I have 2 cars in my assets first one is Maruti having WDV of Rs. 315830 and and second one is TATA having WDV of Rs. 531128. In current year i have sold my TATA car in January month and received sales consideration of Rs. 487434.
What's the proper treatment in this case in books of accounts and in income tax.

Dear Sir/Mam,

CASE I – Relating to Income Tax
A assessee commenced a trading business in the F.Y. 2018-19.The assessee for the 1st P.Y. 2018-19 opted for section 44AD(1) now as per section 44AD(4) he is required to opt for the section 44AD(1) for the next 5 P.Y. i.e. from P.Y. 2019-20 to P.Y. 2023-24 failing which in any of the P.Y. 2019-20 to P.Y. 2023-24 he will be required to get his books of accounts audited for the next 5 P.Y. subsequent to the P.Y. in which he first time opts out from the section 44AD(1).
The assessee again opts for section 44AD(1) for the P.Y. 2019-20.
However in the P.Y. 2020-21 his turnover was 82,17,031/- and decided to declare profit less than 8% i.e. in contradiction of section 44AD(1) thus section 44AD(4) and (5) got activated and the assessee got his books of accounts audited u/s 44AB(e) for the P.Y. 2020-21 and by virtue of section 44AD(4) and if his total income exceeds the maximum amount which is not chargeable to income tax as per sec 44AD(5) now he is required to get his accounts audited for the next 5 P.Y. i.e. from the P.Y. 2021-22 to P.Y. 2025-26.
Question 1 - In P.Y. 2021-22 the turnover of the assessee is Rs. 1,11,89,019 and his total income exceeds the maximum amount which is not chargeable to income tax. So in the Tax Audit Form 3CD under Clause 8 which section is to be chosen as a section which triggers audit of the books of accounts of the assessee for the P.Y. 2021-22 –
Option A - Section 44AB(a) - As the turnover of the assessee for the P.Y. 2021-22 exceeds the tax audit limit of Rs. 1 Crore.
OR
Option B - Section 44AB(e) - As in the P.Y. 2020-21 the assesse opts out from section 44AD(1) which created the liability upon the assesse to get his books of accounts audited for the next 5 P.Y. from P.Y. 2021-22 to P.Y. 2025-26

Question 2 – For the P.Y. 2022-23 it is estimated that the turnover will be less than 1 crore but the total income of the assesse will be more than the maximum amount which is not chargeable to tax. Whether for the P.Y. 2022-23 the assessee will be required to get his books of accounts audited? If, yes than which section should be selected in the clause 8 of the Tax Audit Form 3CD for the P.Y. 2022-23?

CASE-II – Relating to GST
Question 1 – Whether under GST RCM is applicable for renting of commercial property for Commercial use where the service provider is not registered under GST and the service recipient is registered entity under GST for the F.Y. 2021-22?

Regards,
Shruti Agarwal

I have an income from a let out house property on which I am climbing depreciation in my books.

My question is while calculating income tax is standard deduction @30% under section 24 allowed?

Can I claim the benifit of both depreciation and std. deduction on the same.

Or shall I've to cease depreciation.

We have a partnership firm having a turnover of less than Rs 1 lakhs and a Net loss of Rs 10000 for the FY 2021-22.

Whether Tax Audit required or not?

If a partnership firm incorporated on 01/10/2021 and turnover for F/Y 2021-22 is 85 lac and net profit after Interest to partner and remuneration is 4.50 lacs (< 6/8% of turnover) whether he can file ITR by filling complete Balance and profit & loss account or tax audit u/s 44AB is require for F.Y. 2021-22.

My client held h building in the name of a pvt ltd now they want to sell this building.
So i want to know the what would be the procedure of transfer and what would be its tax implications and how to distribute capital gain arising from this transaction to share holders or directors its a closely held pvt ltd

Please explain with the help of examples that when section 44AB(a) and when section 44AB(e) gets triggered for Tax Audit and when to choose each of them in the Tax Audit Report Form 3CD
read with section 44AD(4) and 44AD(5).

Thanks & Regards,
Shruti Agarwal

A client is having a proprietorship firm and is also a partner in a partnership firm. Now the client wants to close his partnership firm so I want to know what's the procedure to transfer all the assets & liabilities of the partnership firm to his proprietorship firm.

DEAR SIRS : Due to fresh elections there is a change in Managing Committee. President Mr. XYZ was signatory at time of application of New Pan card.. My query is (1) Should we change the name and address and signature with new President under Correction in pan card. (2) If yes, than what is the procedure... Kindly guide me. Regards

Mr. X is having two proprietary business. Individual Turnovers of both the business are Business A Rs. 2085800/- and Business B Rs. 1,88,80,800/-
Can Mr. X claim the Income from Business A u/s 44AD and get books of Business B Audited to show less profit from Business B.
In such a case, while submitting the balance sheet along with Audit Report, is it sufficient if Balance Sheet of Business B is given or should we give Balance Sheet of the proprietor (All individual assets / liabilities)