How to deduct TDS , AS per old method , or new option Method to deduct TDS for salaried Person. which method is beneficial to deduct TDS for employer.

Dear Sir,

My individual income tax return is filed under Section 44AD under Presumptive Taxation from past 5 years. I am into Contract business and my tds gets deducted under Section 194C.

The total turnover of my business is coming to Rs. 9 lacs as per Form 26AS and after booking of business expenses the profit is coming to Rs. 6 lacs.

My query is since my return is filed under Section 44AD can I show profit at 8% of the turnover which comes to Rs. 72,000 instead of showing higher profit.

Please help me in this matter.

Regards,
Divyesh Jain

AY : 2020-21
An assessee had filed ITR with retirement benefits. The gratuity was wrongly shown as 32L in the ITR whereas the correct amount of gratuity was less than 20L and balance amount was commuted pension amount.

CPC- ITD had sent a communication regarding the proposed adjustment of taxing the extra amount of 12L but the assessee did not respond in due time. CPC-ITD has made the assessment with addition of 12L in total income and calculating the tax payable thereon.

How should assessee proceed in this case?
File a rectification return ? If yes then, how to file rectification return, as the rectification return filing facility is still not activated on tax portal.

If no, then please suggest how to move forward.

Hi All,
Could any one suggest under which section public relation service Company TDS shall be deducted if payment is made to such PR company.
Thanks jn advance

Hello Everyone,
Last year and same year, I am winner of a quiz competition. Wining Price is Rs 15000/- They Deducted 30% TDS from my wining prize both year. It shows in 26AS also. Can I get income tax refund after ITR filling? my total income is 15,0000/- The amount of 30% is Fully taxable our Refundable?

Dear Sir,

Having a File maker software for Doctor profession / company, for this file maker software development services we are paying in USD (Centre for Assisted Reproduction) for Research data Analysis and development tools in file maker.
we will book as Fixed Asset or Research and Development expenses, please advise me

Dear sir,

In a company or Individual - purchased UPS Batteries life time 3 to 5 years (1 year warranty) booked under fixed assets (Plant & Machinery 15%) , and after 3 years we purchased new batteries, then the old batteries not written off and continues to claim the Depreciation, is it right as per act , please suggest / advice

I have bought shares of TCS in year 2008. TCS is coming out with a share buyback scheme and has announced it on 13Jan22. If I participate in the share buyback scheme and sell my shares through this facility, do I have to pay any capital gains tax? Or the full proceeds, irrespective of the amount is fully exempt from any tax at the hand of the shareholder?

Received partial payment from DHFL FD & NCDs. To my earlier query on this topic, Shri Dhirajlal Rambhia has already clarified that any loss on this can be claimed for CG calculations. FD maturity date was 07-Jan-2020 and two NCDs are due to mature in 2026 & 2028. Partial payment was received on 29-Sep-2021. Please clarify this loss in principal will be treated as STCL or LTCL. Thanking you in advance. Kasiraj G

Hi,

I paid my Advance Tax using Net Banking provided by Bank

I cross check all details in Challan like PAN Number , AY etc & there is no error from my end

But It is still not reflecting in my 26AS

Even Bank says there is no failure from their end & NSDL customer care says that they only facilitate payment of Tax & cannot advise why amount is not showing in Form 26AS

Please advise whom should i approach to resolve this issue