Hi,
This is to confirm Whether Euro Kids Franchise can File Income Tax Return under Sec.44AD Presumptive Income Scheme?
Brief Business Model is as Follows:
Student Pays the Fees Directly to Euro Kids Say Rs.100,Euro Kids deduct their Royalty and Taxes Say Rs.20 and Remit the Balance Say Rs.80 to the Franchise.
Can the Franchise go for Section 44AD under the Income Tax Act,1961 Presumptive Income Provisions?

Can we revise return after due date under old Tax Regime and New tax Regime Both ??

Kindly advise whether TDS applies to brokerage paid on commodity trading in MCX. If yes, what is the limit and rate of deduction? which section is applicable on the same

Do we need to show profit on sale of rural agricultural land in ITR.
If yes, where/ under which section?
Thanks in anticipation...

Client has a turnover of 1.25 crores (all transactions are digital).Whether he can opt for presumptive taxation without tax audit?

SIR, IN THE PRESENT CASE THE BUYER OF THE IMMOVEABLE PROPERTY PAID FULL AMOUNT OF SALES CONSIDERATION TO THE SELLER WITHOUT DEDUCTION OF TDS U/S 194 IA. TDS DUE IS RS.119000/-DURING JUNE,2023.
AT PRESENT THE SELLER OF THE PROPERTY HAS FILED THE INCOME TAX RETURN AND PAID THE CAPITAL GAINS TAX AND CESS RS.148536/-. WHETHER TAX PAID BY THE SELLER CAN SAFEGUARD THE BUYER FROM THE CONSEQUESNCES OF NON-DEDUCTION OF TAX . KINDLY GUIDE US THANK YOU SIR

Dear Experts,

In ITR 4 , filling financial position schedule is compulsory.

However only S. Crs, S drs , Inventories and Cash balance is mandatory. So if only these are filled and assets and liabilities do not match , then will it be ok? Will this be considered defective return?

Please advice

Regards,

hello
few of our clients are willing to opt old tax regime by filing form 10IE. they are having business income.
my question is whether they will get ONE TIME option in future to exit old regime and opt for NEW regime ?
or once old regime is opted in FY 23-24, option to choose NEW RIGIME is lost forever ?
Please guide

MY CLIENT IS WORKING IN MERCHANT SHIPPING FOR FOREIGN SHIPPING COMPANY OF FOREIGN COMPANY. HE LIVES IN INDIA BUT JUST JUST GO ON JOB WHEN COMPANY ASK FOR. HE RECEIVED SHIPPING SALARY+ BANK INTEREST IN NRE AC IN INDIAN BANK. HE ALSO HAVE OTHER INCOME LIKE NRO SAVING AC INTEREST & NORMAL SAVING BANK INTEREST & ALSO SOME EQUITY TRADING INCOME. HE WAS IN INDIA FOR 163 IN FY 23-24 & 703 DAYS FROM FY-20-21 TILL FY 23-24. HE DIDNT STAY IN ANY OTHER COUNTRY THAN INDIA OTHER THAN NORMAL SHIPPING JOB PURPOSE. NO ANY TAX IS DEDUCTED BY SHIPPING COMPANY FROM HIS SALARY. WHAT IS HIS RESIDENTIAL STATUS FOR ITR? ALSO WHAT TAX JURISDICTION AND TIN NUMBER NEEDS TO BE MENTIONED IN ITR? IS HIS SALARY & OTHER MENTIONED INCOME IS TAXABLE IN INDIA?

Kindly advise,

We, a partnership firm, whether are required to deduct TDS on air freight charges paid to the clearing agent along with AIR DO, endorsement charges etc. separately shown in the single bill ?