My Client Wants Filing income tax return of previous two years on this assessment year by u/s 119(2)(b). But he has no any TDS or TCS or any other Claim in those previous assessment year. so, can he submit his Income tax return of previous assessment years , u/s 119(2)(b)?

Dear Friends,

One of my friend has received a rectification notice from Income Tax Department fo FY 18-19 return.
He had received Rs.567000/- as professional income from a company which deducted 10% TDS and deposited money in his account. To earn this income he had paid around 3 lacs to some other professionals, after paying the amount actual income of his comes to 2 Lac Rs. In the return we have shown 2 lac as his income and TDS 56700/-. Here Income Tax Department says that the total income to be shown is Rs. 567000/-. How shall i make the Income Tax Authorities understand that only Rs. 2 Lac is his taxable income. Please help me in this. I need solution for this.

Regards,
Yajuvendra Rawat

We have purchased a plot worth Rs 800,000 on 25-08-2017, and constructed house on it. Cost of construction of house was 35,00,000 and now i want to sell it 50,00,000. Query (1) whether income will be considered as LTCG or STCG. (2) If we purchase new house property can we claim deduction u/s 54. Thanks in advance.

Dear All,

How will I be able to show gratuity in itr -5, as the opening balance was 70 lac now the closing balance is 65 lac so I have passed a reverse entry of 5 lac i.e. in credit side of P&L. So now how will I show 5 lac in the ITR as it is increasing my profit by 5 lac.

We have recived 100% trade discount on some items purchased . How should i record these item would be recorded as per value shown in bill or zero because on total billing amount, we have recieved 100% trade discount.
As per my knowledge trade discount is not shown in books.

Kindly advice if GST registration is required for a person doing freelance work as writter and getting fees through foreign remittance. However the annual fees amount remains below INR 10 lacs.

Thanks in advance

WE PURCHASED A CONTRUCTED BUILDING OF 3FLOORS IN THE NAME OF COMPANY FOR RS.70,00,000/-. WE TOOK LOAN OF RS.52,50,000/- FROM OUR BANKER KOTAK BANK AND BALANCE PAID FROM OUR ACCOUNT TO THREE SELLERS OF RS.26,25,000/-, RS.26,50,000/- AND RS.17,50,000/-. WE INCURRED THE EXPENSES OF STAMP DUTY OF RS.3,57,000/-, RS.70,000/- AND RS.35,000/-. ALONGWITH THIS WE HAVE PAID RS.36108 TOWARDS INSURANCE.

LOAN AMOUT: 52,50,000/- AT A INTEREST RATE OF 9.6% REPAYMENT PERIOD 120MONTHS

COULD YOU PLEASE SHOW THE ENTRY FOR THE SAME.

we have given Rs. 3,00,000/- for labour charges in a single voucher how can we split it ? we have taken single voucher. can i take as advance and split it below 10k????

Hello,

Sir, How to LUT Form Submission limit & How to generate Invoice Bill With Tax or Without Tax ?and 1 time which doc requirement?

Whether ITC details of GST is required to be mentioned in Clause 27(a) of form 3CB3CD report in case of client having GST Registration with regular basis.