I am Government civil contractor. In F Y 2023-2024 my turnover i.e contract receipts is Rs 6 cr. Total receipts is received through other than cash mode. Also i have to declared profit at 6% of total contract receipts. I have not filed my ITR before 31 july 2024. I have some query :
1) can i file now my ITR U/S 44AD with declared profit 6 % ?? Income Tax Audit is compulsory or nor ??
2) If I file my ITR u/s 44AD with declared profit 6 % then MSME new provision i.e 15 day or 45 days payment rule will be applicable for sundry creditors or not ????

How are allowances such as House Rent Allowance (HRA), Sumptuary Allowance and Compensatory Allowance to Honourable Judges of High Court judges, previously exempt under the Income Tax Act, treated under the new tax regime?

Is there any specific notification or circular issued by CBDT regarding the treatment of these allowances under the new tax regime? If yes, please provide a copy.

Suppose if i purchase good on 1095 ( including gst ) and i can sale that on 1140 (including gst) but my buyer allow me to sale it on 1110 and 30 rs he will reimburse me . The item is taxable at 12%. Then this incentive is taxable at 12% or 18% and how will i show it in gstr . Which hsn should i put and also let me which qty i need to put along with hsn

Dear Sir,
We have sold a land for that we have deposited one time lease with UIT can we consider it as cost of improvement for calculating Capital Gain For Ay 2024-25

Interest income generated from Foreign contribution (FCRA a/c) is treated as deemed foreign contribution. It is merely an income but not a voluntary contribution. if it is so, in which clause it should be reported in form 10B. No, specific clause found for me. Is it required to disclose such income in form 10B.

FIRST BILL RS. 20633 TDS NOT APPLIBALE AS LIMIT IS 30000 UNDER SECTION 194C
SECOND BILL RS. 50000 THAN TDS APPLICABLE UNDER SECTION 194C

QUESTION IS TDS WILL BE DEDUCTIBLE ON SECOND BILL OR BOTH BILL AT THE TIME OF ISSUE OF SECOND BILL ??

I have made a TDS payment before going with the purchase of property.
But the sale was called off later and am trying to get the refund for the TDS.

But while trying to fetch challan details from TRACES site, am getting below error.

"Refund request can be submitted for OLTAS challan (s) where available amount in challan is equal to or greater than ₹1. "

This means that the amount is already credited to seller PAN.
In this case, how to get my refund?

If party has paid Tax with interest while filing Original return u/s 139(1)
So now in assessment proceeding Return to be filed u/s 148 There is no interest showing while generating computation of income and amount refundable is showing in computation
So can we claim refund while filing return u/s 148?

Hi,
we have issued one invoice including 0 % taxable ( nil rated ) and 12% taxable in the same invoice and taken E-invoice also. while filing gstr-1 ,the figures are auto populated and the full figure shown in taxable supply under table 4A and there is no figure shown in the nil rated supply under table 8. in GSTR -3B also we didnt show the nil rated sales otherwise it will show mismatch with GSTR-1.
while filing gstr9 only we will declare the nil rated supply. is this a correct practice to do so

What if a company opts for section115baa...then interest on Fixed deposit would be taxed at 22% or 25%...and if company has rental income too then deduction under section24 would be allowed?