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Basanth Kumar

We have received a notice on Reversal of ITC on Exempted Sales Rule Under 42 & 43. Regarding this we are unaware of it and when we gone through Rule 42 & 43 we are in Confusing. Please explain in briefly and the calculation and any calculation excel sheet can be provided.


k chakraborty

can the experts guide me on how can i raise query/griavence regarding ITR form itself.
I want to raise query regarding specific rule made in the ITR form not regarding any e-filing process or assessment issue. I think there are some anomalies b/w the Act. and itr form, and want clarification for the same from department. How should i proceed being a taxpayer.


Manik

Dear Experts,

For FY 20-21 one of my friends has received IT Notice. When we checked he has got Net Taxable Income of Rs 255000 on which TDS has also been deducted for about Rs 2500.

When we try to file ITR(U) for the same, my question is as follows : -

1. Can the TDS Deducted of Rs 2500 be allowed to be set off against Penalty under Sec 234F of Rs 1000. System is not allowing us to do the same and we we checked online they say we have to mandatorily deposit additional tax under 140B so that will be additional tax deposit.

Kindly suggest what can be the possible solution without depositing additional tax under 140B as his Net Income is less than Rs 5 Lakhs.


Jaswinder singh
27 March 2024 at 22:35

Regarding TDS deduction on payments

Respected Sir/Madam,
If Individual person filed ITR of AY 2022-23 and AY 2023-24 under Presumptive Basis u/s 44AD and his turnover 1.25 Crore and 1.33 crore respectively, Now in AY 2024-25 his turnover exceeds 10 crore now tax audit compulsory for him.

My ques is, whether Individual assessee liable to deduct TDS on expenditure booked in AY 2024-25 because in his 2 previous ITRs of AY 2022-23 & AY 2023-24 there is no audit case and we didn't deduct TDS, but turnover exceeds 1 crore

Now whether we liable or not in AY 2024-25??


Ashok

Res/Sir,
One contracter name has been omitted in the TDS return in 1st Quarter 2023. Even their TDS was deposited.
So, Sir,
can his name add only next month TDS Return.
or is there some way which can be done just now from the TRESES website.
Thank You,


Chandrasekhar Kandiraju
27 March 2024 at 22:10

SREI NCDs Resolution settlement

The resolution plan of SREI infra NCD default, for its holders provides two components of payment. One part distributed as cash payment directly and the balance in the form of Security receipts (SR) and Estimated Optionally Convertible Deposits (OCD). These SRs and OCDs are held by Punjab National Bank and will be released after 8 years. Please therefore inform how the capital loss of debt is booked. Is it only cash paid now as value of return; and SR+OCD if any paid after 8 years to be taken as income for future earnings.


Jayadev B

I am working in a Logistic company, where we have all types of vehicles for transportation of people and material with an agreement with private vehicle owners. Like Uber, Ola, Rapido, etc.
The company gives a credit of Rs 2000/- per month to me. We can use our company vehicles like Motorbyke, Car, Tempo etc to the extent of Rs 2000/-. In case, if we don't use fully, the left-out credit will be lapsed and next month again a transport worth of Rs 2000/- will be credited. So the amount will not be carried forward.

Whether this facility is taxable or not.


raghavendra b
27 March 2024 at 21:48

SECTION 115TD

DEAR SIR,

ONE OF MY CLIENT PAID INCOME TAX PAID BY HIMSELF UNKNOWINGLY WRONGLY SELECTED MINOR HEAD ACCRETED INCOME U/S 115TD.

IS THERE ANY PROBLEM IN FUTURE CPC WILL ASK DEMAND

PLEASE CLARIFY ME

THANK YOU


DHAVAL
27 March 2024 at 18:51

PROFIT FOR GOODWILL CALCUATION

while considering profit for goodwill calcuation . profit sholud consdier after depreciation , remuneartion and interest to partner or before interest and remunearation and depreciation

PROFIT 100,000
DEPRE 2000
INTEREST 3000
REMUNERATION 5000

NET PROFIT : 90,000

Which profit is to be considered 1,00,000 or 90,000


MATTA CHANDRA SEKHAR
27 March 2024 at 18:01

CONVERTION OF NUMBERS INTO WORDS

Sir,

Please share Suresh Add on software in excel to convert Numbers to Words in excel with Indian
Rupee Symbol. Advance Thanks