A company has taken a policy for gratuity of employees from LIC. Now the company had made provision in the books for gratuity as per Acturial Valuation. Please guide whether the provision would be disallowed U/s 43B?

Can Advance tax paid by Employee in personal capacity , be paid adjusted against TDS to be deducted of his by the employer , and if yes , under which column can it be shown in form 16 and kindly quote the relevant sections or case studies.

Dear Sir,

I had filed an ITR return where tax audit was applicable. But in the ITR Return the address of the assessee is wrongly mentioned. Can I file a revised return in such case. Tax audit report is the same.

Regards,
Divyesh Jain

Respected Sir,

Please let me know the basic difference between Remuneration & Salary ?

Kindly guide me on this,

Association was registered with societies registrar on 10.07.2018. First Agm has to be kept within 18 months. So, governing body has thought of keeping first agm around 15-12-2019.
One of the agenda is for approval of accounts for FY 2018-19 i.e, 10-07-2018 to 31-03-2019.

Now, the query is since its an association, how to get the auditor appointment letter. Can the association pass a resolution at their working committee meeting and appoint an auditor ?

Is there any rule that within 30 days auditor has to be appointed as is the case in pvt ltd co ?

Can anyone please help me out....

I got salary of Rs. 800000 in the year FY 2018-19 and had paid income tax on the whole amount. In the FY 2019-20 it has been informed that Rs. 70000 has been paid wrongly and therefore would be recoverable. Please explain how I can get the refund of income tax on the recovered amount of Rs. 70000 Besides claiming refund is there any other method so that the income tax paid on the amount recovered can be neutralised in the FY 2019-20.

we purchase cotton from farmers in cash for our cotton Ginning pressing factory. As per amendment in section 194N commission agent and traders operating under APMC are exempted from TDS on cash withdrawal above 1 CR . My concern is that weather cotton Ginning pressing can be considered as traders and get the exemption on cash withdrawal?

A religious trust Registered under Bombay public trust act 1950 . ITR7 or ITR 5 to be filed?
is exemption U/S 11 available? to check whether liable for Audit Gross or net Receipts to be considered?
is Sec 1394A applicable?
I am confused plz guide.

QUERY:

Assessee (Senior Citizen) had filed his ITR showing rental income below taxable limits for AY 2K172K18. In addition to this, he had agricultural income which was not shown in ITR even for rate purpose, as his rental income was below taxable limits. No books of accounts were maintained by the assessee. He was maintaining bank account also and had obtained agricultural crop loan from bank. During demonetization period, he had deposited roughly Rs.12 lakhs cash into bank to square off agricultural loan. He had deposited similar amount in cash in earlier & later years also. Sales of agricultural produce was through cash and cheque.

Notice from the A.O. was received u/s 143(2) and 142(1) and replied through e-proceeding portal. Assessment Order u/s 143(3) was issued by the A.O. and he made the addition of the entire amount of Rs. 12 lakhs u/s 69A read with section 115 BBE. He had also assumed the agricultural income of Rs. 6 lakhs on the basis of commission agent statement given to him and allowed Rs. 1.50 lakhs for expenses. He has wrongly assumed a profit of 75% on sale of agricultural products. It was clearly mentioned in the reply that most of the agricultural products are sold in cash directly to buyers, and not through commission agent, and the deposit of Rs. 12 lakhs was through that sales, and out of past savings kept with the assessee, as the Indian Agricultural Economy is mostly on cash basis.

The A.O. has computed a demand of Rs. 10 lakhs on cash deposit of Rs. 12 lakhs. He has also issued a notice u/s 274 read with section 270A for under reporting of income, and also another notice u/s 274 read with section 271AAC(1), and also covered under section 115BBE.

We are planning to file an appeal to CIT (A). He has also given an opportunity to show cause, why a penalty u/s 270A and 271AAC(1), be not imposed on the assessee.

It is hereby earnestly requested to suggest some case laws for non addition of Rs. 12 lakhs u/s 69A, and Rs. 4.50 lakhs under Agricultural Income. Also suggest a suitable reply for Show Cause Notices.

Thanks in advance.

CA Y K SATIJA / DELHI / 9818722221 / 9873777335.

Is section 9(4) is applicable to all registered dealers who brought from any unregistered dealer? or there is any notified class of persons for this purpose? Kindly mention the notification number if anyone has. Thank you