Sir
Should, being an Individual running its own business by taking sub-contract, deduct tds on the payment made to sub- contractors?
His business turnover exceeds the 2 crores and covers under tax audit.

thanks in adv

The case was selected for scrutiny u/s.143(3) and notice was duly served upon assessee u/s.143(2) of the Act on 09/08/2018. Later on if case was transferred u/s.127 of the Act say on 24/08/2019, then again issuance of notice u/s.143(2) is mandatory by the Ld. Assessing Officer having jurisdiction or not?
If ans. is yes but suppose no Notice was issued u/s.143(2) and assessee did not raise any objection and proceedings completed u/s.143(3)? Can we challenge such non issuance of notice or not?
Whether sec.292BB apply in such case or Not?
Kindly Reply.

Assessee is an Individual aged about 72 years during the financial year 2019-2020, she transferred a residential house property and purchased two other residential properties within the same financial year. But the properties acquired were in the name of her son and the sources for acquisition were transferred from her bank account to the sellers accounts. Now, the query is whether she can claim exemption under section 54 for the LTCG on the sale of residential house property.

BY: D R V NARENDRA REDDY

What is a due date for Filing Income Tax Return For FY 2019-10 for Assesses whose accounts are to be audited

Dear Expert

Kindly advise how to identify exact Professional and Technical service for deduction of TDS as per new rules.

Sir
As a transport company is GST exempted, it should always loss of its GST credits at the time of purchase of tyres and spares ? Any other ways to solve it?

Because, why it should pay gst even though it is under non-eligibility category?

please guide me
thanks in adv

I Couldn't able to file ITR for AY 19-20 now though Due dates are extended till 30th September 2020. When I try to file the returns the Income Tax Website Says "Due date for filing this ITR under selected return filing section is over". Is it a website error?

Sir, I am an accountant, earning a salary of Rs.18,000/- P.m, Myself & Mother having a Joint Bank Account, & My mother receives a rent of Rs.16,500/- annunity of Rs.5,992/- from LIC Policy. on every month. Do I Required to file a Income Tax Return, my mother is a Senior Citizen, If I file a ITR Can i show Rental income in my ITR . & also can we get a housing loan if i file a ITR . Please advice.

Every month we are paying our office rent in advance in the first week of the month itself ( i.e., for the month where the rent has to be paid in subsequent month is paid in advance) after recovering TDS and TDS is remitted in the next month before 7th.
Should I pass this journal entry :
Office Rent A/c. ......Dr.
To TDS. A/c
To Party A/c
at the time of payment and later when payment is made
Party A/c .......Dr
To Bank A/c.

Or simply this entry at the time of payment through Payment voucher.

Office Rent A/c .....Dr.
To Bank A/c
To TDS A/c

Which is correct ?
Plz clarify .

If firm has incurred loss in current AY. Is it needed to audit u/s 44AB , as income declared is less than 8%.