Dear Expert,
I'm a freelance trainer training ITI students to teach automobile engineering and soft skills.
So while filling ITR-4 SUGAM form (i.e. computation of presumptive income from profession u/s 44ADA), which sector and sub-sector (i.e. business code) I have to select? Whether the Sub-sector ‘Other professional services n.e.c.’ [i.e. Code: 16019] under the Sector ‘Professions’? Or else whether the Sub-sector ‘Technical and vocational secondary/senior secondary education’ [i.e. Code: 17003] under the Sector ‘Educational services’?

Please guide me.

Sir,
I am an NRI .I own a residential property ( two storied house) in Kerala.The property (both floors) is occupied by me and my family.During construction and registration around 15 years back the house ( the land is single owner in my name - inherited from parent) was registered with two different house number with both houses in my name ;one for ground floor and another for first floor.

Both the floors are occupied by me and my family ( wife three children and me).

Kindly advise
1.If there is a tax implication as it is two houses ( based on two house numbers) even though not rented.
2.Can I transfer one to my wife's name ? Will there be any tax impact on me or my wife if the transfer is made likewise ?

Kindly reply
thanks and regards
Augustine Kachiramattam

A property was sold on 03 April 2019 for Rs. 60,00,000 and purchase cost indexed was Rs. 40,00,000. What would be the amount to be deposited in CG deposit account and when will it needs to be deposited as per IT?

Dear Sir ,
The dealer is a trading concern & registered under gst act in odisha since last ten years my turn over is below 20 lakhs want to cancell my registration certificate wef 01/04/2019 due to enhancement of minimum limit for registration from 20 to 40 lakhs .The dealer is dealing in medicine in retail and presently he is a composition dealer under gst act .Please advice when to apply fore cancellation the dealer will contuning the business and the turn over will below 20 lakhs .

with thanks & regards
chinari ganesh.9437339943,8018753174

I am a resident senior citizen tax payer. I do invest in ELSS MF(Growth option) each financial year to save tax under section 80C of Income tax Act.
I had invested as usual in some ELSS schemes in March 2016 which I intend to redeem now after completion of 3-year lock in period. Since introduction of LTCG tax by the central budget 2018, this the first time I will sell ELSS units.
As such I am in need of some clarifications on calculation of LTCG from experts.
The following example will be helpful for me.
I had purchased 1690.846 units of a particular ELSS on 09.03.2016 at a price of Rs.29.57/unit. The total investment was Rs.50,000/-
NAV of these unit on 31.01.2018 was Rs.44.8938/unit
My sale price on 12.03.2019 is Rs.46.253/unit
Appreciation in value since 31.01.2018=(46.253-44.8938)=Rs.1.3592/unit
Hence total gain= 1.3592*1690.846=Rs.2298
Since, LTCG upto Rs.100000/- is tax free in a financial year, I am not required to pay any tax for this gain.
Am I correct?
Kindly, give me expert opinion.

Hi All,
I am working with an Co. and here I have to file TDS return for Q3. But the person who has done payment has Mistakenly mention wrong AY in the challan which is showing now Unmatch. Ideally the AY has to be 2019-20 but instead it has put 1961-62. Since he year gap in huge. I was unable to do online. I visited the Income Tax Officer..From there I got to know that I have submit Total 3 document 1. application Letter for Rectification which...2. INR 500/- Indemnity Bond 3. NOC from Client....these all in one PDF File less than 2MB.....I have to give them these all documents in Pen Drive......Can Anybody help me with the Format of NOC and Indemnity letter format. I tried to find out online but failed.

It will be great help!!1 Thanks!

My company credited my TDS into the wrong PAN 11 yrs ago and now in the 26 AS form in TRACES the amt is not being reflected.The Govt has levied me more the 200 % as penalty.What is my recourse.

A PERSON WAS FILING RETURN OF INCOME FOR F.Y 2017-18 IN 16.07.18........BUT HE WAS LESS FAMILIAR WITH INCOME TAX SITE........SO HE THOUGHT AFTER SEEING THE PREVEIW VERSION THAT HIS RETURN IS FILED.....
BUT TODAY HE BECAME TO KNOW THAT HIS RETURN WAS NOT SUBMITTED.....SO WOULD HE BE LIABLE FOR 5000 PENALTY ......OR IS THERE ANY OTHER OPTION ????/

Dear all ,
I want to know that a person (salaried based)having taxable salaried income 1 lac per month worked from april 18 to june 18
afterthat he resigned and notice period 1 lac dedctued in his full and final
now what the taxable income is 3 lac or 3-1=2 lac please suggest me . if any case law exist than please refer me
thanks

Hi, I'm an individual software developer working for overseas clients. My annual receipts this financial year(2018-19) may be around 60 lakhs, but definitely above 50 lakhs. Thus I can't use 44ADA, which I have been using since last 2 years. My expenses related to profession are not more than 3-4 lakhs a year.

My question is, can I incorporate a small company, and use 44AD. The business is software development and I work independently(not under any company). I can hire an employee and deduct TDS if need be to strengthen the case for 44AD.

Is this possible? Can software work come under business rather than a profession.

Thanks.