Respected experts please guide on this.
A intimation was received whereby CPC gave tds benefits of only 5 lakh as against 10 lakh appearing in 26AS a rectification was also filed but in vain now want to appeal against rectification order so in appeal filing detail of form 35 under the point is appeal related to assessment shall be filled or not. Kindly provide guidance.

Hi

One of client (retired person)withdraw 75% fund in 2020 under superannuation annuity plan and now getting superannuation pension for fy 2022-23 ay 2023-24 .Whether this superannuation pension is taxable or exempt in hands of client ? under which conditions we can claim exemption or deduction for superannuation fund pension for retired person?

Hello,

Every year I fill ITR 4 for presumptive basis of taxation for FNO trading. This year I saw that they have introduced a new compulsory section for assets and liabilities declaration for reporting purposes.

What can I fill for assets when I have some money in the brokerage account and remaining blocked as margin for FNO trading?

Hi

One client registered their partnership firm last year but not started any business or business with very minimum output but got pan card under partnership business name.kindly suggest while filing itr 5 for fy 2022-23 ay 2023-24 with zero turnover and zero profit whether partnership firm need to do tax audit for zero turnover or not.Just filing of itr 5 with zero value is sufficient to do compliance only.

if this intimation is there for refund what to do
Your Return for A.Y. 2023-24 has been processed. There is no payment due.

Dear Experts
Client has profit from his professional income being a doctor 6 lakh. Turnover is 10 lakh so profit from profession is more than 50%
He has loss in F&O trading around 2 lakh. F&O turnover is 5 lakh
However, while filing ITR, getting an error that net profit from profession is below 50% and you are liable to tax audit.
as when we file combined P&L in ITR, Net profit is 4 lakh ( 6 profession and 2 F&O loss )
Turnover from Profession 10 lakh and F&O 5.
ITR is considering Profession turnover of 10 lakh and giving a warning for tax audit as profit falls below 50% in P&L account
Kindly guide with your opinions. Whether the tax audit is required ? But respective turnovers are below the applicable limit

Hello ji,

I am a Central Government Servant. Recently I came to know that by becoming an HUF can a person save tax. Pls share that how can I applied for become an HUF.

Hi
Client had a business (F&O) loss in AY 2022-23 and carried forward that loss and had filed under old regime. However in AY 2023-24 he does not have any business income only business (F&O) loss of previous year and salary for this year.
The new regime is beneficial in AY 2023-24, do we need to file form 10IE if there is the following income
1. Salary
2. Capital Gain (Shares)
3. F&O loss to be carried forward from last year

Hey , Can anyone help me in this query, A proprietor sold Jeep on 28th Feb ,2023 for Rs. 85000/- WDV value as on 1st April,2022- Rs. 114120/- (Jeep is only used for business). Pls tell me the accounting treatment of sale & depreciation and how to give effect under income tax. Its Urgent...

Salary was paid as lay off to an it professional,but no TDS was deducted for the same.Can we claim deduction under Sec 10(10B)