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.

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.

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

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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 ?

Hello

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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.

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.)

SIR
IF WE GOT THE AMOUNT OF RS 11 LAKH AS A FORM OF EX -GRATIA FROM EMPLOYER AT THE TIME OF RETIREMENT,
IS EX GRATIA INCOME IS TAXABLE OR NOT IN INCOME TAX ACT.

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