Income Tax queries [110]

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Anav

27 July 2024 at 19:29

ITR 3 when business income is nil and 80D in ITR 2 (old tax)

Hello

I have two queries:

- Can I file ITR 3 even if my business income for the year is zero? I have been filing ITR 3 (presumptive income (Section 44ADA) for the last few years but this year I have no income in that category

- Has Section 80D exemption removed from ITR 2 (old tax scheme)? I am unable to find that option in ITR 2 while Section 80C is visible.

Thank you,

veena raghavendra

27 July 2024 at 19:20

Section 54F confussion

If I sell property for 1 cr and I have purchased property for 50 lac only. Can i invest balance 50 lac in capital gain scheme. and also claim a deduction on whole. Kindly advice.

Mahesh S M

27 July 2024 at 19:09

Commission income under 44AD

can i show commission income under 44AD?

sagar panchal

27 July 2024 at 18:56

TURNOVER FOR GST AND BEFORE GST REGISTRATION

Dear Sir/Madam,
if A client got GST registered from October 2023, example his total turnover before gst 600000 and after GST registration turnover is Rs. 400000, then what turnover should be final while filing his income tax return?
the total turnover is Rs. 1000000
Will any demand raised by GST department regading turnover ? because in AIS turnover shows Rs. 400000

Suresh S. Tejwani

27 July 2024 at 18:51

REGARDING TREATMENT OF SHARE INESTMENT

IF FOUR PARTNERS A,B,C & D FORMS ONE PARTNERSHIP FIRM AND ALL PARTNERS HAVE INVESTED IN SHARE MARKET AND EARNS GAIN OF RS.100000 NOW CAN THEY SHOW SUCH GAIN IN THE HEAD OF PGBP AND CAN THEY DEDUCT EXPENSE FROM SUCH PROFIT?
(PS: DEMAT ACCOUNT IS IN THE NAME OF FIRM)

RAJAT SINHA

27 July 2024 at 17:37

MANDATORY FOR CASH FLOW STATEMENT AND CARO

Our company is having 27.00 lakh paid-up capital and secured loan Rs. 1.21 crore, turnover is 11.50 crore in the financial year 2023-24.

1) Whether Cash Flow Statement Required
2) Whether Caro Mandatory
3) Whether Internal Control System required in Audit Report

Shobhit Jain

27 July 2024 at 16:23

Tax under new regime

Taxation upto Rs 7.5 lakh under new regime for FY23-24

Suresh S. Tejwani

27 July 2024 at 15:32

For LLP Gst Trade Name

can we keep differences Trade name and Legal Name for GST LLP company's Registration??

MOHD SHAHID

27 July 2024 at 15:07

VDA capital gain

Hello,Income tax deducted on payment received against sale of Virtual Digital Assets. How to calculate capital gain when there is no Purchase value is available Experts/Learned persons opinions are sought.