I have a question on income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2018
Sumar Swamy is a Propreitor of M/s.Sumar Provision Stores and his only business and only source of income.
AY 2017-18 relevant to the previous year 2016-17 - Turnover was 85,58,650/- and profit was less than 6%. A CA had conducted a tax audit under section 44AB of his accounts.
During AY 2018-19 relevant to the previous year 2017-18 - A rent of Rs.2,40,000/- for his shop has been paid by him to his resident lessor. No tax has been deducted at source on such rent.
What is the amount that needs to be disallowed under section 40(a)(ia) in the course of computing his income for the AY 2018-19?
AY 2017-18 relevant to the previous year 2016-17 - Turnover was 85,58,650/- and profit was less than 6%. A CA had conducted a tax audit under section 44AB of his accounts.
During AY 2018-19 relevant to the previous year 2017-18 - A rent of Rs.2,40,000/- for his shop has been paid by him to his resident lessor. No tax has been deducted at source on such rent.
What is the amount that needs to be disallowed under section 40(a)(ia) in the course of computing his income for the AY 2018-19?
23 June 2018
TDS is not required to be deducted as it would be applicable only when the turnover of FY 2016-17 had exceeded Rs 1 crore in this case.
23 June 2018
TDS is not required to be deducted as it would be applicable only when the turnover of FY 2016-17 had exceeded Rs 1 crore in this case. No need fro disallowing any sum.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
