S
Sarang Bhutada
I am looking for a project P&L calculation for purchase and lease-out arrangement for a commercial property.
V
Vinod
I am a freelancer and currently file my taxes using ITR-4 under the presumptive taxation scheme (Section 44ADA). I maintain basic records such as income, expenses, and invoices, and my income has so far remained below the ₹50 lakh threshold.
I have a query regarding tax audit under Section 44AB:
If my income exceeds ₹50 lakh in the next financial year(25-26), making a tax audit mandatory under Section 44AB, will the audit be limited to this particular financial year only, or will the auditor also review records from previous financial years?
I would appreciate your guidance on this matter.
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If your gross receipts surpass this threshold in FY 2025-26, the tax audit will pertain solely to that specific financial year. Auditors typically do not examine records from previous years unless necessary to verify opening balances or address specific discrepancies. Therefore, the audit will focus on the financial records of FY 2025-26 and not extend to prior years.
It's advisable to maintain accurate and comprehensive records annually to ensure compliance and facilitate any necessary audits.
I hope this clarifies your query
M
Meena Subba
S
Sheikh
Hi,
I need to withdraw cash of around 50L for a property purchase and would like to know how to do it without getting into any trouble. I am considering splitting it into 25L per FY and withdrawing it from 3 different banks that I have an account in. Will this help avoid the reporting by banks since the amount withdrawn at each bank will be less than 10L in each FY?
Thanks
R
Rahul Gaikwad
I had a net negative income for the FY 2023-24 and, therefore, did not file an income tax return for that year. My trading activity during FY 2023-24 included a short-term profit of ₹38,773.9, a long-term loss of ₹5,609.4 in equities, and a realized loss of ₹47,036.75 in options trading, with an options turnover of ₹6,34,243.25. I did not have any other source of income during the year. Since I traded in options but did not file an income tax return, could this lead to any issues or trouble for me?
