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.

Dear sirs : My client is an NRI. He inherited property from his grand father... Now government has acquired this property and paid Rs.Fifty lakhs... Is this property taxable.... Secondly can he give this amount as gift to his family members... Will there be any income tax on any one .. Regards

I am working in IT (Information Technology) company and they have planning outside trip every year for employee's , So can company book trip expenses (i.e Bus Rent, Hotel Rent, Food Expenses) in there books of account. If yes what is the expenses limit.

I am article student and i went to holidays for long time without prior notice to principal. Can my principal dismiss me and my career can be spoiled?

hello

we have a computer training center where we charge GST to our principal agency against share we get towards our teaching charges to students from them.

we also buy educational books (exempted in GST) from suppliers and distribute the same to students free of cost and we claim this full books cost to the principal agency without adding any gst.

course fees + GST student pay to the principal agency is included books cost.

now my question is do we need to charge GST while claiming full books cost from principal agency?

Thanks in advance

Vasant Mahajani

Dear Sir,
Since last so many years we dont have any business but every year we have to file ITR-5 with NIL balances. What to do for closure of the said partnership firm with subject to income tax rules and regulations.