Hello Members,

The client had filed the return as per timelines for AY 21-22. The Return was directly filed by Client at that time via using some online website services. Apparently, Income from Salary was missed while filing the ITR, subsequently the entire amount of TDS deducted on Salary was also refunded by the department.
Now there has been a notice issued with respect of mismatch between the AI and the ITR filed. Post this notice client realized the above error. Need suggestion:

1. Since time limit for filing the updated return for AY 21-22 has already passed, is there any way we can file the updated return?
2. What will be the maximum penalty that will be applicable in this case?
3. Since client had accidentally missed out on this, any other recourse available to get this corrected with minimal penalty applicablity.

Regards

As per Sec 44AB, limit of 1 crore has increased to 10 crores if cash receipts/ payments do not exceed 5% of turnover. Does this apply to a Partnership Firm ?
Suppose a partnership firm is having a turnover of 5 crores and cash receipts/ payments are below 5% of turnover. Thus, this partnership firm will not be liable to Tax Audit for AY 24-25, correct ?

Hello,

My client of Land Owner.

Under JDA, if land owner received refundable lumpsum security deposit from land developer, which is to returned back to land developer upon possession of the constructed premises (his share), then what would be sale consideration in the hands of land owner and at what time.

For eg. land owner gets 1 crore at the time time of handing over the premises/land to land developer, and it is agreed upon that, out of 1 crore, 50 lacs to be returned back to land developer upon completion of structure and 50 Lacs to be returned back upon possession of his 60% share in the property.

So how and when capital gains is to calculated from the perspective of LAND OWNER.

Thanks in Advance.

I filled TDS return on 10th June, in which 2 employees' PAN was not operative and therefore received demand for 20% tax deduction...
If i linked both employee's PAN & Adhar and after that file revised return then it will reduced the demand? or I must have to pay the demand.
Is there any alternate solution without paying demand. kindly answer

How to best handle after receiving 143(2) in case of excess deductions claimed to avoid penalty. Please let me know. Thanks.

Do I need to submit an affidavit accepting the error..

Dear All,
I have a query regarding applicability of tax audit in case of LLP.
1.Turnover is 57 lacs
2.Loss is 52 lacs
whether tax audit will be applicable or not in case of loss making LLP?
Thanks

Please tell me whether TCS is to be charged or not on sale of dolachar

Can anybody suggest how to rectify the wrong rate of depreciation changed by mistake under the Companies Act in the previous year? To be more specific company follows the WDV method and they have changed the remaining useful life of assets from 3 years to 10 years now this year what impact will this have on the balance sheet and ITR

Please suggest which schedule of adjustment should be reported in the ITR

Hi Can ITR(U) be filed after receiving 143(2)? Please let me know

Hello, if someone has purely trading income of say Rs 30L, and turnover is apx. 60L, then can taxes be filed under presumptive basis?

By this, tax being paid is 0 as 6% turnover formula would be applied, whereas otherwise, tax being paid would be much much more.

Since the exchanges/brokers send the data to the IT dept., they would be having the actual P&L of people. So, is it advisable?

(And of course, if one goes for the presumptive route here, same would have to be used for the next 5 years)

Thank you.