Dear Experts,

In ITR 4 , filling financial position schedule is compulsory.

However only S. Crs, S drs , Inventories and Cash balance is mandatory. So if only these are filled and assets and liabilities do not match , then will it be ok? Will this be considered defective return?

Please advice

Regards,

MY CLIENT IS WORKING IN MERCHANT SHIPPING FOR FOREIGN SHIPPING COMPANY OF FOREIGN COMPANY. HE LIVES IN INDIA BUT JUST JUST GO ON JOB WHEN COMPANY ASK FOR. HE RECEIVED SHIPPING SALARY+ BANK INTEREST IN NRE AC IN INDIAN BANK. HE ALSO HAVE OTHER INCOME LIKE NRO SAVING AC INTEREST & NORMAL SAVING BANK INTEREST & ALSO SOME EQUITY TRADING INCOME. HE WAS IN INDIA FOR 163 IN FY 23-24 & 703 DAYS FROM FY-20-21 TILL FY 23-24. HE DIDNT STAY IN ANY OTHER COUNTRY THAN INDIA OTHER THAN NORMAL SHIPPING JOB PURPOSE. NO ANY TAX IS DEDUCTED BY SHIPPING COMPANY FROM HIS SALARY. WHAT IS HIS RESIDENTIAL STATUS FOR ITR? ALSO WHAT TAX JURISDICTION AND TIN NUMBER NEEDS TO BE MENTIONED IN ITR? IS HIS SALARY & OTHER MENTIONED INCOME IS TAXABLE IN INDIA?

Kindly advise,

We, a partnership firm, whether are required to deduct TDS on air freight charges paid to the clearing agent along with AIR DO, endorsement charges etc. separately shown in the single bill ?

I have received demand from income tax department due to one challan as overbooked.
There were total three challans in the return. Out of which two are matched and consumed and one is mentioned as overbooked. However I have entered all the details of the challan correctly. Can someone please guide how to deal with this demand

An individual & his spouse purchased a flat in joint names while they were employed and were resident in India. Thereafter they both went abroad and become subsequently NRIs. But flat in India is still lying closed and is not rented out and is in self possession only and they are not earning any rent etc as it is not let out . There is no loan and no interest liability . Hence following queries:-

1. Are they still required to fill schedule of " Income from House property " in their respective ITRs when income of house property is NIL. OR they are really not required to fill schedule at all , as there is only one property and is in self possession only. ?

2 Are both of them required to show same flat in their individual returns ( as there is only one flat ). as the flat is in their joint names as " co-owners " ,??

3. Is it compulsory to fill schedule of " Income of house property " even if there is one property and that too in self possession and with "NIL" income therefrom.???

4 Will there be any issue foreseen when they will sell this flat some time in future but are not filling schedule of " Income from House Property" of present years when they are still owners.????

Pls guide on above four points assuming that there is no loan interest to be paid .

As per Sec 44AB, limit of 1 crore has increased to 10 crores if cash receipts/ payments do not exceed 5% of turnover. Does this apply to a Partnership Firm ?
Suppose a partnership firm is having a turnover of 5 crores and cash receipts/ payments are below 5% of turnover. Thus, this partnership firm will not be liable to Tax Audit for AY 24-25, correct ?

How to best handle after receiving 143(2) in case of excess deductions claimed to avoid penalty. Please let me know. Thanks.

Do I need to submit an affidavit accepting the error..

My proprietorship firm doesn't exceed 10 cr annual turnover and my cash transactions are under 5%. Do I need to hire a CA or can I file my own income tax returns?

I shown full amount of LTCG in fy2012-13,though I received rs.10 lac less due to some condition in the agreement. But A.O. asked to declare full amount and deposited in NHAI for 3 years then. those ten lacs I am due to receive now .should it be redeclared ? if yes how? what about tax on it.?

Sir,

A so called gst officer wrongly seized a truck in bihar border. Silly reason given for seized ,1.) no way bill number mention in invoice,2.) party order copy required,how can i give as i received order by phone.3) No signature in eway bill.
Give 25k Rupees or come to court to realised the truck .
How to deal this situation.