Dear Sir,
I am having 2 types of Income i.e. Contract Income of Rs. 15 lacs on which TDS is deducted @ 1% and Professional Income of Rs. 3 lacs which I receive for providing various taxation and other consultancy services. On this professional income no tds gets deducted but I have to show in Balance sheet as my income.
I wanted to know will there be any query raised by Income tax department in future if I show 2 types of Income in my file and whether it is now right if I file the return U/s. 44AD as I used to do it previously when I was having only Contract income.
My total turnover doesn't exceed Rs. 20 lacs in the entire financial year.
Please suggest me in this matter as I have to still file my return for F.Y. 2019-20.
Regards,
Divyesh Jain
i am filled ITR F Y 2017-18 and 2018-19 form ITR 3 but i want now i fill ITR form 4 any problem if i am filled ITR form 4 FY 2019-20 . if i fill ITR 4 now income tax department send me notice ? please help me about my above problem.
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Regards
G.Srinivasan
Hi Please tell anybody this doubt
My client was filed income tax return u/s 44AD for AY 2018-2019 & AY 2019-2020.
Now for AY 2020-2021 I want to file regular return without tax audit (i.e. not u/s 44ad) and i will show the profit more than 44ad calculation (i.e. more than 6% for other than cash sales and more than 8% for cash sales ) now i am declared the profit according to sec 44ad(1) in regular return.
is this eligible? correct or not?
I opt from 44ad before 5th year but i show the profit according to sec44ad(1) in the present year.
Please answer to this...
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Answer nowDear sir,
Can we expect tax audit due date extension
Thanks
Nikhil
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
Having 2 types of Income in a single PAN