On 29-03 Income tax dept sent my spouse a high value transaction saying other Sources of income is 12lakh for fy 19-20 .However when i checked details i found out whatever her original reported source of income i.e 4 lakh which is interest income from deposits they have replicated the same in 2 savings bank account under SB interest.This is just baffling to me.she hardly had 3000 rs in 1 of the savings account and another savings is dormant.The 4lakh other sources of income that came was reported accurately by her and tax was also paid.she responsed to to e campaign message indicating 2 values of 4 lakh each in SB accounts is just duplicates of deposit interest and denied it on the portal
If they validated and remove those 2 incorrect entries then her originally filed ITR becomes accurate.

Pls advise in such a case that even though these extra incomes(4LAKH *2)she have never earned and they simply showed it up against SB account and seems a reporting error either by bank or by IT Dept do i have to file revised ITR?.

Dear Sirs,
My client is purchase a land with residential house property in consideration of 1 crore, whose stamp duty value is 3 crore in the F.Y. 2020-21 relating to the A.Y. 2021-22, My client is dealing purchase/sale of land/ house property & not want to sale the property in same F.Y. i.e. the property kept in stock in trade of my client Is any tax will attract u/s 43CA or 56(2) (x) of the I.T. act in same F.Y. to my clent party ? or any tax will attract under capital gain section of seller party? please clarify. Thanks

SIR-

1] Unabsorbed depreciation loss can be carried forwarded to the next financial years for set-off in case the IT Return filed in late for individual?

2] If TDS payables not paid in current year but to be paid in the next financial year by GTA PVT Company, the deductee can claim it in the next year?

(a) if the deductee is the director of that company?
(b) If the deductee is not the director of that company?


Plz guide us sir
thanks in adv

I am a Chartered accountant, first 6 months i was employed and was earning salary and next 6 months I was into practice and hence earning professional income.
my questions is how should I treat accounting of the tax liability in tally/books.
one ITR will be filed with both salary and professional income and one final tax amount will be computed but should i show this tax amount in my professional accounts or personal account? since i need to adjust TDS also while paying these taxes and in my professional account/tally only TDS on professional income is booked where as TDS on salary income is reflecting in my personal books.
P.S. i keep two books in tally - for my individual firm and my personal finances.

kindly guide.
thanks

Dear Sir/Madam
We filed B2B section for Jan'21 and Feb'21 in GST R-1 IFF. In March filing i'll show March month bills only in B2B section. Another sections like Export, B2C and HSN wise summary i'll show total 3 months(Jan-Mar) data. Is that right?. Kindly clarify

Dear Sir

We have received two invoices with same invoice date from our sale tax consultant
Invoice Rs.30000 DT 25.03.2021
Invoice Rs.100000 DT 25.03.2021
We have to deduct TDS or not. If yes then during year he also raised on invoice amount of Rs.20000/- and we have paid wihtout TDS deduction. now we have to deduct TDS on the same also or not

Please revert on the same

Dear Sir,
For partnerships firm for audit u/s.44AB profit above 8% shall include interest & remuneration to partners or not.
Thanks in advance

Dear Sir,


One of my client got a High value transaction sms notice for cash deposit of 25 lacs.

He used to withdraw cash from his saving account and then deposit some part of the money again into bank. This has resulted into total cash deposited to 25 lacs.

I want help what should I reply to Income tax regarding cash deposit compliance notice. He has not offered it as income while filing his return since the cash was withdrawn and deposited in bank from his salary income he earned.

Regards,
Divyesh Jain

Whether it is mandatory make provision for income tax as on 31st March ever year ? How to workout the amount for income tax provision ? Just because of unawareness of provision of income tax I have not made any provision, whether income tax department or ROC will recover certain amount of penalty from the assessee. Please guide me and oblige.

Interest on post office time deposit for 5 years is paid/credited annually. For the purpose of filing tax returns should the interest be considered on accrual basis or on actual credit basis ? No TDS is deducted by post office .