Ritesh
25 July 2024 at 18:31

ITR for LIC Agent

Hello Sir,
My sister is LIC Agent and having income form capital gain and Bank FD.
This year she just got Rs. 4000 LIC commission.
Can we file ITR 2 or we need to file ITR3


VIKAS KUMAR SHARMApro badge

Sir one of my client is Commercial Cylinder Gas Agency Distributor
Income can be covered US 44ad?
nature of business code?
regards


S N UNNI
25 July 2024 at 17:54

F &O LOSS AND AUDIT ETC

ONE OF MY CLIENT HAS INCURRED LOSS OF RS 2 LAKHS IN F & O TRADING AND HIS TURNOVER IS 40 LAKHS ONLY WHETHER HE IS LIABLE FOR AUDIT U/S 44 AB OF IT ACT PL .HELP.


Rohan Kumar
25 July 2024 at 16:53

Defective ITR Notice

Error Description
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

Probable Resolution
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable.


Tanishka
25 July 2024 at 16:13

Interest us 234 c

Can interest us 234c be exempted or reduced in any case in case of tax on capital gain from shares?


Emma Charlotte

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Deepak Londhe
25 July 2024 at 14:23

Allowances in Salary

As a employer I have given salary to employees by various allowances like Basic, HRA, Other allowances.

But while filling TDS return consultant has shown entire salary under sec 17(1).

So can employees bifurcate this salary into Basic and HRA separately while filling ITR ?


V

Hello

Please advise how to UPDATE new KARTA of HUF in IT Department if username, password, mobile and email is not available.


vishnu Rajput
25 July 2024 at 13:45

ITR Form Related Query

You have filed your income-tax return in form ITR-4. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194S/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94S/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-4 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-4.

My TDS is deducted under section 194I(a) and 194C .kindly guide me which will be the appropriate ITR FORM. Earlier I Have filed ITR Form-4. Apart from that I have only saving bank interest.


Raj Thakkar
25 July 2024 at 13:16

Information in TDS return

While filing tds return whether details is required to be submitted for transaction which are not subject to TDS. (e.g. TDS was not deducted u/s 194Q on purchase as the total threshold limit of Rs.50 lacs was not exceeded.)





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