my client has tds u/s 194 IA on total amount of rs 8500000 on p&m
how to file his return whether to file on presumptive basis if yes then can we declare 8% profit or we go with audit option
please reply
Menu
Whether to file audit
Replies (6)
Client has tds means client deducted this tds or client has it in his 26AS. Please clarify ur question.
client has tds in his 26 as
194IA is on immovable property. is ur question correct?
If it is in 26AS then no problem assessee can opt for presumptive basis if other conditions are met.
Your client has tds credit U/s 194IA, that means he is the seller of immovable property, right? So, in this case Capital Gain would arise.
Does your client have other business income or other sources income? If his income consists only this Capital Gain, then Sec.44AD as well as Sec.44AB doesn't attract at all. No question of presumptive taxation or tax audit arises. Just file the return declaring the capital gain details.
ok I am clear with the provision regarding 194 IA
THANK YOU ALL
THANK YOU ALL
Recent Topic
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
- GST Registration Cancelled for Non-Filing Returns
- DPDPA Compliance for CA Firms: The 10 Client-Data
Related Topics
CAclubindia
