Hi,

I was given a joining bonus of approx 2 lacs when I joined a new company 2 months back. Now I am quitting this job for another one and have been asked to return the amount in full back to the employer, only then they will process my full and final settlement. I have requested them to adjust it in my salary slips so that it is not shown as separate income on my Form-16. Ideally I want my form 16 to include only the salary of 2 months that I worked there and not the joining bonus as that is increasing my tax liability.

However, the company is not agreeing to do so and wants to show 2 months salary plus bonus on my Form-16. They are claiming that I can claim refund while filing ITR at the end of the financial year. However my concern is that Form-16 is the proof of my income from that employer, is it legal for me to just change the value while filing IT return? If so, what is the appropriate section to claim this in as deduction? More so, is it legal for the company to show the bonus as my income when I am returning it to them? Please help me understand this at the earliest as my last working day is in a week. What should I do?

Thanks

Does 44AD Apply to trading in Future and Options?

Dear Expert,

I have a query about rent receipts. If a person receives Rs.1.50L in rent in a year, is he need to submit ITR or not? This is his only source of income.

Income from 44AD is to 2,00,000/- and income from partnership Rs.1,00,000/- which are shown as business income in ITR-3. Error indicates submission of balance sheet as business income exceeds 2,50,000/- lakhs. Whether balance sheet required

Sir/Madam,
Where to show Share intra day trading profit/loss in ITR because it is not his business income, so where to show it

A person has salary income, one presumptive business income and F&O business income. So what should be shown in balance sheet. Only balance and details of fund related to F&O business or both the business if his turnover is below Audit requirement.

I have a query regarding political consultant , this profession falls under which business code in income tax.

Can assessee claim interest on housing loan, if the property is gifted to married daughter (it is on her name) and assessee is the borrower and emi payments are made by him? Kindly resolve

Thanks in Advance.

Dear Experts,

I have two queries with respect: -

1. If turnover of individual exceeds ₹ 1 crore in FY 22-23 and he wishes to opt for non-Audit clause of ₹ 10 crore after satisfying the criteria of 5% limit do that individual still needs to take TAN Number even if he is not liable to Audit?

2. In continuation to above question if TAN is required but the individual does not acquire TAN number for FY 22-23 and T/O of the individual is ₹ 1.8 crore for FY 22-23, and he opts for presumptive taxation u/s 44AD since T/O is below ₹ 2 crore wherein he declares 9% as profit (more than 6% as required u/s 44AD) does it cause anything if TDS not deducted since there are no specify declared u/s 44AD ?

3. Assessment opens up for FY 22-23 after few years and officer ask for basis of 9% profit (basically details of income and expense claimed) :-
a. Do we have to provide them the details of income and expense since for that FY we had
opted 44AD ?
b. Even if we provide them and officer founds that TDS was applicable on few expenses but
was not deducted by the assessee and disallows 30% expense will this 30% will get my
profit already declared u/s 44AD for that year ?

Dear Sir/Madam,

I was an employee till August of the FY 2022-23. Then i started a partnership firm along with my friend in Jan 2023. I switched to partner from employee in the same FY. What ITR should i file.

Also, We did not register the partnership firm, but having business PAN in the name of the firm. What ITR to use for my business pan. Please advise.