Dear Sir,

Financial Year 2019-20 We have filed ITR under section 44AD declare profit 8%. In Financial year 2020-21 Turnover is Rs.45 Lacs and profit is 4.6% Filed the ITR after audit under section 44AB. Financial year 2021-22 Turnover is Rs.73 Lacs Profit is 8.34% Can we go for 44AD or need to audit please suggest.

Me and cousin have 50% partnership in LLP with 50000 capital each.
We ran the business for 3 years. LLP now has around 1Cr assets in balance sheet.
We are planning to sell the company. The 2 new partners will be putting 1Cr into company. We are planning to take that money and exit.
Can someone advice on how to go about doing this. What will be the tax implication for exiting partners?

I have one Unit at Wester Line in Mumbai and let out the same Per Month Rent Rs.60,000/-.I living at Cetral line in mumbai on Rent and paying Rent Rs.40000 per month. So I request please guide me how to calculate my Income from House Property?

SCHOOLS GETTING EXEMPTION U/S 10(23C)(iiiad). IN ITR-7 SCHOOLS SHOULD BE ENTER BALANCE SHEET FOR THE A.Y.2022-2023.

IS IT NECESSARY TO ENTER BALANCE SHEET

The Individual person drawing Gross Salary of Rs.795000/- Including HRA & Transport Allowance. He is residing in his own house.
Can he eligible to claim deduction in ITR of House Rent allowance u/s.10 (13A) & Transport Allowance u/s.10(14)(ii)

Hi

I am running my own individual firm as a proprietor and taken tan no first time in my personal name in fy 2021 and now i wanna to put salary to myself because of running my firm without any employee and now i wanna to show my salary of myself as an expenses in my firm balance sheet.Kindly guide can i do like this ? what will be the provision of tds for salary I crossed exemption limit of income tax slab rate and what is procedure to file tds return for first time after taking registration in tds and tan ? Do i need to file nil return for fy 2021-22 as first time registration with nil tds liability in fy 2021-22?

One of My clients has a balance in Mutual Fund-OTHERS M.V. around 50 Lakh, as on 31st March 2022-short term, purchase month March 2022 & sale month May 2022, Where i should declare this Investment in BS ended 31st March 2022? in Investment or other Asset of the Asset side of BS?

Sir,
My client being an NRI has closed his PPF a/c and has transferred that amount to his NRO a/c . Now he intend to repatriate this amount which is more than Rs 15 Lacs from his NRO a/c to his own bank a/c in USA. Following query arise.
1. Is any TDS/TCS is applicable on repatriation under 1 million dollar scheme.
2. Will he be required to Fill Part D of Form 15CA.
3. Can he repatriate this amount without Form 15CA being under a listed item of Rule 37BB specified item code S -1301-Remittance by non-residents towards family maintenance and savings.
4. Is this amount is covered under Rule 37BB-(3) Notwithstanding anything contained in sub-rule (2), no information is required to be furnished for any sum which is not chargeable under the provisions of the Act, if,—
(i) the remittance is made by an individual and it does not require prior approval of Reserve Bank of India as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000;

Please Guide on above pointwise .

My client will submit his return of income for the A.Y. 2022-23 shortly per u/s 139(4). Can he revise said return u/s 139(5) later? He sold his house property on 19.04.2021 (F.Y.2021-22) and to save tax, the capital gain amount invested in NHAI 100%. Can he furnish his said transaction details in ITR for the next A.Y. 2023-24?. Regards, Limpa Chakraborty

I paid the e tds online after 8pm on the last date of the month. The bank challan is showing 31st July 2022 date but in the passbook it has got debited from my account on the 1st of August. So what is the date to consider? I am asking as I need to know if I need to pay late interest for August too. Thank you