Partnership Firm filed ITR-4 under Presumptive Income during previous Assessment Year. How to opt-out of Presumptive Taxation? Also filing ITR-5 option is not available only ITR-4 is available. What to do in case business suffered overall loss?

Hi Experts,
My Flat was unoccupied for 2 years and then we had incurred huge costs for Renovating the property & also the society asked for some structural building work for mandatory repair.

For last 9 months in FY 22-23 my flat is now been rented out but now how do I deduct above costs for its tenantable state?

Thanks,
DM

The firm having 5 partners. This situation, we are calculated and paid the interest on capital to only 2 partners capital. Is eligible U/s. 40(b) to give interest on capital to that 2 partners.

if assessee having two business income

1) income from trading of goods
- Turnover is below 1cr
2) income from future and options - Turnover is below 1cr


* 12% profit from Trading of goods
* losses from future and options


Previously ITR filed under 44AD

Please advise me that we need to audited our books of account to claim of future & options

I purchased an immovable property the value of which is more than 50 lakhs. All payment is done by me (from my savings) and from my bank account. I make my spouse my co-owner and therefore the property will be registered in the name of both. My spouse is housewife and does not have any source of income. My confusion is whether I have to file two 26QB for myself and my spouse or only one 26QB in my name ?
Next if I have to file only one 26QB in my name then how I will answer the question "Whether more than one buyer - Yes/No" while filing 26QB?
Please suggest and thanks ...

Dear sirs,

Just wanted to know some information

One of the individual assessee is likely to receive money from foreign individuals from UK USA etc for his personal support etc inturn he would like to support individuals in India for charity work of family support.

Wanted to know what is the limit that he can receive from foreign individuals as personal gift who are not relatives.

Is there any tax implications on such gifts.

Appreciate your suggestions and guidance.

Partnership Firm filing ITR-4 (no other ITR option available) with presumptive tax regime with 6% income. How do I deduct partner remuneration from gross income? Only donation and political party deductions are allowed. Unable to change from ITR-4 to ITR-5. Last year filed ITR-4. No partner remuneration was given then so I never faced this.

Dear Sir/ Madam,

A person is working as Freelancer in recruitment field. I carries out all the functions of recruitment. However his income is infrequent. TDS is deducted u/s 194JA. He doesn't maintain any books of accounts. Total Gross receipt is Rs. 197143/-

Can we show this income under presumptive taxation u/s 194ADA?

Kindly guide.
Thanks & Regards,
Suraj

I need to know business code for Contractors. One of my friend did contract for a software company and company deducted Tax u/s 194C.Now he wants to show the amount received Under 44AD at 8% as profit. Please let me know the business code to be filled in ITR-3 form as he is also having LT capital gains and salary.

whether deemed Advance tax paid between 1st April to 31st March of Financial year and there after tax paid is deemed self assessment tax paid.