Dear Sir,

Our Private Limited Company was received the Income Tax Notice under section 142(1) on 20.08.2018 from Income Tax Department for 2016-17.
The Income Tax Scrutiny for AY 2016-17 was completed in December-2018 and the final Income Tax order under section 143(3) is issued on 28.12.2018 from DCIT Office,
Mumbai and in order there is Income Tax Refund of Rs.14,78,550/-along with Interest under section 244A of Rs.158715/-.
Until November-2021 the Income Tax Refund was not received and in December-2021 the refund was credited in company's Bank account.
But the Income Tax refund of Rs.14,78,550/-, which was received in Bank account is only as per Income Tax Order issued on 28.12.2018. (i.e-Rs.14,78,550,/-).

Interest rate is 0.5% per month which will be applicable on Income Tax Refund of Rs.13,19,835/- from Dec-2018 to Dec-2021 or not?
The taxpayer is eligible for interest on refunds or not.
Can we file a grievance in Income Tax Department?

Kindly advise in the above matter.

Thanks & regards
Kadam

Dear Expert,

I have intraday loss in the last financial year, which was incurred due to trading in futures..
Can I use ITR-2 to show the same as there is no specific mention for speculative loss/profit..

Kindly clarify

Dear Experts, I am to file ITR for our partnership firm. In the year ended with 31.03.2021, there was no business turnover, only expenses which are to be carried forward to the subsequent year. When I tried to file ITR-4 the system is not accepting to file zero TO. Any other ITR Form or any other mode to fill a zero TO and business loss.

I bought a car in Oct 2017 for Rs 16 lacs and sold the car for Rs 11 lacs in Nov20? Received Rs 11 lacs in my bank account.
How do you show this transaction in IT return? Where do you enter the details for the same?

An Assessee being an individual has a commercial property on lease for Rs.50 Lakhs per year and is paying GST on Lease rentals . He intends to undertake Maintenance of the said property and is charging Rs.10 Lakhs for same.
He is already registered under GST under individual name for lease rentals, does he need to register separately under GST for Maintenance income?

Dear sir,
Please give me suggestion.

we are dealing with 2 companies. by mistake i have generated ewaybill from other company. after 10 day i came to know the fact. goods already dispatched. but customer is asking me to generate ewaybill from actual company with which actual transaction taken place.

Please kindly suggest me the steps i need to take for both the company.

Sir
what is 4th proviso of u/s 56(2)(x)(b)

Please explain

Dear sir

my client is having hardware shop and Transport Business with 1 small (12000 weight) vehicle only .

FY-2020-21 Transport business is- 8,000,00/- Not Declared in GST but Received in 26AS under 194C section
Asper U/S 44AE - 90000/- income but..

TDS is Deducted how to show in income tax Return???
now my doubt is ..weather GST Applicable on Transport business ??? or RCM ??? How to Adjust in GST for last Year ??? please suggest me sir

Thanks in Advance
Madhu M

Dear Sir,
We got an export order of some machine parts. We have LUT for (2021-22). These parts will supply by the local manufacturer. What is the GST rate pay to the supplier?. Please guide me.
Ravichandran
Coimbatore

One of my client a partnership firm having turnover of 5 lacs and business loss of Rs.115000/- in FY 2020-21 and having a loss on sale of fixed asset of Rs.10 lacs wants its books to get audited and file 3CD.
In last year FY 19-20 the turnover was Rs.63 lacs and audit was done u/s 44AB(e).
Please advise whether tax audit is required to be done this year or not as Sec. 44AD(5) reads as below :
Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.