My assessee is a propietor of a trading business having turnover of Rs.75 lakhs. As the net profit shown is less then 8% his books are audited u/s 44AB(e). He has also entered into derivatives trading with a annual turnover of Rs.15 lakhs and a profit of Rs.4 lakhs (i.e. more then 8%). Will he have to audit the books of his derivatives trading business as well. He has not maintained books of his derivatives trading business. Can he opt for taxation u/s 44AD for his derivatives trading business and sec 44AB(e) for his regular trading business

I am facing problems in filing Rectification on receipt of notice u/s 143(1) because
latest offline ITR2 utility of AY 20-21 has no option for filing under section 139(5),so u/s 139(1) selected.However, after data rectification of Salary Schedule and filling of other details of ITR2 ; got interest and penalty on calculating tax to generate XML file.
Help required on the issue

in proprietorship business what is the profit assumed under of business codes 16019, 14001, 14002, 14009, 14010, 14005, 15003 ?

does it create any problem if business code is changed from previous year? professional to business

what is different in ada or ad in business codes?

Dear Sir / Madam,
Greetings !

We have a default of Rs. 3200 under 6CR-TDS as late filling. We did pay the same but under 200 instead of 400 by mistake. Another mistake we did is - we put the amount of Rs. 3200 under Income Tax. Now how can we rectify our default for the same.

Regards / Vijay

in proprietorship business can i include medical, medicine and hospital bills if paid through my card? is there limit on that? this is not taxable income right?

Dear Sir,

From a Pvt Ltd company I have made a Salary payment of around Rs. 6 lac in parts to a single employee after deducting T.D.S in F.Y. 2018-19 from which Rs. 4 lacs was shown as a Salary expense and Rs. 2 lacs was shown as Advance Salary given in that year in the company's Books of accounts.

Can I book this Advance Salary as company's salary expense in F.Y. 2020-21 to reduce Profit.

The counter party has already shown this entire salary amount of Rs. 6 lac as income received in his books of accounts in F.Y. 2018-19 while filing his Income tax return.

Please advise me on this matter.

Regards,
Divyesh Jain

Sir,
One of the it person rs:10 lacs rent advance balance amount show in books as on Dt:31-03-21.if assessee rs:1 lacs *10 different dates total rs:10 lacs payment through on cash mode.
Question:
1.assessee payment cash mode allowed in it act
2.payment cash mode limit in it act.

Annual Information Statement has details about Purchase/ Sale of Securities and Mutual Fund. However, these do not match with the actual details.

Which amount should be considered while filing income tax return.

Dear Sir,

In F.Y. 2018-19 I had by mistake booked an extra entry of Rs. 50,000/- and wrongly claimed it as a salary expense in Books of accounts of a Pvt Ltd company (not under tax audit) which has resulted into mismatch in bank balance with books of accounts.

Can I reverse this entry in F.Y. 2020-21 by reducing salary amount by Rs. 50,000/- which will result in matching of Bank balance with books of accounts.

Please advise me in this matter.

Regards,
Divyesh Jain

Dear all,

Here is my query,

I am having Income from Partnership firm, and Loss of Rs 10Lakh in intraday trading (Which is disclosed under speculation business option selected books not maintained cases) and now i am filing in ITR-3, without filling the details of Balance sheet and Profit & Loss account in ITR, but while filing i am getting error you have loss under the business /profession your books is not audited

Kindly give me comment on this
Advance Thanks
Regards
BALRAJ B G