Sir,
I am a partner in a partnershipfirm. The firm is getting rental income and interest on Fixed deposits kept in the name of the firm.The firm is not having any business income. I have been filing returns through ITR5 in all the previous years declaring the income through rent and interest on fixed deposits. This year( A.Y.2022-23), I have not been able to file the returns through ITR5 because of one issue: the ITR is asking me fill details in Balance sheet and profit and loss a/c in ITR5 form. This issue was not there in the ITR5 of the previous year/s. In the ITR5 of the previous year, there was no need to fill any details in Balance sheet and Profit and loss a/c and I was able to file the ITR5. This year, there is this issue. Kindly advise.
Thanks and Regards
Dear Sir/Mam
let assume as case where I have 18 lac turnover in my regular business shown Income of Rs. 4.22 lacs under sec 44AD and also has Non speculative income under F& O turnover 18 lacs has loss of Rs. 19K Plus Speculative business Income of Rs. 5K now my question is
1)
Can I show my regular business income of Rs. 4.22 lacs and non speculative loss of Rs. 19K under 44AD and speculative income under normal Business Income.
2) If yes whether I have to bifurcate income of normal and non speculative business under 44AD
3) If yes to 2 point than Can i show Non speculative income below 8 % as while combined Income under 44AD not goes below to 8 Percent as per Act.
Kindly reply.
Dear experts,
Is there any probability of extension of due date for return filing Deadline ( 31 July ) ?
Looking on portal very few returns are filed this time.
Filing of returns were made available ( except 1 & 3 ) from May end.
Thanks in advance.
Hi team,
Section 194 R is applicable from 1st July.
My Question given in below points.
My company is giving Gold coins & other items as Business promotion certain people
If I don't have the details of the ultimate person who is getting the item, how i can comply with 194R, even if I am okay to bear the TDS cost of these items provided.
Hello sir,
Our Business turnover is up to 1.20 crore and cash receipt & payment is less than 5%
Does Income Tax Audit 44AB applicable to us.
SIR,
one of the it returns non fileing person buying and selling for gold jewellery ,coins bars,biscuits some transactions in f.y. 21-22.
Question:
1.Assessee it returns filed compulsory
2.Buying and selling transactions capital gains tax applicable.
While calculating the threshold limit of borrowings by a company, the temporary loans are excluded. My query is whether Trade credit, Stand by letter of credit, Overdraft and bank guarantees forms part of the term Temporary loans?
TDS not claimed in the return of income for the AY 2021-22.Wanted rectification U/s 154 of the IT act but not by allow to submit rectification data.What is the proceedure to claim refund.
GST annual audit
what is difference between 9A and 9C.
Working as a Consultant for Foreign Company and Salary credited to my account.
Do i need to pay tax?
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
Issue in ITR5 for A.Y.2022-23