Fire your tax related queries and i would get it solved!!!

[canikhil]

so the conclusion is (for TO less than 2 Cr and actual profit less than 8% (or 6%))

- if one opts for declaring 8% (or 6%) profit on his TO in current year, then he has to do so for next 5 more years
and
- if one opts for audit in current year, then he has to do so for next 5 more years

Am I right.

yes. This is how it is going to be. however, audit will apply only if all the conditions applicable for audit are satisfied.

 

[princy01]

yes. This is how it is going to be.

Audit becomes compulsory for next 4 years once it's done?

 

[canikhil]

Audit becomes compulsory for next 4 years once it's done?

Not necessarily audit becomes compulsory. Essentially you cannot use 44AD presumptive taxation for next five years. Whether audit applies or not will depend on satisfaction of all the conditions prescribed for audit in 44AD.

 

[vikas2131]

Not necessarily audit becomes compulsory. Essentially you cannot use 44AD presumptive taxation for next five years. Whether audit applies or not will depend on satisfaction of all the conditions prescribed for audit in 44AD.

Nikhil ji i have sent a mail..plz respond..

 

[vikas2131]

Guys get Good CA .. it;s india .india does have good talent ..
Why u guys want to self uplaod Efile it then get into hazzel of scrutiny.
NOt worth it.

Instead that time can be used to make money.
Get good CA and get your job done.
Never go alone to ITR office . Appoint CA ..you won;t even go to itr office
even if u have scrunity all be taken care by CA.

Unfortunately not many could file returns when it comes to F&O.... ye thoda muskil ha..

 

[vikas2131]

I had filed my income tax return form ITR 4 S and later realized i had to get audit done so filled correct ITR 4 and audit report in august 2016 . The return was processed in october 2016 and intimation received under 143(1). Now the status on income tax site has changed form "ITR processed" to "Rectification rights transferred to jurisdictional assessing officer"....looks like my return has been selected for scrutiny yet again.... :-((

scrutiny notices i think online ho gaye ha.. shayad harassment kuch kam ho jaye..

 

[cloudTrader]

Hi Mr. Nikhil,

My cousin wants to start in trading. He files his return himself as till now he is earning from salary alone.

His father is planning to sell their investment in land which will fetch him around Rs. 60 lakhs. His father wants to transfer Rs. 15 lakhs to my cousin's bank account for his trading capital needs.

My cousin is confused that how should he show this Rs. 15 lakhs in his return?

Your advice is much appreciated.

Thanks.

 

[canikhil]

scrutiny notices i think online ho gaye ha.. shayad harassment kuch kam ho jaye..

Important that you don't let officer force you to show up in his office. Respond to everything over emails only.

 

[canikhil]

Hi Mr. Nikhil,

My cousin wants to start in trading. He files his return himself as till now he is earning from salary alone.

His father is planning to sell their investment in land which will fetch him around Rs. 60 lakhs. His father wants to transfer Rs. 15 lakhs to my cousin's bank account for his trading capital needs.

My cousin is confused that how should he show this Rs. 15 lakhs in his return?

Your advice is much appreciated.

Thanks.

show it as gift from father...simple

 

[Bhairava]

Hello Nikhil Ji,In Interest Certificate there are 2 entries- Interest Paid and Interest Accrual.
Which entry do we consider?

consider the total of both the entries. this is the total interest earned during the year.

Nikhil Ji,if I consider total of of both the entries then I'm getting higher interest.(which is wrong)

In actual I'm getting 82k Interest,but as per Interest Certificate I'm getting 1.04L Interest.(as they add both Int paid+Int Accural).