assessee is practising ca having receipts of 3 crores for fy25-26.
he is of view , as i am following cash system , no need to follow icds and hence, no need to follow merchantile system.
my question -- in 3cd, is cash system allowed?
assessee's view --> so even in 3cd, no need to follow merchantile system, as he is following cash system .

my view-->cash system is not allowed in 3cd As CBDT has clarified Circular No. 10/2017, dated 23-3-2017, that the general provisions of ICDS shall apply to all persons , so , merchantile is compulsory for 3cd right. am i right? or is cash system in 3cd allowed?

An MF Distributor earns income by way of brokerage. Can he choose to compute his income as per presumptive income scheme? If not, then under which section is a business earning from brokerage or commission not made eligible to declare income under presumptive income scheme? As per section 58 of 2025ACT and Table given there under column B , it states, "Any business other than the business specified against serial number 2". It states ANY BUSINESS" which will cover all business other than specified in serial 2. So business earning brokerage or commission gets covered.
Please advise if there is any other overriding clause excluding business earning income by way of brokerage from presumptive income scheme.
Thank you

we filed society return for the AY 2025-2026 and claimed exemption u/s 11. The society have FCRA Donations. we filed audit report form 10BB instead of form 10B. we got letter from Income Tax Department u/s 143(1)(a). It says that you are not filed audit report form 10B. How to rectify this and what to do. Shall we filed form 10B Original or Revised and audit report date what should we write

FOR 51 LAKHS SALES TURNOVER FOR ETF TRADING, AS MENTIONED IN SUBJECT, TAKEN UNDER SEC44AD AT 6% PROFIT (TO SKIP BOOK KEEPING AND AUDIT ETC.) TRADING PROFIT AT 6% IS AROUND 3.06 LAKHS. SO INCLUDING THIS TOTAL INCOME STANDS AT RS.7 TO 8 LAKHS. AM I GOOD FOR ZERO TAX AS INCOME IS BELOW 12 LAKHS?
IN AIS STATEMENT RS.18+ LAKHS IS GIVEN AS SALES (IN PLACE OF 51L). CAN I USE THIS FIGURE FROM AIS? IS SEC 87 A REBATE APPLICABLE TO ME?

MY CLIENT IS RUNNING A STUDENT HOSTEL AND CHARGE FOR STAY ALON WITH FOOD HIS RECEIPTS ARE MORE THAN 1 CR PLEASE GUIDE US IS GST REGISTRATION IS MANDATORY AND THESE SERVICES ARE EXEMPT FROM GST

I have observed two contradictory opinions on eligibility to file Form 121 under new IT Act 2025.
1]Mr Ashok Kumar has written to a query that form 121 cannot be filed if the incomtax libility is NIL
2]Today Mr.Dhirajlal Rambhia has informed that to file form 121, tax liability should be zero.

Please clear the confusion if my observation is wrong

M.A.Rasheed

A Private Limited (Closely Held Company) took loan from XYZ bank. Loan is secured by mortgaged assets but even if Bank is demanding personal guarantee of Directors.

Directors and Shareholders are same.

Is personal guarantee of director is compulsory ????

As per Para 11(b) of Accounting Standard-9 on Revenue Recognition issued by ICAI, revenue should be recognised only when there is no significant uncertainty regarding its ultimate collection. In cases where the loanee has defaulted, and the loan has been referred for Revenue Recovery proceedings, the collectability of interest and penal interest becomes uncertain. However, the company has been consistently following the practice of recognising the revenue on those loan accounts which are referred to RR on the pretext that they have sufficient collateral, even when qualified by the CA. No provision has been created for the above-mentioned loan, which is again qualified by the CA. Further, the company is not registered under NBFC, even when the net owned fund exceeds Rs. 10 crore, which is again qualified by CA. Please clarify

HELLO EXPERTS, WE ARE USING TAX INVOICE FOR SALE IN ROUTINE. WE WANT TO PURCHASE FROM UNREGISTERED DEALER. CAN WE USE A SEPARATE PURCHASE INVOICE BOOK TO KEEP UPTODATE INFORMATION AND INVENTORY. OR SUGGEST ANY SUITABLE MODE FOR URD PURCHASE. OPINIONS ARE AWAITED

hiii !!! filing of form 121 under new income tax act 2025( form 15G & 15H under old regime)

case 1: my interest and dividend income in total is 5,00,000

case 2 : my rent income is 3,50,000 and interest income is 7,50,000

case 3: my salary is 7,00,000 and interest income is 3,00,000

explain form 121 under new income tax act 2025, on above three cases and explain that we have to considered basic exemption limit or final tax liability shall be nil( case covered under rebate also )