Hai,

I heard that one of my ex-client had filed income tax return normally without tax audit. However his turnover is Rs.98 lakhs and showed profit in his profit & loss account as Rs.2,40,000/- which is within the basic exemption in the A.Y.2015-16. Here he filed his return by showing his profit as just 2.45% by dissatisfying the Sec.44 AD (profit less than 8%). So he has to audit his books accounts as per Sec. 44AB but he can't. I confused by seeing that his return was processed by the assessing officer and he received intimation letter for processing the return. Is the A.O correct in processing the return so?

Please assist me in this regard.

Whether passing of contra entry is mandatory in case of transfer of money from one bank account to another bank account or we can pass a payment voucher in place of passing contra entry?

Definition of PROFESSION is an inclusive one U/s 2(36). A makeup artist & Beautician wants to file his income tax returns under the scheme of presumptive tax under section 44AD.

Query : Whether Section 44 AD will apply or Section 44 ADA ? for an Makeup artist & beautician

The income tax return for the financial year 2015-16 (relevant assessment year 2016-17) can be filed up to 31st march 2018. Is there any penalty provision is applicable, if return is not filed before 31st march 2017.

my daughter is a teacher in Govt school. she has paid 50000 by pay order to IGNOU, a university for further education. is she entitled for any claim in Income tax. she has paid this amount from her salary account through draft.

Hi,

1.My Question is Indivdual is A/c Transfer Rs. 15 Lakh to her spouse as a gift. what is Tax liabilties in both??

Son Gifted Money through A/c Transfer. what is tax libitiles in both??

Case1
Date of invoice is 24/10/2016
Date of payment is 31/12/2016
Date of entry in books31/12/2016

Case2
Date of invoice is 24/10/2016
Invoice received on 15/11/2016
Date of payment is 31/12/2016
Date of entry in books31/12/2016

When should we deduct TDS in both cases?

Hello Sir,

I am government employee (school teacher). In year 2013 i submitted rent receipt to claim HRA. Now there was an audit in my school last week and i was told that rent agreement was not submitted. So i have to pay income tax. Can you please help me what to do?

if a person has 5 shops and from 3 shops he receives rental income and 2 shops are vaccant , does deemed to be let out provision applies to him as it is a commercial shop? can we treat it as business income instead?

As per FA 2016.

Sec 44AD: Partners Salary and Interest on Capital not deductible from 8% of turnover in case of partnership Firm.

If a firm maintain proper Books of account and after charging remuneration and Interest on capital firm profit is less than 8% of Turn Over. Total TO of the Firm is less than 2 Crores.
Whether accounts( FY 201617) to be audited ?