is adhaar mandatory for e-verification of IT return of financial year 2016-17? (if i use the method of otp on registered mobile no and email id)
Answer nowas per latest amendment made in section 139a every non individual entity entering into a financial transaction of 250000 or more has to obtain a pan
I am running a small business of tailoring annual revenue of 300000 it is a proprietory concern and the proprietor has a PAN then is he required to take another pan for his entity
dear expert one of my client receive notice under sec 143(1) of not considering the income under sec 194A of fdr intt and we have file the revised return considering that income but we simultaneously increased 80 c deduction by 40000/- now can we again file revised return
Answer nowOne of a contractor filled last return on AY 2016-17 and that year he has a TDS credit but same not shown in return i.e. ITR 4S. Can he claim refund now during filling ITRS for AY 2017-18
Answer nowOne of contractor only supply manpower on a commission basis. He raised monthly bill to company and company pay the same. After that contractor distribute the money to his personnel those who are working in company. Apart from that no other income generated.
Is he eligible to file ITS or ITR4
E FILING of return is mandatory for income above RS.500000
is this income after giving effect to section 80C deductions or before it
OR is it income after giving effect to deductions and basic exemption limit for an individual
Pl suggest, Depreciation Rates as per Income tax for Office Equipment
My Friend has 200 workers for his business. the workers are divided into 4 groups. each group comprises 49 members and a "head person" for that group.the head person communicates with the workers and get them to work daily, for that the head person gets some commission and the workers get wages.at the end of every month my friend transfers Rs.2lakhs(workers wages+headperson's commission) from his "Current Account" to the head person's "Savings Bank Account". the amount will become RS.24Lakhs at the end of the year.my question is "will there be any problem for "the head person" from "Income Tax Department" because he/she has "Savings bank account" ? Please give a solution for this. Thanks....
Answer now
A manufacturing organisation has to deploy daily paid worker for different
activities to maunfacture a product.
Its payment usually results in sum of Rs. 3 to 4 lacs per month.
Whether this sum can be passed though one voucher on month end.
If the company will pay such sum in cash, what implications may arise.
Please advise having regard to provisions governing payment in cash
Following is the our employee computation of income from salary .F.Y.17-18
Salary income 472608
Less -eligible (least) exemption of HRA 20700
salary Income 451908
ADD-Income from saving bank A/C Int. 2000
Total Income 453908
Less Deduction Deduction U/s 80TT 2000
Qualifying Income 451908
Deduction U/s 80c 85846
Deduction U/s 80DD 75000
Total Taxable Income 291062
Income Tax 2053
Less -Rebate U/s 87 A 2053
Income Tax payable 0
You are requested to Pl give your opinion this is correct or any correction
require.
Regards
Rajkumar Gutti
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E-verification of income tax return