Hi All,

I am a salaried employee and generally file ITR-1. However, for AY 24-25 (FY 23-24), I have a one-time income for teaching as a visiting faculty in an MBA school filed under 194J(b), with a 10% tax deducted. Can I file returns this year under ITR-4 u/s 44ADA showing a 50% deduction for expenses? I read different viewpoints on this with some suggesting that visiting faculty gets covered under 44ADA, and in some places, a code for education was not covered under professions covered under 44ADA. Request to suggest the appropriate form as well as the section under which to file the ITR. Thanks in advance.

28 June 2024
Yesterday i am received reply for my subject of defective u/s139(9) you are given reply : You can file ITR 4, with the income u/s. 44AD, provided the business (having MINIMUM TO 1.31 Lakh)is eligible for presumptive assessment.

But as your reference i am to file the ITR4 for defective u/s 139(9) at the time of submission one massage is display that is Does tax audit is mandatory for a having receipts from contract (194c) Rs. 131000/-/- for the financial year 2023-24 please select ITR 3 or ITR 5 then file not possible to file ITR 4 : please give suggestion my issue and how to rectify the defective u/s 139(9) notice reply

hi
I loss my 1.25L INR new mobile by pick packet theft at patna. I registered a complaint in patna police station and have the FIR copy. can I eligible for tax exemption for this mobile amount in the head of property loss? if Possible, then let me know in which section.

Does tax audit is mandatory for a partnership firm having turnover Rs. 1,14,00000/- (One crore fourteen lakhs) for the financial year 2023-24 or we can OPT presumptive taxation u/s 44AD


Please suggest, thank you

Hello Sir/ Ma'am,

I am a salaried employee and invest in stocks.My salary is 30 lacs.In FY 23-24 I have sold shares worth 80 lacs.14 lacs ltcg and 13 lacs stcg. Please advise an efficient way to reduce tax.ie opening llp/company etc.

Also do I need to register for GST in the above case?

Anticipating your reply!

Thanks in advances!

PURCHASE INVERTE BATTERY FOR OFFICE USE
AND ALSO PURCHASE AIR CONDITIONT FOR OFFICE USE
WHAT IS D RATE OF DEPRICIATION IN BOTH ITEM

THANKS IN ADVANCE

Dear Sir
Today I filed my IT return successfully. But I received message for the department that my IT return is defective u/s 139 (9) of IT act. I filed IT return by choosing ITR1 Form. Please note I have income from under Sec 194C Rs.131000/- & TDS credited Rs.1310/-, as per 26AS.
Following are the message received from the department. You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.
Now I request you to guide me how to rectify my. IT return.
Thanks & Regards
M Vinaykumar

Hi Sir,
Gimbal operator is a film artist?

Film artist as per notification
Film Artist includes a producer, editor, actor, music director, dance director, art director, cameraman, singer, lyricist, story writer, screenplay, costume designer, or dialogue writer

MY CLIENT HAS PAID PROPERTY TAX TILL FY 2018-19...NOW WHILE FILLING CHALLAN FOR FY2024-25 PREVIOUS YEAR DUES ARE NOT SHOWN...WHETHER FOR EACH YEAR SEPARATE CHALLAN IS TO BE FILLED?
AND SURPRISINGLY FOR FY 2018-19 ITSELF TAX PAYABLE IS SHOWN IN THE CHALLAN WHILE IT HAS ALREADY BEEN PAID..

There are two sister concern companies. Company A & Company B.
One Vendor have given credit note in Company A, hence the amount is receivable from vendor.
The same vendor balance is payable in Company B. Hence the amount is payable to vendor.
So in this case can we pass internal Journal Entry from Company A to Company B, rather to take refund of credit in Company A.

Please suggest as per Income Tax Law and Companies Law.