Ifos

Tax planning 307 views 21 replies
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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

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On 21 July 2018 at 18:42 Report
Replies (21)
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SEO Sai Gr. Hosp.
198322 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
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ACCOUNTANT
2975 Points Joined August 2017

Thank You for suggesstions Sir...smiley

1 Reply
On 22 July 2018 at 16:53
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SEO Sai Gr. Hosp.
198322 Points Joined July 2016

Most Welcome........

 

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On 22 July 2018 at 17:01
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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?

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On 22 July 2018 at 18:36
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SEO Sai Gr. Hosp.
198322 Points Joined July 2016

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

What is his business?

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On 22 July 2018 at 19:26
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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
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On 22 July 2018 at 19:56
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SEO Sai Gr. Hosp.
198322 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...

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On 22 July 2018 at 21:13
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ACCOUNTANT
2975 Points Joined August 2017
Sir.,
Income will be show 4.54.5lakhs...
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On 22 July 2018 at 21:17
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SEO Sai Gr. Hosp.
198322 Points Joined July 2016

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

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On 22 July 2018 at 21:20
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ACCOUNTANT
2975 Points Joined August 2017
Can I file u/s 44ad in this case sir
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On 22 July 2018 at 21:20
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ACCOUNTANT
2975 Points Joined August 2017
Can I file u/s 44ad in this case sir
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On 22 July 2018 at 21:20
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SEO Sai Gr. Hosp.
198322 Points Joined July 2016

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

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On 22 July 2018 at 21:22
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ACCOUNTANT
2975 Points Joined August 2017
Sir, Can't understand sir please... Can you explain Sir?
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On 22 July 2018 at 21:22
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SEO Sai Gr. Hosp.
198322 Points Joined July 2016

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

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On 22 July 2018 at 21:24


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