Sir, I have a Partner ship firm where in I have done turnover of Rs.1,20,00,000 all of which is only banking mode, and there is a cash expenditrue to the extent of 1% of the above turnover. I have made a financials also. ie profit and loss and balance sheet. Proft is Rs.45,750, hence I hope, I can fit this income tax reutrn udner the subject provisio's and can file the return. Am i correct, kinldy advice

Got this message after filling ITR if defective return
You have filed your income-tax return in form ITR-4. As per TDS details in your Form 26AS, taxes have been deducted under sections

1941A/194IC/194S/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94S/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-4 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-4.

In 26AS TDS is deducted under section 194jb and 192B

Error Description
You have filed your income-tax return in form ITR-4. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194S/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94S/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-4 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-4.

Dear All,

Good Morning.

If an employee having salary income gets a professional fee from the same employer, the TDS deduction on whole amount (both salary and Professional fee ) should come in the purview of 192? or professional fee can be deducted @10 a% and salary under 192B?
Is there any mention in act for the same?

A, having income from profession has chosen old tax regime for assessment year 2024-25. Can he switch over to new tax regime in future?
Can he exercise the option ONCE to go to New Tax regime in future?

Do we need to show purchase of vehicle in ITR.
if yes, where...

Thank You

Dear Learned Members,

My wife has started stock trading this year and she has no other income besides some interest income from Govt bonds

She normally buys share and keep them for 7-10 days before selling them off.

I have below queries/confirmation
1) She is NRI, meaning section 44AD would not be applicable to her. So no presumptive income case applicable, is this correct?
2) Tax filing would be under normal business case and tax audit would be required over 10cr turonver, since all receipts are in digital form. Is this correct?
3) Book keeping - accounting books would be required to be kept, if turnover exceeds 25 Lacs. Is this correct?
4) Stocks unsold on 31st March - will they be carried in inventory at cost or lower of cost/market value?
5) Since trading would entail only buying and selling stocks, no expenses envisaged against the same, would keeping digital contract notes or Broker reports of sale purchase be sufficient for the purpose of book keeping?

Thanks a lot for your patience in reading above and replying to my queries

Regards
Saurabh

While trying to generate XML in java utility in ITR 3, I am getting an error of "Please specify the nature". Please help in solving it. I have already selected code under the nature of business. Pls Help

how can i resolve this error

In case of ITR 2, where tax wise as per old regime is beneficial and new regime isn't but then to anyone proceeded to file the return with new regime ??
( in both regime calculation tax payable isn't coming due to rebate u/s 87A )

Response Awaited
Thanks