Hi,

So our partnership deed has 2 dates.
One on which we mentioned when we made the deed.
Other is the date of franking.

Bank is not allowing it as they want a single date on the deed.
The PAN card has the date of when we made the deed.

So we are stuck as to what can we do about it to open a bank account.
Is it a very big problem?

Hi,

Section 44AD(4) prescribes as" where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1)."

Hence the Query: ----the words declares profit u/s 44AD(1) for ANY previous year - this means any previous year even before this ammendment or after this ammendment..?

for instance, if prior to FY 18-19, an assessee has been declaring profit u/s 44AD(1) for last 6 financial years i.e. FY 11-12 to FY 17-18...now if in FY 18-19 he opts out of Sec 44AD(1),

in this case..can he not opt to re-enter 44AD(1) from FY 19-20, since he declares profit u/s 44AD(1) AND has also been declaring profit u/s 44AD(1) for more than 5 consecutive financial years subsequent to such previous year..FY 11-12...then he should be allowed to re-enter 44AD in FY 19-20 even if he opts out of sec 44AD(1) in FY 18-19...

although from FY 19-20 onwards the condition to declare the profit u/s 44AD(1) for 5 consecutive financial years succeeding that FY 19-20 would become applicable to him again

So, the query - from which year onwards Sec 44AD (4) mandates to check continous declaration of Profit u/s 44AD(1) --ANY year which may even be prior to FY 17-18 or w.e.f. FY 17-18 onwards only...

Awaiting expert opnions with supported reasonings..Thanks

Sir,

One of my friend, who has GST registration, failed to submit his monthly returns for more than 6 months and hence, his GST registration has been cancelled by the GST authorities.. As his annual turnover is well below the Threshold limit, he is not interested in reviving his GST RC. As such, is it compulsory for him to file the Form 10 ? What should he do to completely get himself out of GST without any future issues. Pls. advice.

Dear,
We received a notice u/s 143(2) dated 28-09-2019 and asked to reply within 15 days of receipt of Notice. It means on or before 13-10-19 we had to reply. Can we request for adjournment of case in E-proceeding. What is the procedure to adjourn the case for 10-15 days.

Dear Expert,
A company has filed the application for renewal of recognition of in house R&D. Along with the same, the company submitted manually part b and c of form 3 CK. The company CV received the renewal of recognition in April 2018 only. The company filed online application for approval in sept 2019.

Can company claim deduction u/s 35(2ab) for FY 2018-19?

Sir/Madam
I have sold a property on 10/10/2016 and deposited Rs. 40 lac in Capital Gains Account Scheme. However I could not constructed a building during these three years. Now my question is how much interest should I pay for this as I want to deposit this capital gain tax now.

Do a society registered under the West Bengal Societies Registration Act, 1961 is required to be renewed?
If yes, please provide details procedure. The certificate issued after registration donat have any expiry date .

Dear sir/madam

I m currently working with one famous cooperative society at mumbai , there are total three staff in society office on a contract basis, after deducting 1% TDS we get salary, now my question is can society give us bonus or not?????
Kindly rply as soon as possible
Also send section under the bye law of MCS Act

Sir

In FY 2017-2018 i have taken excess sales figure in GST 3b.
So in 2018-2019 i have reduce that amount in 3B.
But in GSTR 1 i have shown original sales of 2018-19. now in FY 2018-19 diffence sales figure shown in 3b and GSTR 1.
Now i am confuse which sales figure i have to take in IT files. Whether 3B or GSTR 1.
Please advice.

Dear Sir,

I have prepared my books of accounts showing taxable sales which excludes GST tax. But in my 26AS the Amount paid is calculated by taking into account the GST tax. This has resulted in excess Sales showing in my 26AS. I have paid all the GST which was applicable.

I want to know what is the definition given by Income tax with regard to GST tax, whether to include or exclude in Turnover of Sales.

I need to reply to Income tax notice regarding the above issue so if you can provide me the relevant section to support my answer.

Regards,
Divyesh Jain