Remuneration from partnership firm is taxable under the head "Income from Business or Profession". However section 44(AA) states a specific list of professionals or others earning more than Rs. 1,50,000/- or having a turnover more than Rs. 25,00,000/- should maintain books of accounts.

The said partner files his income tax return through ITR-3 showing the remuneration as income from business or profession. On the other hand he does not input any amount in P&L or Balance Sheet of the ITR stating he is not eligible to maintain any books of accounts as the amount the remuneration he earned through his firm is a fixed monthly income (after matching the criteria of section 40b) and not any personal profit based on the turnover of his firm.

Although, the partner gets a defective return notice stating that he has selected ITR-3 but has filed the same without updating any amount in his P&L and Balance Sheet.

Questions :-

1) Is the IT department correct in their stance ?

2) Can the remuneration be taxed under the head of "Income from Other Sources" from ITR-2 instead of "Profits & Gains from Business or
Profession (PGBP)" through ITR-3 to avoid the nil upload of P&L and Balance sheet ?

3) Is the partner eligible to take a deduction from his remuneration of expenses incurred during the year for the business since he is filing a
return under PGBP. If yes, can he still file the same without entering any amount in his P&L and Balance Sheet ?

4) Can he directly opt section 44 AD/ADA under presumptive scheme to stay away from the issues of Section 44AA ?

Sir,

We are Manufacturing Industry , Supply Material to Customer, as well as supply the services also i.e. Transportation.

it is fall under composite supply & tax rate will be apply at higher rate of supply.

We supply the material through own transporation.

My question is where we shown composite supply in GST Return.

I have fled ITR-3 of one of my client for F.Y 2017-18.ITR was processed and refund is also initiated but the problem is that the 1st bank account which was mentioned in ITR was closed. What should we do?
For your information 2nd alternate bank account is active but as 1st bank account is closed, it there any impact on refund procedure/delay of refund?

Hoping to get this best answered!!

Background:
We are in the process of getting our ancestral property which consists of land and building, promoted by 4 legal heirs.
We have approached a promoter who has offered to construct 6 flats in total , of which the promoter retains 2 and delivers the remaining 4 flats to the 4 legal heirs. Now the promoters pays a upfront cash component and rent for the period of construction.
Also understand that If one of the legal heirs delivers the right of his property , the property can be marketed by the promoter himself, so the promoter would market 3 flats instead of 2 in the above case.
We also have a licensed surveyor valuation certificate for the land and building as of 2001, for indexation purpose.

My Question is
..How is capital gains calculated in the following 3 scenarios if the legal heir decides to sell

1 Through the promoter-.( Promoter markets the legal heirs flat )
2 When the Legal heir decides to sell by himself, before completion certificate is obtained.
3 When the Legal heir decides to sell by himself ,immediately after the completion certificate is obtained and the flat is delivered.( Does this attract short term capital gains tax?)

Thanks

For AY 2016-17, I have made a profit of Rs.2,00,000/- and suffered a loss of Rs.4,00,000/-, in all net loss of Rs.2,00,000/ on intra day share trading. I have filed before the AO, unaudited P&L Statement issued by my Broker .
AO is saying that he will impose tax on the profit component of Rs.2,00,000/- and will not recognise the loss of Rs.4,00,000/-. Is this correct? Can he selectively take only the profit portion and ignore the loss portion in the same P&L Statement?

Expert opinion is solicited.

My client is intending to purchase a vacant land from his blood relative for Rs.80,00,000/-. He is paying through online transfer.

For this TDS is 1% i.e., 80,000/- has to be deducted and will be paid to income tax department.

My Query was -

1. May the seller can adjust this TDS amount of Rs.80,000/- towards Long term capital gain tax for the assessment year 2019 - 2020.

2. Which amount should be mentioned in the sale deed either Rs.80,00,000/- or Rs.79,20,000/- kindly clarify it.

3. Otherwise, May I mention Rs.80,00,000/- as sale consideration and give details about Rs.80,000/- as Rs.80,000/- has been deducted as TDS in the sale deed.

Kindly clarify

Property is held in name of karta. But shown in IT file of HUF as it is ancestral property. So when this property is sold in whose name cheque should be taken. personal name or full huf name. And in whose file should it be taxed?

Sir, Trust has registered u/s 12AA but the due date for claiming the exemption u/s 11 is not available because the has not yet filed and so it has claimed exemption u/s 10(23c)(iiiad) as it is education institution as its main objects can it file so?? and While filling, do we require approval number. Please do solve as early as possible.

If an individual gets its account audited under section 44abIn year 16-17 and till now he didn’t file his itr pertaining to year 17-18 will he is under obligation for audit in 17 -18 also if no then will in 17-18 he can opt for presumptive basis as for preceding the year 16-17 for successive two years he opted for presumptive basis ?

I had purchased a LED on EMI of 9 months on my credit card(zero interest and zero processing charges). The bank is charging me gst on interest part of the EMI. I have read that gst is not applicable on interest. Kindly clarify