Respected Experts,

Can we prepare P&L, BS for Filing IT U/s 44AD of Income Tax Act 1961.

Im aware that there is no provisions for expenses and Depreciation in ITR4

Still drafting a P&L & BS is necessary?

I saw many of the CA's and Tax Consultants, are just providing Computation sheet for 44AD

Whereas it is not acceptable in the Banker's end - while the client submitting documents for Loan purpose, and the Banker asking to provide BS& PL.

Kindly advise

Mr A and Mrs are husband and wife.
Mr A gifted shares to Mrs A worth Rs 50,000 in 2010-11
Expecting the shares to be sold in current financial year, Mr A and Mrs purchased a house property (joint ownership between Mr A and Mrs A) for Rs 5 Lakhs in March 2022. Mr A provided Rs 2 Lakhs From his personal funds and Rs 3 Lakhs through joint home loan.
Mrs A sold the shares in June 2022 for Rs 5 Lakhs which is also the long-term capital gain for her. The sale consideration from shares was credited in her account and the home loan was disposed off.
Income from sale of shares is to be shown in the ITR of Mr A after application of clubbing provisions of section 64(1)(iv)
Mr A and Mrs A want to opt for co-ownership in proportion to their investment and also claim 54F for both Mr A (transferor) and Mrs A (transferee) investment. i.e., Mr A wants to claim exemption under section 54 F for investment done by both Mr A and Mrs A, in purchase of joint property, (Mr A provided Rs 2 Lakhs from his personal funds and Rs 3 Lakhs through joint home loan which was disposed from sale consideration of shares), the money was credited in bank account of Mrs A and loan was disposed through check.
Query - Whether or not eligibility claim of Section 54 F will be accepted by the Income Tax department regarding joint investment / joint ownership of residential house with both Mr A (transferor) and Mrs A (transferee) eligible to claim section 54F on sale of shares.
Please support with relevant case laws, if any.

Kindly guide whether gstr 10 filing mandatory if turnover less than 20 lakh in 2019 and 2020 .we have filed return with nil value in 2019 and 2020 surrender the number in 2020 and cancellation duly approved by proper officer but when i am check final return the late fees is coming with Rs 1000/-under amnesty scheme filed before 30.06.2023.kindly guide gstr 10 is applicable in our case or not.

We sold goods by issue of eway bill below purchase rate by mistake. How will we rectify the rate difference as goods already dispatched by eway bill! Pl clarify the process?

I used to have sole proprietorship business in my name till FY 2016-17 which i transferred in the name of my wife( she files ITR 4) in FY 2017-18 but the person who used to file my return continues to file ITR 4 though i have only salary and dividend income....,now i want to rectify it ..,,can i directly file ITR 1 in AY 2023-24. Will i receive any kind of notice for that..,,my income shown below 4.5 lakhs ..PLZ HELP ME

Sir
Every year bank deducted TDS , even after submission of form 15H . If it is complained to the Branch Manager , his straight reply " File IT return , you will get refund ". Where Can I complain for wrong deduction of TDS ? Every year I have to pay Rs. 500 /- for submission of IT Return.
With regards ,
Sudhir Saha

Can a Tax Consultant calls himself as Auditor or Internal Auditor?

But definitely i know they should not call them as ' CA".

If in case if they can call themselves as an Auditor or Internal Auditor?

Provided that, he has deep knowledge in Income Tax and GST and all other Laws

Hi,

I am planning on opening an online marketplace where I would have foreign sellers from china list their products for Indian customers on my platform to purchase.


As a platform I would be charging a comission on each sale through my online marketplace.


Do I have to charge 18% tax on my comission or on the selling price as well?



also, as my business grows i plan to open a shop where in I will provide an option to chinese sellers to keep their product on the shevles of my shop for people to come look at and purchase. In this case, will I charge GST on comission of sale or on selling price? As I would only pay them out once its sold.

who is the best tandoor manufacturer in India (bajrangitandoor.co.in)

Hi Sir / Madam,

Please assist with the GST applicability for the case below.
We provide Industrial Testing Services to a company registered in Maharashtra.
The service provider is registered in Tamil Nadu
The place of service is Tamil Nadu.
The product Tested is a huge tank installed in Tamil Nadu.
Please let me know which GST is applicable
IGST or SGST + CGST

1- the contracting company has a fixed location in Maharashtra and is working on a project site in Tamil Nadu.
2-This project will be over in 60 days and the contracting company people will move from TN
3- Contract company people are working inside client's premises