Sir
If I pay LIC of katra of HUF from HUF account then can I take deduction of the premium paid u/s 80C.
Pl advise.
Sanjay

The assessee is having all the 5 heads of Income. Main source is Salary and House Rent. During the year 2018-19, he incurred loss in Futures & Options trading around Rs.37 Lakh.

Now, we know that in case of F&O transactions, it shall be assessed under the head PGBP and hence, we need to report this loss in the P&L A/c. But, as he doesn't maintain accounts regularly, at the time of filing ITR-3, he just filled up the Part-B of Balance Sheet and P&L (i.e., No Account Case).

Department has sent intimation U/s 139(9) by saying that as the loss is claimed under PGBP, Part-A of Balance Sheet and P&L has to be filled up.

Now, the question is - if we try to prepare the P&L A/c, What shall be the Turnover?

We know that, to determine whether the assessee is falling U/s 44AB, in case of F&O trading, the turnover is to be calculated by adding all the profits and losses in absolute figure. But, this should not be the turnover which shall come into P&L, right?

If we report the actual sale value and purchase value, definitely it will cross few crores easily. In that case, again department will say that Tax Audit needs to be done u/s 44AB!

What is the solution? Hope I am clear to present the matter.

Thanks.

One Assessee is having rental income of Rs.12,00,000 per year and he is also getting remuneration of Rs.12,00,000 from partnership firm, there by the total income is Rs.24,00,000 - is he liable for payment of GST?
please clarify

Sir,

Three partners of partnership firm has not filed IT returned. Though they have firm IT filed, is it compulsory for partner to open IT filed.

Dear Members,

Please help on the following issue
If an NRI is purchasing an immovable property from an Indian Co. for Rs. 1.50 Crore then:

I) Is e liable to deduct TDS u/s 194IA?
II) If he (NRI) purchase such property in joint name with his spouse (a resident Indian), then who is liable to deduct TDS u/s 194IA?

Plese guide.

Regards
Ashutosh

Dear sir,
Credit had been availed on certain Invoices but Invoice is not appearing in the GSTR-2A
How to Show the Same in the Annual Return

A CA Proprietorship firm while filling ADT 1 ..as to file as Individual or Auditors Firm in form ?

Dear Sir/Madam,

Please help me about
Can we revise TDS return of FY 2015-16 & FY 2016-17 in FY 2019-20 and if your answer is yes, Is there any Interest/penalty regarding the same?

Thanks in Advance.

Umesh K. RAthod

We required to pay Consolidated Wages around 18 Lakhs per month in terms of CASH. For that we required to withdrawn cash from bank every month. Now, as per new section 194N, Cash withdrawal >1Crore TDS is deducting by bank.. what is the solution for way to pay wages.

Please suggest us by way of legality of income tax

IF A PERSON SALE A PERSONAL BELONGING AND THE SALE VALUE IS MORE THAN EXEMPTION LIMIT OF

GST (RS 40 LAKHS ) TO A BUSINESSMAN WHETHER HE IS LIABLE TO COLLECT AND PAY GST AND

REGESTRATION UNDER GST LAW??