We purchased from a party in year 2020-2021 and they collected tcs from us as our purchase was more then 50 lakhs. Now in year 2021-22 they are telling me to deduct tds on payments. Will my seller have to collect Tcs and I have to deduct tds both at a time. Please clarify?

After getting mails from I.T. deptt. informing enabling filing of Tax Audit Forms, tried to file the same by logging in as CA. Surprised to note that no screen of uploading Forms, scanned documents is appearing. When contacted, the person concerned is blank or not able to solve the same

Has anyone tried to upload Tax Audit reports.........

This new I.T. site is really a sort of mystery

CA Laxmi Mittal

Dear
Tax has been deducted under section 194H and 194JB can I submit the return ITR 4 u/s 44ADA or not ?
Tushar Kanti Bhattacharya

Hello
Can anyone guide me regarding :- How to Compute 5% Cash Transactions Limit For Tax Audit U/s 44AB ???

In AY2019-20, the LTCG loss was 2500 to be carried forward to next year. However in AY2020-21, again the LTCG loss was 15100 with the result that 2500 could not be adjusted in AY2020-21 filing. In Sch CFL it mentioned 'total loss carried forward for future years' as 17600.
1) Do I need to enter the AY2019-20 and AY2020-21 separately or put the figure of Rs 17600/- under AY2020-21 with filing date in Sch CFL this year?
In AY2021-22, the LTCG is 50000 which is tax free upto Rs 1 lac.
2) If I fill up Sch CFL with carried forward LTCG losses while filing tax this year , will it adjust with LTCG of 50000 even though, this LTCG amount is tax free or it will not adjust with Rs 50000/- and will be carried forward again to next year?
3) Or can I skip entering in Sch CFL, the losses this year and enter it next year with the losses carried forward in AY2020-21?

Hi Experts,
I moved to Canada for job with my family in Oct 2020, after spending 200 days in India.
I earned salary in India between April 2020 till Oct 2020.
I earned salary in Canada from Oct2020 onwards.
Since I stayed in India for more than 183 days (I was in india in all previous 10 years ) I am a Tax Resident in India as well as in Canada (due to residential ties).

1. Am I liable to pay tax on my Canadiam Income as well from Oct2020 to March 2021 ?

2. If yes, while filing Form67 for tax relief as per DTAA to get Foreign tax credit, Can I attach my salary slips (employer provided pay / wage statements) as a proof of nature of income, income paid and tax deducted/withheld? Is payslip considered a valid proof?

3. If not payslips, the what document can be provided. For Oct2020 to Dec2020 I have T4 statements stating total income and tax deducted by employer. However for Jan2021 to March 2021 , (As Canada tax year runs from Jan to Dec, there is no T4 (or any canadian proof document similar to Form16 or 26AS) , can I present a certificate from employer on its letter head mentioning my Tax Number, income paid and taxes deducted during 2021 part.

4. What if there is a Foreign tax refund but only after March 2021? Is that tax refund to be reduced from Foreign tax paid for calculating Foreign Tax credits against income offered for tax in india FY 2020-21? Appreciate your response.

Thanks, Manish

Rs 40,000/= paid to society in cash for NA Applications... while selling plot, is deductible as Exp or to consider cost of land... any problem for paid in cash ?

TDS/TCS - ERROR

Either challan number is wrong
or bsr code is wrong
or both are wrong

I have checked thoroughly challan number and bsr code. Both are correct.

Now what to do in such case.

ERROR FILE WITH THE CODE T-FV-3021 has been generated.

PLEASE ADVISE AND OBLIGE.

Dear experts,

Let me know the threshold limit under section 44AB Tax audit for the A.Y. 2021-22 if the assessee fulfil all the condition below:
- receipts in cash < 5% of total receipts during the previous year and
- payments in cash < 5% of total payments during the previous year.

Thanks

A Y 17-18 ITR FILED U/S 44AD . AFTER THAT THE ITR NOT FILED UPTO AY 2020-21. NOW ITR FOR AY 2021-22 TO FILED U/S 44AD. EXPERT OPINIONS ARE SOUGHT IN CONSEQUENT RESULTS IN LIGHT OF LEGAL POSITION OF SEC 44AD(4). THANKS