DEAR SIR,

ONE OF MY CLIENT SELL SHARES SOME OF LONG TERM IT IS TAXABLE OR EXEMPT

REGARDS

This is commision on sale with with credit card ..So can I show it under 44ad as presumptive business income ..My friend uses his credit card for commission sale and in AIS it was showing credit card payment of 14 lakhs .. mostly done for credit card sale .So is that sufficient to file 44ad with showing profit of 12 percentage.

Hi I am a film artist and tds deducted under 194c ..can I file itr 4 and furnish under 44 ada or 44ad which is appropriate please answer

Hi ,

I provide freelance medical writing services to agency. They deducted my TDS under 194 JB and 194C. I filed my ITR 1 and CPC sent me message that defective filing (below is the message). Kindly guide me which ITR it will be applicable

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
Probable Resolution
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable.

Thanks and Regards
Rajesh

Dear Sir
For NRI , we are filing Income Tax through ITR 2 ,

We have details of interest earned from NRO Account , which is reflected in 26AS Traces .

Do we also need to show the Interest Earned through NRE Account , if Yes then under which section it should be shown

Seek Guidance

Thanks

Sir
If updated return becomesinvalid then department should consider last valid return which was revised return in my case. What if department is saying that they will consider only latest return which was updated return which went invalid. I do not want to file another updated return. They are treating as no return filed for that assessment year. What can I do now

Dear Sir,

Received HRA Rs.600000/- PA in Hyderabad city

but paid actual rent Rs. 25000 for self living and 9000/- rent paid for his parents, what is exemption to be take in this scenario.

Please confirm

Dear Sir,

Today I filed my IT return successfully. But I received message for the department that my IT return is defective u/s 139 (9) of IT act. I filed IT return by choosing ITR1 Form. Please note I have income from under Sec 194S Rs.2550.98/- and from under Sec 194A Rs.274/-

Following is the message received from the department. You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
You are being provided with an opportunity to make necessary corrections and file a return of income in the appropriate form so that income and taxes may be determined correctly in accordance with the Income-tax Act, 1961 duly disclosing the complete gross receipts/income reflecting in your form 26AS under the relevant schedules of the ITR. Please note that as per Rule 37BA of the Income-tax Rules, credit of TDS is allowable to the person in whose hands the income is assessable and in the year (AY) in which such income is assessable. Please note that if the defect is not addressed with-in the time allowed, your return of income will be treated as invalid.
Now I request you to guide me how to rectify my. IT return.
Thanks & Regards

A newly joined partner of the firm used to file ITR under 44AD for his proprietary business, which is no longer operating. Now, he has income (remuneration and interest) under BP only from firm. Can he file ITR 3 under share of income from firm only, or he has to file under presumptive basis if he wants to avoid audit.

I have mistakenly filed updated return with same income as revised return with payment of tax of Rs 5000 under 140B. Also I forgot to add Self assessment tax of Rs 1890 although additional income tax liability is there in updated return Is there chance of updated return becoming invalid or defective in processing