If books of accounts of any assesse is audited u/s 44Ab and also having FNO and intraday transaction then can he opt presumptive scheme for FNO and can show Profit and loss as positive figure by showing turnover and 6% profit by banking channel?
If no what is the other option to treat such FNO transaction?
Dear Sir,
Mr A files his return u/s 44AD. He provides gaming services to individuals and corporates. One of his parties deducted TDS u/s 194I(a) instead of 194C and deposited the tax. He uploaded his return showing his entire turnover of 750500/- u/s 44AD.
But he got the intimation of defective return mentioning that the TDS is deducted u/s 194I which is ineligible for presumptive taxation.
There was no event of renting out of anything nor his invoice mentions rent etc.
How can the defect be rectified?
Kindly guide me.
Thanks & Regards,
Suraj
Dear Experts,
We are receiving service work from Multi-Screen Mobile / SEO friendly website design for our company (vendor -online web designing company)
We are processing bill payment to vendor whether RCM will applicable to this bill or not
Kindly do let me know for processing his payment
One carriage inward bill received of Rs. 1,60,000/- from a transporter. In portal, the said bill is shown in GSTR 2A with Taxable Value of 1,60,000/- and IGST of Rs. 8,000/-. but invoice value only Rs. 1,60,000/-. In this case, whether I have to pay Rs. 8000/- as RCM ? Whether Can I claim ITC of Rs. 8,000/- ?
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Can we carry forward such losses after the current year adjustment and set off against future taxable profits
Is there any difference in taxability of the above in the case of Private Limited Company, Partnership Firm or Individual?
I had bought SREI NCDs (secured) worth Rs 9.9 lacs (principal amount) -with maturity on Oct-21. From Jan-21 they
stopped paying interest. Based on the final IBC resolution last year I have received a cash payout of Rs 102018/- , a final OCD allocation worth Rs 323000/- and SR Allocation of Rs 62000/-. The SREI NCDs 990 in Nos were shown as redeemed in my demat account on 13Feb24.
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Is there any limit - say receiving the money in a bank account?
Is there any liability to file ITR in such cases?
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Sir following are the details of properties I have:
1st flat - Let out through out the year - Im the sole owner
2nd flat - Let out through out the year - Joint ownership with wife
3rd flat - On Home loan with EMI of 50k - self occupied - joint ownership with wife.
My parents stay in their own house
Till last ITR, i showed the facts in IT returns and this year can I show in the following way in IT returns: -
1st and 2nd as self occupied and 3rd as letout as I can claim full interest paid on home loan as deduction?
Please guide
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REGARDING APPLICATION OF PRESUMPTIVE SCHEME U/S 44AD FOR FNO