Respected Colleagues,
If a partnership firm having first year of business FY 2024-25 turnover nearly 30 Lakhs and Profits approx 1.45 Lakhs before partner remuneration, then as per sec 40(b) of IT act, firm entire Book profits transfer to remuneration of partners due to below 1.50 Lakhs and in this case no loss ,no profit, So my question is whether tax audit is compulsory in this case or not, due to below profits under 6% as per 44AD? ...............Please guide

We had received a notice U/S 142 (1) and we have replied to the said notice with the necessary documents before due date.however now the status is showing as e submission re enabled in that whether we have to re submit the reply or wait for notice??

Dear Experts,

Pls guide me, whether TDS deducted by a company in different section such as 194C, 194J , 194H etc can be deposited in a single challan say 194C?

Sir

Need clarification that one of my friend file his return for the fy 24-25 in old tax regime and last year also filed old tax regime.

He need to file form 10IEA before filling his tax return for the fy 24-25??
Please suggest

I have received a notice under section 148 of the Income Tax Act, requiring me to file a return of income. I would like to clarify the following:

In the assessment year preceding the year under notice, my income was subject to a tax audit (i.e., books of accounts were audited under section 44AB). However, in the year prior to that, I had filed the return under the presumptive taxation scheme u/s 44AD.

Considering this, I understand that a tax audit in one year leads to a block period of five years during which the taxpayer cannot opt for 44AD if it was discontinued after having opted for it.

My queries are:

Can I opt for section 44AD again during this block period after having undergone a tax audit in the immediate preceding year?

What are the implications or consequences if I still choose to file under section 44AD during the block period?

Kindly advise on the correct approach in this scenario.

Sir,
Whilst validating ITR 2 error appears and states....
"Please select an Nature of Exempt Allowances option from the drop down at B3. of Schedule Salary."

This is so even though Salary Schedule has not even been selected.

Kindly advise!

If unit linked insurance policy issued on or before 01/2/2021 and maturity amount is received then whether such amount is exempt under section 10(10D) ?

Sir
The Assessee trust got the provisional registeration U/s 12A from AY 2022-23 to 2024-25, for final registeration he will have file application in Form 10AB at least six months prior to expirary of the said period. In this case before 30.09.2024. The assessee filed the application in form 10AB on 25.02.2025. Now the proceedings U/s 12A(1)(ac)iii is going on. Now can he file condonation before CIT Exemptions.

Could you please explain the accounting treatment and tax computation for the sale of a fixed asset when there is no capital gain or loss?

a) What is Indexed Cost of Acquisition?
b) What is my Long Term Capital Gains?
c) How much should I invest in Capital Gains Account to Save Cap Gains Tax?
Thanks