My client has started Travel agency business in the name of his mother and did all his transactions through current account. Payments received from the customers directly through UPI in this account and bookings (airticket booking both domestic and international) are also done from this account. How do i compute the taxable income of such business since i have only the bank transactions details. I need to make a file under Income Tax. I cannot opt for section 44AD since its an agency business. Shall i take registration under GST or else i will make the file as an individual and compute the taxable income . Please guide.

gst council withdraws exemption on room rent below Rs. 1000.From 18th jul 22 room rent upto 7500 per day will tax at 12%. i does nt find any cbic notification for that. whether CBIC has issued notification or not ???

Items 1-5 is to be filled if Yes is selected in field Are you liable to maintain accounts as per Sec 44AA? in General Schedule- Audit Information Item 6 is to be filled if "No" is selected.

please guide on the hierarchy structure of Chairman, MD and CEO in a Company. Who is more powerful and what are their duties and powers?

Hi All

How is the taxability on withdrawal of PF from RPF A/c.?
Pls explain in detail.

Thanks in advance.

I HV MISSED TO FILE ITR FOR FY 2020-21. CAN I FILE IT NOW. IS THERE ANY PENALTY OR FINE IS THERE.

PL GUIDE

I am computing income from house property. I am just confused regarding Municipal Taxes.

I have paid property tax and solid waste management tax to Municipality (Composite amt) and have also paid Urban Land Tax and Water Tax to Municipality for FY 21-22.

Can anyone let me know what tax to be considered while calculating Net Annual Value?

My client transferred money to his wife's bank account & some of his debtors also directly transfer the payment of his supply to his wife's bank account. His wife invested money in MF from the same bank account. My client filed ITR 4. Are all receipts from their wife's bank account clubbed with his business income? If yes then where does he show this clubbed income in ITR 4 by mentioning his wife's name, PAN, Adhaar no. etc. ? or does he naturally add this income with his income in ITR 4 without mentioning the name of his wife?

DEAR SIR

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My client is a works contractor, who naturally filled ITR 4 as his gross turnover is bellow INR 2 Core., But during FY 2021-22 is gross turnover exceed to INR 3 Crose, Is tax audit u/s 44AB applicable? his payment in the mode of cash is more than 5% of his total payment .