Ifos

Tax planning 292 views 21 replies
User Avatar

ACCOUNTANT
2975 Points Joined August 2017

Dear Sir / Madam.,

 

One of nearest Tax Consultant is no more Now...crying. (Not CA)

Some of his clients (Near by 10) contact to me for Filing ITR AY 2018-19... I saw their previous ITR. These all are ITR-1 under IFOS. But, The income source is different from preson to persons like

- Auto Driver

- Trader

- Home Tuition (House Wife)

- Machine Shop Owner (Service and Manuf)

- Contractor...

 

My question here.,

- Is above said ITR is Correct?

- What can i do now?

- Clients can't understand my replies?

- Any problem in Future?

 

Thanks in Advance

0 Reply Share Follow
On 21 July 2018 at 18:42 Report
Replies (21)
User Avatar

SEO Sai Gr. Hosp.
196676 Points Joined July 2016

1. May not be.. how does it matter now?

2. Why you should do anything now?

3. If returns are processed, noone will accept any suggestions....

4. In 90% of such cases no problem........ & at least not over new consultant !!!

1 Reply
On 21 July 2018 at 21:01
User Avatar

ACCOUNTANT
2975 Points Joined August 2017

Thank You for suggesstions Sir...smiley

1 Reply
On 22 July 2018 at 16:53
User Avatar

SEO Sai Gr. Hosp.
196676 Points Joined July 2016

Most Welcome........

 

Reply
On 22 July 2018 at 17:01
User Avatar

ACCOUNTANT
2975 Points Joined August 2017

Sir.,

One Doubt... A Assessee file His ITR as ITR 4S (AY 15-16), ITR 4 (16-17) & ITR 3 (17-18)...

Now I'll go to file ITR 4 or ITR 3 (WBA). Bcoz, His accounts not satisfied but smal dealer T/O Rs. 18Lakhs. Most of the Purchases above 10k and Cash payments. Most of Cash receipts can't identified...

If I ll file as above then Tax audit applicable or not?

Reply
On 22 July 2018 at 18:36
User Avatar

SEO Sai Gr. Hosp.
196676 Points Joined July 2016

What is WBA full form (with or without business accounts)......

What is his business?

Reply
On 22 July 2018 at 19:26
User Avatar

ACCOUNTANT
2975 Points Joined August 2017
Sorry Sir...

His business is carpenter and sales and service. Last two AY file with books of accounts u/s 44aa and profit above 15%... this year his accounts as per above conditions. So, ill go to file this AY...

Which way i choose and its applicability?
Can i file ITR 4 u/s 44ad...?
or
Can I file ITR 3 without books of accounts...

please reply sir... Im confused may be if opt the way the its fall under Audit
Reply
On 22 July 2018 at 19:56
User Avatar

SEO Sai Gr. Hosp.
196676 Points Joined July 2016

File ITR3.....

Turnover 18 lakhs ......OK

But if profits exceed 2.50 lakhs, books required to be maintained... but if below 2.50 lakhs no need to maintain books as per sec. 44AA...

Reply
On 22 July 2018 at 21:13
User Avatar

ACCOUNTANT
2975 Points Joined August 2017
Sir.,
Income will be show 4.54.5lakhs...
Reply
On 22 July 2018 at 21:17
User Avatar

SEO Sai Gr. Hosp.
196676 Points Joined July 2016

Better fill some available business details in P&L acc, & BS....... as books required to be maintained ...

Reply
On 22 July 2018 at 21:20
User Avatar

ACCOUNTANT
2975 Points Joined August 2017
Can I file u/s 44ad in this case sir
Reply
On 22 July 2018 at 21:20
User Avatar

ACCOUNTANT
2975 Points Joined August 2017
Can I file u/s 44ad in this case sir
Reply
On 22 July 2018 at 21:20
User Avatar

SEO Sai Gr. Hosp.
196676 Points Joined July 2016

Carpentary is profession and as such defective notice expected if assessed u/s. 44AD.....

Reply
On 22 July 2018 at 21:22
User Avatar

ACCOUNTANT
2975 Points Joined August 2017
Sir, Can't understand sir please... Can you explain Sir?
Reply
On 22 July 2018 at 21:22
User Avatar

SEO Sai Gr. Hosp.
196676 Points Joined July 2016

As per rules, section 44AD not applicable over it.. Select normal assessment.

Reply
On 22 July 2018 at 21:24


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading