Penalty on Exempted Trust under Section 270A of Income Tax Act 1961 for under reporting of Income consequences to mis reporting.

During assessment proceeding, truat made submission for making prima facie adjustments for mistake apparent from records for correction of exemption amount instead of Rs 1330000 to Rs 660000. Further quoted case of copy of ITAT Delhi of ICAI vs CPC banglor for the same. While filing return Gross receipt has been filed instead of Net Income.

AO Pass order for exemption of 660000 and demand is Nil.

Whether penalty could be made under 270A where penalty amount is 200% of tax payable, and here tax is zero payable.

Is the case of under reporting of Income.

Unsecured loan was given by a individual to a partnership firm.

Now the individual wants to transfer the loan in favour of someone esle.
What to do....

Dear all,
We are starting to use swipe machine. In this regards I have following doubts :

1. Is swipe machine checks availability of balance of customer while making payment through cr or dr card
2. How many days it will take to credit amount in merchants account
3. How to do accounts in merchants books of accounts
4. if payment declines after some time how we can find the customer

Dear sir,

If client is staying in Leased property, can't we claim HRA by calculating interest at bank FD rates? or something like that?

Kindly suggest.

Hii ,

i have one query about section 9& 5 of income tax act.,i have client Alka Yagnik (singer) who is resident and she render service out of India and money received in India please suggest me is it income accrue or arise outside India and but received in India and what is meaning?it is urgent

Hi,

If a person has 1000 rent income and 50 Lac agricultural income ,is it mandatory to obtain GST registration?

WHAT IF GSTR-1 FILED AND IN GSTR-3B TAX NOT PAID..?? WHAT IS THE LIABILITY OF CONSULTANT FOR GSTR-3B NOT FILED.??

Hello,
To which address does IT dept send notices through post,is it the address which is given while applying for pan or the one mentioned in the latest IT return

Can NRI do business in India (as Proprietor) and
apply for GST Number..?!

Invoice:1
Labour Charge---------------319878.00
CGST---------------------------28789.02
SGST---------------------------28789.02
Discount Received----------(-5234.04)

TDS Should deduct on which amount ?
1) 319878.00 or 2) (319878.00-5234.04)=314643.96