Turnover of a businessman is less than Rs 1 Cr(Rs 86 lac). He doesn't want to opt for sec 44AD as his profit from the business is less than 8 % (Rs 4 lac aprox).
Same is the case for one of the doctor who runs a homeopathy clinic and has a turnover of approx Rs 26 lac and has net profit approx Rs 8 lac and doesn't want to opt of sec 44ADA

Are they both required to maintain books of accounts and get those audited from a CA..?

Respected experts,

I am preparing my ITR for AY 2020-21 using ITR-2 java utility from incometaxindiaefiling.gov.in. I have entered 3 transaction of LTCG in schedule 112A, total LTCG being Rs 21000. Schedule CG and B-TTI are populated without considering Rs one lakh of exempt LTCG, i.e in B-TTI the LTCG should be zero, but it appears as 21000. Please help on what I am missing.

Hello Team,
I am NR Individual providing Software services outside India & same time I'm an employee outside India of one company.

My case is I have provided software service to one of my client outside India so can he transfer my fees/payment to Indian bank directly.If yes then such Income will be taxable in India?

Can I opened Proprietorship in India with my Father name then what will be procedure & tax consequences applicable.

I was a promotor director of a company(not holding COP at tat time).relinquished in 2003.now I am holding COP and undertaking attesting function. Due to Covid the other employee director resigned. Can I rejoin as promotor director and still continue my practice. Appreciate your guidance. I have substantial interest in the company and I am not acting as a statutory of the company. My wife is the other director.
Regards
Srinivasan

Goodevening sir
Pls clarify the tax exemptionrule apply for leavein encashment for state pspcl employees on retirement and tax exempt limit upto how much extent
Thanks and regards
Neeraj Kandoi
C.F.A .A.I.I.I

While filing GSTR 1 for Jan to Mar 2020 quarter, i forgot to mention the serial no. of Credit Notes in documents issued section. How to rectify this?

SIR

A Transport Private Ltd Co.having all its trucks in the name of director, issues bills in its own name for the services provided to his party. Then, Party remits the payment after the deduction of tds.

Here, should the company issue any declaration for having the ownership of all trucks in the name of its directors to the service recipient like individual transporter?

guide me please.
thanks in adv

SIR
We,Private Ltd , are providing transport services - No vehicles are in the name of company but only the directors of the company have the vehicles.
Whether the income and expenses of vehicles should be accounted in the books of Company or in the books of individual (i.e) directors?

In case the accounts to be made in the books of individual (directors), Should the directors be treated as sub- contractor to the business?

thanks in adv

Hello Sir, Please help me with this query.
1- month 2- E. Credit Ledger - Due to extra input taken 3- Original Input to be claimed for the month 4- Tax liability for that month
1 - 2 -3 - 4
Dec - 20Lakhs - 2Lakhs - 3lakhs
Jan - 19(last month) - 2lakhs - 3Lakhs
Feb- 18(last month) - 3.5 lkhs - 2Lakhs
Mar- 19.5(lst month) -1.5 lkhs - 3Lakhs

Interest Calculation . Please Help.

Question 1:-
Is school, college and hospitals are profit making organization or non profit making organization?
2.I often confused that why school/college/hospital are assessed as 'Trust' under IT act. Can these be assessed as individual/firm/Aop/BOI if profit making is the aim?