Hai frnds,

my client got intimation u/s 245 of outstanding demand for AY 2018-19 . At the time of filing ITR for the AY 2018-19, he omitted HRA exemption and some deductions of Sec80c due which his tax payable is more than TDS. Revision of return is not highlighting in efiling as the due date for revision expired and i think i should not do rectification for ommission. I request to suggest me how to deal with this situation. anticipating early reply Madhavi

Suppose registered person is engaged in trading of raw cotton. he has to collect raw cotton from one farmer to another farmer's location to fulfill his one vehicle and total value goes up to 6 lakhs then after vehicle goes to ginning. how to create eway bill and other documents in this case?

Dear Sir,

I had filed an ITR return where tax audit was applicable. But in the ITR Return the address of the assessee is wrongly mentioned. Can I file a revised return in such case. Tax audit report is the same.

Regards,
Divyesh Jain

Respected Sir,

Please let me know the basic difference between Remuneration & Salary ?

Kindly guide me on this,

Association was registered with societies registrar on 10.07.2018. First Agm has to be kept within 18 months. So, governing body has thought of keeping first agm around 15-12-2019.
One of the agenda is for approval of accounts for FY 2018-19 i.e, 10-07-2018 to 31-03-2019.

Now, the query is since its an association, how to get the auditor appointment letter. Can the association pass a resolution at their working committee meeting and appoint an auditor ?

Is there any rule that within 30 days auditor has to be appointed as is the case in pvt ltd co ?

Can anyone please help me out....

I got salary of Rs. 800000 in the year FY 2018-19 and had paid income tax on the whole amount. In the FY 2019-20 it has been informed that Rs. 70000 has been paid wrongly and therefore would be recoverable. Please explain how I can get the refund of income tax on the recovered amount of Rs. 70000 Besides claiming refund is there any other method so that the income tax paid on the amount recovered can be neutralised in the FY 2019-20.

we purchase cotton from farmers in cash for our cotton Ginning pressing factory. As per amendment in section 194N commission agent and traders operating under APMC are exempted from TDS on cash withdrawal above 1 CR . My concern is that weather cotton Ginning pressing can be considered as traders and get the exemption on cash withdrawal?

QUERY:

Assessee (Senior Citizen) had filed his ITR showing rental income below taxable limits for AY 2K172K18. In addition to this, he had agricultural income which was not shown in ITR even for rate purpose, as his rental income was below taxable limits. No books of accounts were maintained by the assessee. He was maintaining bank account also and had obtained agricultural crop loan from bank. During demonetization period, he had deposited roughly Rs.12 lakhs cash into bank to square off agricultural loan. He had deposited similar amount in cash in earlier & later years also. Sales of agricultural produce was through cash and cheque.

Notice from the A.O. was received u/s 143(2) and 142(1) and replied through e-proceeding portal. Assessment Order u/s 143(3) was issued by the A.O. and he made the addition of the entire amount of Rs. 12 lakhs u/s 69A read with section 115 BBE. He had also assumed the agricultural income of Rs. 6 lakhs on the basis of commission agent statement given to him and allowed Rs. 1.50 lakhs for expenses. He has wrongly assumed a profit of 75% on sale of agricultural products. It was clearly mentioned in the reply that most of the agricultural products are sold in cash directly to buyers, and not through commission agent, and the deposit of Rs. 12 lakhs was through that sales, and out of past savings kept with the assessee, as the Indian Agricultural Economy is mostly on cash basis.

The A.O. has computed a demand of Rs. 10 lakhs on cash deposit of Rs. 12 lakhs. He has also issued a notice u/s 274 read with section 270A for under reporting of income, and also another notice u/s 274 read with section 271AAC(1), and also covered under section 115BBE.

We are planning to file an appeal to CIT (A). He has also given an opportunity to show cause, why a penalty u/s 270A and 271AAC(1), be not imposed on the assessee.

It is hereby earnestly requested to suggest some case laws for non addition of Rs. 12 lakhs u/s 69A, and Rs. 4.50 lakhs under Agricultural Income. Also suggest a suitable reply for Show Cause Notices.

Thanks in advance.

CA Y K SATIJA / DELHI / 9818722221 / 9873777335.

For the year ending March 20 ( Fy : 19-2 ) I am one of the directors for a pvt ltd company. I am drawing Rs 50,000 per month on account of remuneration/salary from the company. As at 31st March 2020 what will be the nett tax liability. Please let me know the format of working for calculating income tax liability as at coming 31-03-2020.

There are Private Limited companies having common directors. One is loss making company (Small Company) and another one is profit making company(Large Company).

Is it possible to merge the profit making company with loss making company i.e.reverse merger for set off the unabsorbed loss accumulated in the loss making company.

Please clarify from the perspective of both Income Tax Act and Companies Act.