I filled wrong information in ITR1. I filled income under the head Income from Salary / Pension in place of Income from Other Sources. Now I got notice under 143(10(a)(iv) that income as per form 26AS which has not included in computing the total in the return. What should I do ? I can revise the return and change head of income ?

Dear Sir,

The investor is an NRI. There are multiple investment in the same MF in one scheme. The investments in MF have been redeemed within a year. There is gain on only one transaction and loss on other transactions at the time redemption (All units or entire investment amount). If we see overall there is a loss to the investor. But transaction level, there is short term capital gain for one transaction.

We have taxed @30% (Short Term Capital Gain Tax) on transaction where there is a gain.

The query is do we need to consider overall loss or gain / transaction level gain or loss

Thanks & Regards

Suresh
#9100497900

Dears, My query is with respect to deduction of tds on purcahse of property. Purchase of a house from joint owners.(Husband & Wife). One of coowner requires full consideration for sale in his account only and he will provide his wife consent in writing. My query is whether to deduct tds on name of owner who is reciving full consideration? Or deduct tds equally on both owners name. Full consideration for sale is going to receive by one co-owner only. Thanks in advance.

As per Our return under ITR-3 , following data for example given :
Gross receipt Under 44AD ( business ) ----------1166945 /-
A income under Labour Charges Being ( manufacturer of Fans/ coolers ) Rs 56850 /-
Actual profit ----------------------Rs 350084 /-
Since declaring 8% under 44AD --------93356/-
Higher of Assessable profit ----------- 350084 /-
TOTAL Business & profession -----3500084 + 56850 =. 406934 /-
The. Net profit shown in filing return Ay 2017 -18 as ------ 406934 /-
The gross receipt , expens & net profit shown as filled under Specfic column in Itr " part( B ). "NO BOOKS of accounts are being MAINTAINED " Even then our return is being shown as Defective 139(9) . Stating Error code 180 & also another wording stating separately as under :-
"Total revenue from "operations & Gross receipts " in P&l should be greater than or equal to sum of u/s 44AD in schedule BP 0f detailed ItR -3 Form , which we kept in view . Still kindly Guide how to proceed with Authority or refilling return w/o changing figures to keep our return Valid .

I have filled in online ITR for the assessment year 2016-17 but while submitting a message is reflecting you are filing after due date and ITR is not submitting. What is the reason kindly advise me so I can file ITR before 31/03/2018

Is it necessary to submit the pending returns or compliance part of 2 or 3 years before going for strike off for a company.

As the company is no more in function from past 2 years and nor it has filed any annual return or financial statements with ROC.
Do company need to opt the CODS scheme to file its pending returns to go for strike off?

or Cant we directly go for striking off without completion of pending statutory returns?

Hello

While filing ITR 5 AY 2017-18 for a partnership firm having Gross rceipt up to Rs. 110000 and Net Loss is 30000.

Is there requirement to fill all details in balance sheet and P& L A/c of ITR 5 or just Cash Balance, Debtors & Creditors, Gross Receipt and Net Loss will be sufficient?

Please guide.

Thank you

sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest.

I don't understand why — if you account for the interest properly and pay tax on it, it shouldn't be a problem, right? I won't have a transaction every day on this account, so a savings account should be fine. I see no reason to refuse the interest if I can earn it and, worse, pay more fees for a current account.

Is a sole proprietor not allowed to earn interest from a bank account?

In case of a partnership Firm suppose if there is gross receipt is up to Rs. 150000 and Loss during the year is Rs. 30000.
Will the Tax Audit required for such firm?? If the firm has not opted 44AD.
And
Which ITR form is to be filed for Firm as well as for Partners for AY 2017-18.
Thank You

Good afternoon all,

Suppose Mrs. A (married ) daughter of Mr.X having LIC premium receipt paid on her life which was paid through cash.
My question is Can Mr. X claim this LIC premium amount under section 80C in his return of Income? As section 80C says we can claim deduction if premium paid on life of married daughter also. Is there any compulsion payment should go from bank account of Mr.X?