Dear Sir,

I have a query regarding 44AD r.w.t 44AB of Income tax act 1961.

query is as follows along with supporting provisions and FAQs.

PFA act of 44Ab, 44Ad and FAQs mentioned on income tax site (https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Tax+on+Presumptive+Taxation+Scheme&k=)

As mentioned in ACT under 44AB, that if assessee had opted 44AD in earlier previous year and now he is opting out from 44AD during the current previous year then he is liable to get audit of book of a/c.

but in FAQs
there is Two points mentioned,

in first point, it is mentioned that if assessee is not opting 44AD and opt normal provision of income tax then normal provision ( turnover - expeneses = income ) will apply, then assessee will require to maintain books of account. and if t/o exceeds Rs. 1 crore then audit u/s 44ab will be applicable.

In Second point, it is mentioned that a person who is eligible for 44ad declares his income at a lower rate ( at less than 8%/6%), if he does so and his income exceeds maximum amount not chargeable to tax, then he is required to maintain books of account as per 44AA and has to get his accounts audit u/s 44Ab.

Please go through and suggest me that if a partnership firm(formed in may 2017) declares 90 lakh turnover and profit at 3.33% of 3 lakh and he does not opt 44ad he opt normal provision ( turnover - expeneses = income ) and maintain books of accounts as per 44AA and file ITR 5 ( applicable to partnership firm). then, is he liable to audit?

i will be very thankful.

Dear Sir, I am filling the income tax Return -1 as salaried person, I am getting problem at the submit.

Please find the below Error
Error: since the amount is disclosed in income chargeable under the head salaries is less than 90 % of Salary reported in Tds-1

As per Form 16 Salary 696456/- Less HRA Allowance: 157440 Conveyance allowance: 19200 I am putting the salary part : 519816/- after deduction Hra & Conveyance Allowance

While filing presumptive income u/s 44 ad or 44 ada the itr-4 is asking us to fill the total balance sheet which is not logical. When the books are not being maintained how can we make balance sheet. One one side the income tax department is asking us to file on non-account case and simultaneously on other side the income tax department is asking the assessee in ITR-4 to fill the total balance sheet. It is not possible unless and until books are maintained. Please pass your comments on my views. I shall be highly obliged to u.

My friend is having commission income 10lacks plus and TDS deducted U/s 194H.(FY 2017-18)
which ITR is suitable for this commission income ?
if the ITR 3 is applicable then he eligible to claim expenditure?

may i use ITR 2 for this income?

if the commission income is less than 400000, can i use ITR 2?

Respected Sir,
I deposited a self-assessment tax when filing online ITR-1 with system generated 280 form on date 4/6/18 but until now(5/6/18) it does not reflect on 26As. Please tell me how much days it required to reflect on 26 AS.
Thanks in advance

Sir I want to know what is the tax treatment of divorce alimony received from spouse. If it is by mutual consent divorce procedure and a lady gets rs. 10,00,000 for one time maintenance for life support. If it is capital receipt than where we show in itr 2. So she get tax exemption. And enjoy the Hassel free tax benefits. Please answer me.

Sir,
today return income tax my firm ( Partnership firm), I Have declared presumptive Income.
which form selected reruns.
1) ITR- 4
2) ITR -5

Example:

Foreign income: Rs.66000
Foreign tax paid: Rs.1320
tax as per India tax rules: Rs.800
tax as DTAA: Rs.1500

It seems the tax relief amount auto calculated in Form 67 is Rs.1500. My understanding was that the relief amount should be Rs. 1320 (the smaller of foreign tax paid and tax payable as per DTAA in India).

Would appreciate some explanation.

Thanks.

Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed.

I request to provide us suggestions about how to account this in alternative way.

Thank you.

I have sold my Residential Plot in March 2018. I intend to purchase a Residential Flat in other City within 2 years and for that I am ready to invest 30 LAKHS. Net Sale Proceeds from Plot is 20 Lakhs. LTCG comes to Rs. 15 LAKHS. I have planned to invest the Amount in Capital Gain Account . I know that if I invest entire amount of my Net Sales Proceeds of 20 LAKHS in New Flat , I will get full exemption of LTCG Tax on 15 LAKHS @ 20%. I am confused whether I am required to Deposit entire Sale Proceed in Capital Gain Account OR it will be sufficient to deposit only Capital Gain amount of 15 Lakhs. I intend to deposit only 15 LAKHS and while purchasing New Flat , I will invest from my other sources. Kindly clarify.