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R
Remesh Kumar
Used ITR4 from AY 2011-12 to 2019-20. used ITR3 for AY 2020-21 TO 2021-22 .Can i use ITR4(44ad presumptive income) for the AY 2022-23 If other eligibility factors are satisfied (Explanation reg Section 44ad(4))
Yes you can, subject to conditions specified in section 44 AD. For professional assistance connect us @ www.tarunguptaca.com or 9216216819.
CA Hunny Badlani 12 Jul 2022Hello,
Yes, you can use the 44AD Presumptive Taxation Scheme.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
Once you opted out you cannot opting till 5 years . contact deepikajagan01@gmail.com for detailed consultation
T&C applyN
N Giri
I have purchased Rural agricultural land on 25/05/2018 for 63,38,000/- ( 58,20,000 + 3,28,000 Stamp duty + 90,000/- brokerage) and the same is sold on 68,60,000/- (71,00,000 - 1,40,000 brokerage). I do not want reinvest in purchase of agriculture land in future. Experts, my question is,
1. I learnt no capital gain arises, but if want to show the sale proceeds, WHERE and HOW to show exactly in ITR-2? Can I show the difference 5,22,000/- as gain? or if use the capital gain formula C.G becomes - 3,16,000/- Please advise.
Rural Agricultural Land is not considered a capital asset under the Income Tax Act if it satisfies the following:
(a) If situated in any area which is comprised within the jurisdiction of a municipality and its population is less than 10,000, or (b) If situated outside the limits of the municipality, then situated at a distance measured- (i) more than 2 km, from local limits of the municipality and which has a population of more than 10,000 but not exceeding 1,00,000; or (ii) more than 6 km, from local limits of the municipality and which has a population of more than 1,00,000 but not exceeding 10,00,000; or (iii) more than 8 km, from local limits of the municipality and which has a population of more than 10,00,000.
If it does not satisfy the above criteria, it will be treated as a capital asset, and the profits will be taxable under the head capital gain.
For any assistance in tax filing, you can connect with us at ca.pujasharma@outlook.com
Yes it can be shown in other source exempted income. Contact deepikajagan01@gmail.com for clarification
T&C applyA
Abhi
I'm a CA aspirant and came across a scenario regarding taxation. Can you please help resolving query.
A person received hiring bonus(tax deducted on it) in FY let's say 2020-21 but had to return back the whole amount in FY2021-22 after leaving job. Employer has not mentioned this returned amount in Form16 but had provided a recovery certificate on company letter head that says that a sum of xxxx has been recovered as hiring bonus from person. Now, Can the person claim the already deducted tax on that bonus or what can be possibly done here?
This is a common problem and one cannot do anything regarding this as the employee is paying additional tax on same.
CA Deepika Boyina 17 Jul 2022It should be included in form 16
T&C applyP
Pooja
I have taxable income for last FY year. I switched my job within FY and missed the investment declaration timeline .also I don't have much investment for the last FY .
Iplease suggest for tax savings
Hello,
Even if you missed the investment declaration to your employer, you can claim the same in your income tax return.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
Even you miss it then now you can claim in itr depending on the nature of investment. Contact deepikajagan01@gmail.com for further queries
T&C applyK
Kamal Vijayvargiya
Dear sir,
i am an employee of PSU Bank which provides me reimbursement of medical expenses, i incurred on treatment of my 80 years old father who is suffering from chronic kidney disease and requires twice a week dialysis and other medical treatment. The expenses are around Rs. 200000 per year.
my employer add this amount to my salary and deduct tax @ 30%. I like to know that is there any provision that i can say my employer not to deduct tds or can i claim any relief or deduction while filing ITR.
Please inform details of provisions and process.
regards
Its an amount reimbursed by your employer and paid you so it is taxable in your hands.
You can check if such disease fall under any deduction and if you could claim any deduction against such income received.
You can book consultation with experts at: https://www.taxontips.com/tax-notice-personal-consultation/ and discuss if any tax can be saved.
