,

What is section 115 BAC ?

Since when it has started coming into effect ?

Sir,
our employees incur expenses on behalf of the company either through credit card or through or UPI or cash. Sometimes we pay advance to them to incur such expenses or we reimburse to them later.
Kindly enlighten us on the negative implications for the company as well as employees if any in this.
If there is any suggestion on best practice to be followed please share that too.
Thanks in advance.
Regards
V Ramesh

Hi experts i have one quary in TDS return filling process actually i have both form 24 q and 26 q so while iam using TDS utility we are able to create only one from data of output FVU file only so in on the time of upload of income tax portal we separtly upload 2 times 24 q and 26q are at a time can possible of 24q and 26 q please suggest answer to me

Dear Sir,

Which one should be chosen ?

Tax Liability as per the old regime and Tax Liability as per the new regime which one of these regimes reflects the minimum tax liability and which one is beneficial in future. Once we choose New Regime, we will have to remain within the new regime.
Please guide me and oblige.

Dear Sir

I have appointed some staff for my household work. like cook, cleaner, gardner.

The expenses incurred are of personal nature and has nothing to with any business. I also don't have TAN No.

Am i liable to deduct TDS