Sir, ITR for the AY 2021-22 has been filed claiming INR 46,430.00 as Relief u/s 89(1), but, INR 46,181.00 is allowed while processing the ITR u/s 143(1).

DATA for your kind reference:

Net Taxable Income (including arrear) for the FY 2020-21: INR 6,60,720.00
Arrear pertaining to the FY 2019-20: INR 2,27,700.00
Net Taxable Income for the FY 2019-20 (as per ITR already filed): INR 1,93,720.00

Form 10E filed in the portal is also showing the Relief amount as INR 46,430.00. How could CPC allow INR 46,181.00.

Is there any error in my computation and even in their system calculated value in filed Form 10E?

Dear Sir,
we are a manufacturing Company incorporated in 2019,
We are facing 2 Situations-
1) After commencement of business we have enrolled some employees in pf and esi but now some of our employees having monthly salary of more than 21,000/- per month in hand wants not to deduct pf and esi as they are saying we are non eligible employees. Can we do this or not.
2) Some employees do not have UIN and hired with a Salary of more than 21000/- per month, they want partial salary in cash and partial in their bank accounts, and they do not want to deduct pf and esi from his salary, can we do this or not, Kindly assist.

Sir Last year FY 2019-20 the rental income of Rs. 72000/- annual received on shop (commercial) property and the above amount shown in Income Tax Return FY 2019-20 This year i.e FY 2020-21 no rental income received due to vacant shop. Please advise how many amount of rental income in Income tax Return of FY 2020-21
Thanks
Dharam Pal
9810600330

Respected Sir,

What is DIT Certificate ?

Dear Sir > Maturity value received from single premium ULIP policies are taxable as the premium paid in a year will be definitely more than 20% of sum assured upto 31.3.2012 and more than 10% after 31.3.2012. So almost all such single premium policies do not fall under section 10 (10D). In this situation which is the most advantageous way to deal with it and pay minimum tax.

Dear Sir,

One of my client is into a Boutique business and has been filing ITR-3 and submitting his Balance sheet till the last return filed 31.03.2020.

His Gross turnover is around Rs. 8 lacs from the business. The income is earned in cash and he deposits the cash into Bank. Some amount is received through NEFT.

Can he file return under Section 44AD or 44ADA and file ITR-4 under presumptive Taxation scheme instead of preparing accounts and filing ITR-3.

Please help me in this matter.

Regards,
Divyesh Jain

I am having long term capital loss in fy 20-21 can I show consolidated figure instead of scripwise detail in 112a schedule as fmv does not affect loss figure?

NSC interest is allowed as deduction U/S.80C . Whether it is also allowed as deduction U/S.80TTB ?

Sir,
assessee it returns every year.department sec 148 notice issued in f.y.14-15. assessee notice reply filed.if department sec 143(2) notice issued.
Question:
1.sec 143(2) meaning in it act.

Hello Sir,

If FD of 2,00,000 is opened for 4 years at 5.4% and payout is selected at maturity. Then interest is paid after 4 years of completion and given on date of maturity or auto credited to bank account.

Question is on 1st year , interest is carry forwarded with principal as it is paid on maturity. then after 31st march, will there be any tax on interest that is applicable for paying tax because interest is not given on this year only on 4th year ? will bank deduct TDS on this as form 15 H is not applicable due to more than basic slab.

similary 2nd,3rd year interest will it be shown in ITR or it is not taxable income as interest is paid on maturity.

Please suggest.