Dear Sir,

I have got an individual client whose turnover is Rs. 40 lacs from proprietory business but he wants to show profit of Rs. 12 lacs after deducting all expenses. His return is not filed under Presumptive Taxation scheme.

I want to know is there any minimum profit which needs to be kept in Balance sheet when return is not filed under Presumptive Taxation scheme.

Please help me in this matter.

Regards,
Divyesh Jain

Intimation u/s 200A/206CB from TDSCPC:
Defaults and/ or PAN Errors have been identified in the Regular statement filed by you for Q2 of FY 2022-23 for Form 26Q and processed by ITD u/s 200A/ 206CB. Refer attached intimation for further details. Detailed computation of defaults is available in Justification Report which can be downloaded through TRACES.

What should I do on receipt of intimation u/s 200A/206CB from TDSCPC after generating the justification report from Traces (Late filing fee u/s 234E)? Please guide me. Is paying late filing fee through challan 281 enough or have to give any update in traces portal? Waiting for reply. Thanks a lot

A non resident Indian son gave gift to his mother of Rs.6 Lacs.
The gifted transaction has been done from son's NRI bank account in India.

1. Is it taxable in the hands of the mother?
2. Should the gift be shown in the income tax return of the mother?

Reply back Urgently

Thanks,
N K

If a business run by the minor needs to file a return separately or file it by the way of clubbing provision.

What all are the procedures?
Which form needs to select?

Please Explain it.

Thanks in Advance.

I have filed itr by taking concessional rate at 22% under section 115baa but failed to file form 10ic which is required to claim exemption in A. Y 2021-22.i received notice from dept regarding that i need to pay at rate @30% can i upload form 10ic along with the updated return to response to notice please respond

Dear Sir, My query is regarding filing of Updated return U/s 139(8A) for the assessment year 2021-22. The original return were filed after due date under old regime. Some interest income were missed and hence required to file updated return. The income for the year is only from the heads Salary and Other sources. Can the Updated return can be filed under New Regime?

A filed her ITR3 for FY 2020-21, but forgot to include in schedule TDS, one TDS amount deducted by her client shown in AS26, even though she reported her income on which this TDS was deducted, correctly in her business income.
Now having noticed it, can she include this amount in Schedule TDS while filing ITR for FY 2022-23 and claim refund?
Is any other way to claim the refund? Please advise what action should she take for the purpose?

Tax audit is applicable in case of a business if turnover exceeds 10 crore. However in case cash receipts exceed 5% of total receipts/ turnover then limit for tax audit applicability is 1 crore turnover. My doubt is as follows:
1 Will this rule apply in case of a business under presumptive income (section 44AD) also, and tax audit becomes applicable, if turnover exceeds 1 crore and cash receipts are above 5% of total?
2. Cash directly deposited by customer in supplier's bank account for payment of invoices be counted as cash receipt or bank transaction? Cash is not received by assessee in his hands as such.

Hello All,

My ward's school (in Gurugram, Haryana) is denying to mention 'Tuition Fee' instead of it, they have mentioned 'Composite Fee' while till last year they were mentioning 'Tuition Fee' in the fee receipt so there was no issue claiming the Tax Rebate.

1) The school states that they are not charging any Tuition fee, instead they are just charging a composite fee, so they have mentioned it also they are not ready to give any break up on 'Composite Fee'

2) The school also says that they have got directions from the DEO (District Education Officer) to do so (I don't think so as there was not any such ruling/news recently or were no changes in Income Tax Act/new directions).

My Questions:

1) What remedies do I have as a parent on this, can we compel the school to mention the 'Tuition Fee' as earlier?

2) How can I take the rebate under Sec 80C for school fees in such a situation

3) Why the school would be doing so or what are they trying to hide, as they will also get their books audited before filing their TAX/ITR

4) Any legal advice in such a situation

Regards,

Joginder singh

sir/s,
one client ascertained two PANs inadvertently ITRs filing with one pan from long over time, but pan lined with another PAN, letter submitted to the AO to cancel the other pan, on which no transactions made but the AO didn't

please give your valuable suggestions what to do in this case