Mr. A sale scrap to Mr. B who use these scrap for manufacturing process and provide Form-27c to Mr. A. In these case Mr. A not liable to collect tcs under section 206CE then Mr. B (buyer) is liable to deduct tds under section 94Q if purchase from Mr. A is more than 50lakhs or not ?

Dear Sir,

I am employed in a company till Dec.'21. Company release my payment till Sept.'21 and rest three month salary is still pending for payment from their end. As per 26AS in my IT Portal, company reflect payment till Sept.'21. I ask the company through mail on such issue, but they never revert on it.
Kindly suggest that how we can file my IT return. Whether i consider payment upto Sept.'21 or upto Dec.'21.

Regards,
Dilip Baranwal

in form ITR3, while filling up P&L, I enter revenue from services as 100,000

A Sales/ Gross receipts of business (net of returns and refunds and duty or tax, if any)

ii Sale of services = 100,00

C Duties, taxes and cess received or receivable in respect of goods and services sold or supplied

iv Central Goods & Service Tax (CGST) - 9,000

v State Goods & Services Tax (SGST)- 9000

and it shows revenue as 118K it includes GST ( but GST is paid back to GOI

D Total Revenue from operations (Aiv + B +Cix) 4D = 118,000

so should I enter in the GST paid as under,

I enter in debits to P & L Account the taxes which I simply collected but paid back to Govt? as under

44 Rates or taxes, paid or payable to Government or any local body (excluding taxes on income)

v Central Goods & Service Tax (CGST) - 9,000

vi State Goods & Service Tax (SGST) - 9,000


previous year I had not filled up sec.44 and the IT assessment order I received is as I filled and doesn't include the GST I paid to the GOI.. ultimately, profit is more

what is the correct procedure?.

thanks in advance..

What if I bought a mac from dubai .
Can I ask exemption through depreciation in india
It is used for business purchase

Sir,
I am a partner in a partnershipfirm. The firm is getting rental income and interest on Fixed deposits kept in the name of the firm.The firm is not having any business income. I have been filing returns through ITR5 in all the previous years declaring the income through rent and interest on fixed deposits. This year( A.Y.2022-23), I have not been able to file the returns through ITR5 because of one issue: the ITR is asking me fill details in Balance sheet and profit and loss a/c in ITR5 form. This issue was not there in the ITR5 of the previous year/s. In the ITR5 of the previous year, there was no need to fill any details in Balance sheet and Profit and loss a/c and I was able to file the ITR5. This year, there is this issue. Kindly advise.
Thanks and Regards

Dear Sir/Mam
let assume as case where I have 18 lac turnover in my regular business shown Income of Rs. 4.22 lacs under sec 44AD and also has Non speculative income under F& O turnover 18 lacs has loss of Rs. 19K Plus Speculative business Income of Rs. 5K now my question is
1)
Can I show my regular business income of Rs. 4.22 lacs and non speculative loss of Rs. 19K under 44AD and speculative income under normal Business Income.
2) If yes whether I have to bifurcate income of normal and non speculative business under 44AD
3) If yes to 2 point than Can i show Non speculative income below 8 % as while combined Income under 44AD not goes below to 8 Percent as per Act.
Kindly reply.

Dear experts,
Is there any probability of extension of due date for return filing Deadline ( 31 July ) ?
Looking on portal very few returns are filed this time.
Filing of returns were made available ( except 1 & 3 ) from May end.
Thanks in advance.

Hi team,

Section 194 R is applicable from 1st July.

My Question given in below points.

My company is giving Gold coins & other items as Business promotion certain people
If I don't have the details of the ultimate person who is getting the item, how i can comply with 194R, even if I am okay to bear the TDS cost of these items provided.

Hello sir,
Our Business turnover is up to 1.20 crore and cash receipt & payment is less than 5%
Does Income Tax Audit 44AB applicable to us.

SIR,
one of the it returns non fileing person buying and selling for gold jewellery ,coins bars,biscuits some transactions in f.y. 21-22.
Question:
1.Assessee it returns filed compulsory
2.Buying and selling transactions capital gains tax applicable.