A Educational trust registered u/s 12A has gross fee receipts of RS 50 lakhs. Its net income as per Income and Expenditure is 10 lakhs.

My question is 85% utilisation has to be calcualted on 50 lakhs( gross receipts) or Rs 10 lakhs ( net income). Section says net income?

Please guide

Hello Freinds...

i have dought on....

where i have bussiness income of Rs. 90 lakh . and my net profit is 4 lakh. whether i require to get tax audit ( as im showing less than 8% where as. Im not opting 44AD)

in short..!!

in case im not opting for 44AD and my income is Less than 8% and profit is more than basic exemption limit
do i required to get Tax audit....
or im exempt from tax audit as turnover is less than 1 crore and im not opting for 44AD

One of my client failed to file his return of income on or before 31 march 2018 for the asst year 2017 - 18.Now he wants to file his return by paying taxes due for the above assessment year.
My queries;
1.can he file his return of income ?
and
2. whether CPC accepts online filing of his return for the asst yr 2017-18 ?

kindly advise.

Dear Sir,

If a senior citizen having only interest income from which TDS has been deducted, has died in FY2017-18, can his return be filed and TDS refund be claimed ? If yes, who should file the return ?

How will the Income slabs apply in case of a person expired in the middle of a financial year ? Will he be entitled to get benefit of full exemption limit upto Rs 3 Lakhs (senior citizen) ?

How is taxability of Interest on fixed deposits received after death of a person, decided ? If TDS is deducted from this interest, can its refund be claimed ? Who can claim this refund ?

Thanks

TCB

MY friend having salary income (only salary no other income).
In form 16 Part B the details given like exempt Allowances and Tax on employment.
Tax employment column is there in the ITR 1 but Exempt allowances column not there. so where can i mention exempt allowances and can i take salary excluding allowances for reporting in ITR1 or can use ITR2 for reporting full details because the dept issued adjustment notice if the amount mention in ITR 1 is not tally with 26AS. please suggest me sir?

I am non resident residing in California.My income tax refund for many years is not credited.Income tax department has asked me to submit the indemnity bond.

May you please provide the format of indemnity bond for non resident and please tell whether I have to submit different indemnity bond for different assessment years.

Sir,

Under previous regime of Indirect Taxation, we have maintained two store one for trading and another for manufacturing because we import the material and want to take credit of CVD and SCVD paid on such import. we have manufacturing licence.
Now, We want to mix the both store in one Store for sake of better utilization of Space, whether we can do so in GST regime.
Please provide guidance and mention logic or section under under which its allowed.

Dear Sir/Madam,

One person wants to take GST registration on voluntary basis. He has own place of business not rented or lease. But his electicity bill is in the of his father's and his father is dead, but connection name not changed till now, he wants to continue with his father name. Now how he will give consent letter for registration. Please guide anyone.

Xis a retired person and has following incomes for the financial year 2017-18

PENSION Rs. 20,000/- only

PROFESSIONAL INCOME FROM ACCOUNTANCY PROFESSION - Rs. 4 Lakh

LONG TERM CAPITAL GAIN - - Rs. 15 Lakh


As due to long term capital gain, X cannot file Form ITR 4 Sugam, for his Income of Rs. 4 lakh on presumptive basis, what he should do to show his income of Rs. 4 lakh on presumptive basis.

While filing my ITR I found that interest as per 26AS and bank interest certificate is not matching. What could be the possible reasons. Bank manager is not interested to help and does not understand much about this issue saying your CA will do. What shall i do? Whether i should show interest credited as per 26 AS in my return or as per bank interest certificate in my return. Interest as per interst certificate exceeds 4000 compared to 26 AS.