My client has received notice from assistant commissioner of income tax under the above act.actually he purchased property jointly and paid cash from his source which amount to 106000. Meager amount. How this happened. Is there any limit to get notice
An assessee has 2 businesses, one which qualifies for presumptive taxation U/s 44ADA and another being trading in derivatives. For AY 2019-20, Assessee has shown 90% profit on his professional receipts amounting to Rs 8 lakhs and there is derivatives loss of Rs 20 lakhs. The turnover limit for tax audit in derivatives business is not crossed, but in ITR3 due to set off available, the total income is negative to the extent of Rs 12 lakhs. The presumptive profit gets wiped off against derivative loss. Should the assessee get his accounts AUDITED. Please respond with reasons, since, turnover limits in derivative business have NOT CROSSED the Threshold limit, even the combined turnover of professional receipts and derivatives trading is below the threshold limit. The net income has turned negative only because of provisions of Set off of business income and not because of any other reason. Further does Derivative Trading business qualify for under Presumptive taxation scheme, more especially when there is no practical selling or there is no transfer of goods or services under Sale of Goods Act, 1930.
Should proprietor's whose rent is exceeding 50,000 p.m. should file 26QC retur?
Note: Rental premises is used for business as well as personal use.
If it is only for business purposes, should he file 26QC or 26Q.