I have four bank accounts. Only one is associated with the broker. I transfer money in and out from this account for FnO trading. So will my balance sheet reflect the cash position of this account only? Or does it have to show cash in hand for all other accounts that are not related to trading? Similarly will my current assets be only positions and money related to FnO trading in this account and with broker? Or will it be all my investments in FDs, stocks, mutual funds, bonds etc? The reason being only FnO trading is considered as business income, not bonds, FDs etc. So can I separate the FnO trading part from all other personal incomes and file them under interest income, dividend income, capital gains etc?
Sir,
Sec 44ada it returns filed professional income person gross receipts rs:10 lacs 50% income declared rs:5 lacs show in it returns and house expenses rs:1,50,000/-
Question:
Assess rs:10 lacs income -expenses rs:5 lacs -1,50,000/- house expenses remaining balance amount Rs:3,50,000/- cash deposit in bank account correct procedure.
Dear Sir/ Madam,
We are following E-invoicing Rule from April 2021for supply of Goods.
As of today while dispatching Goods we issue two copies of Invoice to our Customer -
1) The Esign copy printed from the E-invoice Portal &
2) Our System/ Software generated (and then manually signed) copy of Invoice.
As our System/ Software is linked to the E-invoice portal, the Invoice has IRN & QR code printed on it.
My query is -
Is it Okay if we issue only our System/ Software generated copy of Invoice (having IRN & QR code printed) to Customer and do not give a Esign copy from E-invoice portal ?
Looking forward to your advise.
Thanks & Regards,
Rachana
Is the Form 10A available in the new income tax website? How to upload this Form?
As per my understanding after reading on section 44AD.
Business with a turnover of less than 2 crore can avail benefits
of sec 44AD. (Excluding commission, agency and plying).
I trade in FNO my turnover is around 1.5 crore,
Can I Declare my profit @ 6% i.e., 9 lakhs and pay tax accordingly.
Whereas my actual profit is around 20 lakhs.
What to do in such a case. Please Advise.
Thank you.
Sir, Is there any process to solve my below noted problem in Tally ERP 9 :
That, sales and purchases invoices will be entered by my staff and datas of the same will be given to me each month.
And bank and other transactions (Receipts/Payments/Journal) will be entered by me each month.
Is there any method by which I can copy and paste sales/purchases datas entered by my staff in my tally data each month ?
Hi,
The assessee has paid entire consideration on 31.12.2014
The sale deed is dated 31.3.2017
Physical possession is taken by the assessee on 31.3.2021
The question is: if the assessee wish to sale this property on 30.6.2021, whether he is liable for short term or long term capital gains.
As per your advised, revised return of income u/s 139(5) submitted on 31/05/2021 AGAINST Original return u/s 139(1) WHICH was submitted on 06/09/2020 for the A.Y. 2020-21 BUT non furnishing B/S and P/L a/c , it was defective as per CPC but in this regard I did not receive any notice U/s 139(9). Despite several request to the CPC through e-Nivaran - original or copy of notice did not send to me. Lastly you advised to submit said return u/s 139(5) - as per your valuable advise I submitted return U/s 139(5). But PRESENTLY I AM UNABLE TO OPEN THE NEW PORTAL TO KNOW THE DECISION OF THE CPC. Kindly advise. Regards, Tarak Kumar Roy
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