If partnership firm has turnover less than 1 Cr and profit is less than 8% (i.e. 0 after distribution of remuneration and interest)then tax audit u/s 44Ab shall be applicable?

My wife is a salaried Individual. She filed ITR-1 for last many years. She also invested in Mutual funds. In FY 2024-25, she sold some units of Mutual Fund amounting Rs. 10,000/- Please give your expert opinion for :-

(1) Under which "HEAD OF INCOME", Profit on Sale of Mutual Fund Units, WILL BE SHOWN in ITR-1?

(2) Under which "HEAD OF INCOME", above amount of Rs. 10,000/- will be shown in ITR-1?

Please give your expert advice.

With Regards!

MY CLIENT HAS INCOME FROM SALARY WINNING FORM ONLINE GAMES & STCG ON SALE OF MUTUAL FUNDS WHICH ITR FORM I WILL CHOOSE TO FILE MY CLIENT ITR FOR AY 2025-26

Sir,

I have little confusion for preparation of pnl ad b.sheet.

1) in pnl we have to mentioned in total Sell Value and total purchase Value ? Or we have yo shown directly profit or loss??
In some video opinion are different!!

2) Absolute Value of Realized profit only calculation for applicability of Tax Audit?? It is not effected in pnl right??

3) in b.sheet can we mentioned only bank balance, investment balance of only Value based on holding statements in demat account?? And capital assets ,if any?

Please guide me urgently
Thank

Sir whom (seller or purchaser) can claim tds deducted u/s 194IA in case of residental urban property???????
regards
vikas

Hi All,

I have an issue where the I have to file ITR of the person who has died on 11th September 2025. Now my question is that since the person was alive for the Financial year 2024-25, so should the itr be filed as original person or should the same be filed as by the legal representative.

Regards,
Manik

Dear Experts,
Custom duty, social welfare surcharge, and stamp duty, paid at custom clearance of goods for furtherance supply.... be allowed as deduction in income tax.... can we book all three heads in debit side of profit & loss Account.

Pls suggest.....

PERSON BORN IN INDIA SETTLED IN CANADA WITH CANADIAN CITIZENSHIP +OCI CERTIFICATE CAN INVEST IN IMMOVABLE PROPERTY IN INDIA? AMOUNT IS PAID BY HIS FATHER AS A GIFT.

A partnership firm having a turnover of 40 lacs. but their net profit is less than 7 % of turnover after deducting remuneration & interest on capital to partners, 97 % turnover is in cash.
My query is whether it is subject to audit u/s 44AD for A.Y. 2025-26?

I am filing request for registration as Representative Assessee for deceased person. I have submitted required documents and I received OTP on mobile immediately but not on email id, there was 12 hours delay when email was received after mobile otp received.
now, I am again trying, but still I am facing same problem again and again, what to do? I have tried all the contact numbers of Income tax, but could not be connected.
please, do the needful.