It needs detailed explanation. For professional help contact deepikajagan01@gmail.com
T&C applyJ
Joe Tim
Hello, my salary income is nil and i do trading indian stocks but the gains are not above than 2.5 lakh so is it compulsory for me to fill the itr ??
If the total income is below 2.5 lakh you need not file income tax return.
However if you still have any confusion you can book consultation with expert and even get assistance in filing your Income tax return: https://www.taxontips.com/income-tax-return/
No need if you don't have income under any head. For professional help contact deepikajagan01@gmail.com
T&C applyD
Devanshi Chadha
Which ITR do I need to file to show my TDS-194c income? Can I file ITR 1 and show it in the others section? And how?
Yes if only that income. For proffessional help contact deepikajagan01@gmail.com
CA Roomi Gupta 18 Jul 2022Incomes that are received from the contract (TDS -194C) are to be shown under the head income from business or profession and you will also be eligible to claim deduction for the expenses that you incurred to generate the income. ITR 4 will be applicable . For professional assistance , connect us @ www.tarunguptaca.com or contact @ 9216216819.
CA Puja Sharma 18 Jul 2022If the contract income is not regular, then you can file ITR 1 and report it under the head of other sources.
For any assistance in return filing, you can connect with us at ca.pujasharma@outlook.com
S
Soumya Bansal
Can house wives select new income tax regime for current year and switch back to old income tax regime for next year ?
yes please contact deepikajagan01@gmail.com for proffessional services
Only salaried taxpayers can switch to any regime every year. Non salaried person if switch back to old regime can never adopt new regime.
CA Puja Sharma 11 Jun 2022As mentioned above, the concerned person is a housewife. While filing the Income Tax Return, they are expected to show self-employed income under the head business or profession. A non-salaried employee cannot change the option to choose a regime every year, If a person opts for the new regime and wants to switch to the old regime. They cannot switch to the new regime again in future.
T&C applyA
Amandeep
I booked a flat for 80 lacs in Jan 2021 and paid 50% installment (40 lacs) on 08 Feb 2021. I was ignorant about the TDS deduction till May 2022. On 18 may 2022, I filed TDS on Property (Form 26QB) and paid the amount 30,000 along with the interest fees(4900/-) levied due to a delay in filing. I filled the correct date of payment (08-02-2021) and FY and AY were populated by website itself.
When i sent the Form 16B to my builder/seller, he/she is now asking me to file TDS again in the current FY 2022-23. I will have to bear the loss of 34900/-(30,000 + 4900) if i file again. Kindly guide, what can i do.
please approach your Assessing officer he will make necessary correction in the records if you provide material evidence. in case any assistance please contact tax experts or revert to us 7338838605
CA Deepika Boyina 3 Jun 2022Tds u/s 194 IA has to be paid within 30 days from the end of the month in which it is deducted by filing form 26qb. It is to be filed or paid tds for each installment/ payment.
If you have doubt you can contact deepikajagan01@gmail.com.
Dear Amandeep, Technically you are correct in depositing the TDS, as per Law every-time you makes the payment you are supposed to deduct the TDS & Deposit the same with the govt. You can shoot an email to builder regarding the same & ask him to revert whatever query he has in this regard. Your builder will get the credit of TDS deposited by you in the FY 2020-21. The second option available to you is to approach the Assessing officer for correction in the AY. For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
CA Puja Sharma 6 Jun 2022You can go for correction of challan by approaching the jursidictional Assessing Officer.
T&C applyM
Manu Ahuja
If my net income is zero but if i receive interest do i need to pay tax on it?
An individual is obligated to file an ITR if his gross taxable income( including interest) during a particular FY exceeds the maximum amount not chargeable to tax i.e Rs 250000/-
For more detail connect me @ www.tarunguptaca.com or 9216216819
Interest income is also taxable if greater than basic exemption limit.
For professional help contact cadeepikajagan@gmail.com
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