I filed my income tax return in dec-2019, I have got a mail from the department for Disallowances/Defects identified in the Income Tax Return. as below.

Your Income Tax return ITR-3 uploaded for AYHPG1419J and AY 2019-20 has the following defect(s)

S.No. Defect Impact Suggested Resolution
1 Income from "Profits and Gains from Business or Profession" is greater than 2.5 lakhs but particulars as in "Balance sheet/Profit and Loss Account" are not filled Income Tax Return may be treated as defective if particulars in "Balance sheet/Profit & Loss Account" are not filled Please fill Balance sheet/Profit & Loss Account


Please ensure that the above suggested resolution(s) are followed for a defect free and faster processing of your income tax return.


Now suggest me, how to respond against this query, because of notice not received u/s 139(9),
Can I file a revised return or give it to response.

A individual person how many previous years income tax return filing at the end of the finicial year March,2020 for the purposes of bank loan.

Dear All,

I have some doubts about TDS on Cashwithdrawal from Bank.Following are my doubt please help me.



1) Can I withdraw morethan 3 crore cash from 3 different bank?

2) What is the applicability of TDS 194N in the above example?

Sir
I would like to take advise on the taxability of Bonus shares.
I had purchased shares of Reliance petroleum ltd @1744/ but it has been converted in Reliance Industries and issued 224 shares. In 2009. It has given 224 shares as bonus in 2010. What will be purchase price.? I have sold 448 shares in 2020. How the capital gain be calculated.
Pl advise.
Regards

Emergency,
As per vivas-se-vishwas bill 2020, an assessee can settle his pending appeal by filing a declaration before the designated authority in a prescribed manner.

My query is, whether the CBDT has issued any such prescribed format/form to file the such declaration.
If yes, pls provide the llink/form.

Ours is a pvt ltd company and we are holding two trucks which are to be sold to some other private limited company. There are certain queries on such transactions as follows :

Whether GST shall have to be paid to the supplier ?

Whether TDS shall have to be deducted by the supplier against the sale value ?

Please guide me and oblige.


Ok

Dear sir,

Good evening

Today, we have done tds payment by online but we have shown the tds amount in surcharge column instead of tax column , How can i rectify the oltas challan sir, Can i rectify the tds challan in online sir or submit letter to assessing officer.

Please give your valuable reply sir,

A proprietorship firm had taken unsecured loan from several individuals since last 8 years with a high interest rate ranging from 24%-36% per Annum. It was paying interest monthly to the lendor. But, the firm had not booked exp. and also not deducted TDS on interest portion of Unsecured Loan. Now, the firm wants to claim the past 7-8 years interest expenses in current financial year and will deduct TDS on the same.

Can the firm able to claim it as expenses belongs to prior periods in current year? If yes, then elaborate with proper provisions along with any case law available.

Example:
Unsecured Loan availed by proprietor 1 Crore
Interest Rate: 30%
7 Years Interest: 1 Crore * 30% *7 Years = 2.10 Crore

In previous Years, the firm had not booked exp. of Rs 2.10 Cr. and not deducted TDS. Only interest payment entry was made. Hence, ledger of lendor Credit Balance of 1 Crore, becomes debit balance of 1.1 Cr. Now to reconcile the ledger, it wants to book 2.1 Cr interest in current Financial Year as allowable exp. by deducting TDS@10%. Is it allowable under the Act?

Please give suggestions.

Dear Sir,

I am receiving sms and emails for registering with PTRC and PTEC. I am only registered with GST. Came to know that all people who are registered with GST are getting such emails but not liable to register with Profession tax since they don't have any employees.

What should I do.

Regards,
Divyesh Jain

I have been allotted two pan cards. This problem arises due to confusion on submission of documents regarding proof for identity and proof of address.
I have not used the duplicate pan card under any circumstances as I am aware that it is illegal.
I applied for surrender of additional pan card for two times through online mode without any delay. Acknowledgement number also given. It is not the mode of applying for change in pan card online mode.
Duplicate pan card has not been cancelled by Income tax department so far.
Kindly assist me the proper way to surrender my duplicate pan card either by online mode i.e., applying for change in pan card through online mode by simply selecting the column for surrendering additional pan card or by offline mode by writing a petition regarding this matter to the concerned Assessing Officer.
In uploading document section for Proof for pan card - which copy of pan card should I upload either original pan card which I like to retain or copy of duplicate pan card which I like to surrender or both the pan cards.