facts :- asst. 24-25. assessee is firm. turnover 7 crore, profit only 2 lakhs. no cash receipt/payment
i filed without audit but with bal sheet/prof loss stating 44ad is not applicable & 44aa (books) as applicable.
strangely, just got 143(1) intimation stating

"Tax Payer has offered income under section 44AD, and the gross receipt or income under the head “Profits and gains of Business or Profession” is more than 2 Crores; however, he has not filled Balance Sheet and Profit and Loss Account and has not got the books of account audited."

probable resolution ->
The taxpayer has offered gross receipt or income under the head “Profits and gains of Business or Profession” more than 3 crore. Hence, the taxpayer has to file the audit report as per section 44AB

my view--> i have not filed u/s. 44ad, i have said 44ab is not applicable. i have filed bal.sheet/prof loss. Hence, i feel intimation is grossly wrong. There is no need of audit as turnover less than 10 crore (its 7 crore), although margin is less than 6%

is audit required? what am i missing?

Dear Expert,

I am a Trust Registerted under 12A/12AB provisions and 80G as per income tax act 1961. My query is i have not received my refund for AY 2012-13 and 2013-14 till now. I had checked the refund status and the status is showing "Address not found". is there any way to get refund for AY 2012-13 and 2013-14 ? Please guide I need yours expert advice. I even raised online greviences but did not get any help.

Please help me

The Direct Tax Code 2025 is anticipated to broaden the definition of an accountant by also allowing other professionals such as CMAs, Cost Accountants (ICWA), and CSs to conduct tax audits.15 Nov 2024. Is it True ? Plz. Answer.

We are a gold dealer having a turnover of more than 5 Crores in a year. Usually, we send gold for job work (both registered and unregistered) to making ornaments from bullion. as per GST act we must show in ITC-04 from when GST established i.e 2017. but we have not file since then. so its compulsory to file from fy 2017-18 till now or can we file from this year. if we compulsory file from begging then how much fine will we have to pay?

I need a filled audit report in Form 10B for trusts for the assessment year 2024-25. Can the experts provide me a filled up Form 10B for our filing for Form 10B please.

Dear Experts,

We require a certified Income Tax valuer to determine the Fair Market Value for calculating the "accreted income" under Section 115TD, applicable upon the cancellation of 12A and 80G exemptions. The valuation certificate is mandatory for the submission u/s 115TD. Kindly help me to find the valuer.

Thank you
Komal Ameta

Dear Members

Our client ABC Pvt Ltd (Indian Parent Company), have 1 Wholly Owned Subsidiary company (100% share holding) in foreign country. The income of that Subsidiary is fully exempt in that country and hence no tax has been paid by the subsidiary company.
I need ur opinion on "Whether we have to declare profit of that subsidiary company in ITR-6 of Indian parent company as global income to be taxed in the hands of Indian Company ? or can we show this profit as exempt income in ITR-6 ?"

thank you in advance

Material received on 21/11/24 & due to defect same whole material return to party on 25/11/24
To deduct tds u/s 194 Q is required in first situation
And reverse the tds in second situation.
Or not showing tds in any situation
What is right way to show tds

Please suggest whether the private limited company need to deduct the TDS on Invoice of Meal Charges bought from XYZ Food Court.

If yes then under which TDS Section?

Thanx

We are a gold manufacturer and dealer in gold and diamonds having a turnover of more than 5 Crores in a year. Usually, we send gold and diamonds to job workers (both registered and unregistered) to polish, repair diamonds, refine and make new gold ornaments and for Hallmarking. We are booking the melting, refining and new gold ornaments making charges and hallmarking charges in PandL.

For the above cases, we are dealing only with suppliers / job workers within the state.

Is it compulsory for us to submit ITC 04 half-yearly?