Dear experts, if income below exemption limit like only 2 lakhs and i file return after due date.. will late fee u/s 234f be applicable or not??
Answer now
I have a foreign bank which I had opened when I was working abroad couple of years ago. My salary went to that account. Now I reside in India for past 3 years. I have not transferred my money in the foreign account to India. There is no income in that account other than interest, for which is taxed there.
Do I need to declare that account in ITR? If yes, do I need to mention the interest earned?
PPF RS. 1,20,000 + LIC PREMIUM RS 37,796 = TOTAL RS 1,57,796 OUT OF THIS RS 1,50,000 IS ALLOWED BUT WHILE CLAIMING RS 1,57,796 IN ITR-2 THE ALLOWED DEDUCTION IS JUST RS 1,26,501 INSTEAD OF RS 1,50,000. PLEASE SOLVE MY QUERY. AND OBLIGE.
Answer nowI have a proprietory business. I have filed since last 3 years ITR-4 (Sugam).
In Coloum E-11, regarding partners/members capital. Is it necessary to show Proprietor's Capital or not.
Can I show my LAST THREE YEAR'S PROFIT as Proprietor's capital or not?
Please give me your expert advice.
IN PARTNERSHIP FIRM, (WHERE PROPER BOOKS OF ACCOUNTS MAINTAINED) NET PROFIT CALCULATION BEFORE DEDUCTING INTEREST ON CAPITAL & REMUNERATION (i.e. 8 % PROFIT ON TOTAL TURNOVER) OR AFTER DEDUCTING INTEREST ON CAPITAL AND REMUNERATION.
FROM F.Y. 2017-18 INTEREST ON CAPITAL AND REMUNERATION IS WITHDRAWN FROM PARTNERSHIP FIRM ?
An employee has taken loan for construction of house in city A but he lives in city B on rent. He has set off interest on loan against his salary can he further claim deduction u/s 80 GG. He does not receive Hra
Answer nowIF I OPTED FOR 44AD IN AY 18-19 , AND IN NEXT AY 19-20 IF I SHOW MORE THAN 8% PROFIT, THEN CAN I APPLY SECTION 44AD FOR AY 20-21?
Answer nowHallo Everyone,
I am unable to create XML from ITR 2 because I am getting an error message "Schedule TDS2 : TAN at Sr. No.1 is Mandatory. Employer or Deductor or CollectorNam at Sr. No. 1 is Mandatory . Enter all Mandatory fields at Sr. No.1."
I am NRI with no salary income. I just have Other Income (from Savings Bank interest), Rental Income (from house) and Exempt Income (from PPF and LIC maturity). FY 2017-18 26 AS is completely empty with no details under any field, so I do not know what to fill in TDS tab. I have tried filling NIL or 0 but that is not working.
I am facing this problem just in my husband's IT filing . I submitted mine without any problem. We both have no details in 26AS and same income .
Can you please tell me the solution? Thank you.
Regards,
Sir, my client has given his car to ANI Technology P LTD (OLA ) company and in return he got an income u/s 194C and further he has salary income also. In this connection will anyone guide me which ITR to file and which business code should be given in ITR?
Answer nowX has two sources of Income
1. He is a Professional and earns Professional Income.
2. He earns brokerage Income, which is very snall.
X wants to opt Presumptive scheme but cannot file ITR 4S due to brokerage income.
Brokerage income amount as stated above,, is very small as compared to his Professional income.
QUERY
Can X file ITR 3 by showing his professional income under Presumptive Scheme in Section 44ADA and showing WHOLE AMOUNT of small brokerage ( THAT IS without claiming any expenses incurred in earning the brokerage) as INCOME FROM OTHER SOURCES.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Section 234F late fee