Hey team,
I am an NRI and have professional income in India this year.
Since, 44ADA is not applicable to me, I want to claim deductions on my professional income (not more than 50%).

Is auditing also required along with bookkeeping in my case?

expenses made for petrol Rs. 6350/- and bill and voucher received for Rs. 6350/- But when I saw the credit card statement I found that Payment made against Rs. 6350/- ( Credit card payment Rs. 6424.93 and petrol surcharge waiver Rs. 63.61) My question is that i should Booked (6424.93-63.61)=6361.32 or Rs. 11.32 excess payment how to book in my books.
Or i should informed to party to revised the bill and send how much amount.

Dear Sir,

I have got an individual client whose turnover is Rs. 40 lacs from proprietory business but he wants to show profit of Rs. 12 lacs after deducting all expenses. His return is not filed under Presumptive Taxation scheme.

I want to know is there any minimum profit which needs to be kept in Balance sheet when return is not filed under Presumptive Taxation scheme.

Please help me in this matter.

Regards,
Divyesh Jain

RCM and TDS are applicable on school connect program invoice?

One of my clients is debiting legal expenses in the books of account of a Private Limited Company. They are showing an expenditure of about 5 to 6 lakhs every year. Fees are paid after deducting TDS and GST is paid on legal fees. The company has no case in court. These are paid for personal expenditure. In the computation of income tax, all these expenses are disallowed under section 37.

Now my question is whether there is any issue as per companies
act and income tax?

Please advice your valuable suggestion in above matter.

Thanks
N K

Intimation u/s 200A/206CB from TDSCPC:
Defaults and/ or PAN Errors have been identified in the Regular statement filed by you for Q2 of FY 2022-23 for Form 26Q and processed by ITD u/s 200A/ 206CB. Refer attached intimation for further details. Detailed computation of defaults is available in Justification Report which can be downloaded through TRACES.

What should I do on receipt of intimation u/s 200A/206CB from TDSCPC after generating the justification report from Traces (Late filing fee u/s 234E)? Please guide me. Is paying late filing fee through challan 281 enough or have to give any update in traces portal? Waiting for reply. Thanks a lot

A non resident Indian son gave gift to his mother of Rs.6 Lacs.
The gifted transaction has been done from son's NRI bank account in India.

1. Is it taxable in the hands of the mother?
2. Should the gift be shown in the income tax return of the mother?

Reply back Urgently

Thanks,
N K

how to make adjustment of petrol waiver in credit card and how to make journal entry in the case of Individual Business

If a business run by the minor needs to file a return separately or file it by the way of clubbing provision.

What all are the procedures?
Which form needs to select?

Please Explain it.

Thanks in Advance.

I have filed itr by taking concessional rate at 22% under section 115baa but failed to file form 10ic which is required to claim exemption in A. Y 2021-22.i received notice from dept regarding that i need to pay at rate @30% can i upload form 10ic along with the updated return to response to notice please respond