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Siddhidata Communication
Can we take input tax credit on a generator purchased for office use ?
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Rupa
Hi,
I have an income of 1L in 44ADA, I wanted to know do I need to fill Gross Profit in Profit & Loss of ITR also under 44ADA?
I am showing gross receipts of 1L in Row 64(ii)(a) and making an entry in Row 62 and if I also show gross profit then final TTI includes my 100% incomes while it should only do 50% for computing tax…
Please help me figure out how can I fill row 64 entry under 44ADA.
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Daman Gill
Can one switch to filing ITR2 if there are no FnO trades for the year? I have been filing ITR3 for the past 3 years as I had some FnO income.
Yes you can switch to different ITR according to sources of income for a particular financial year .
CA Puja Sharma 5 Jan 2021Yes.
CA Naman Maloo 10 Jan 2021Yes
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Jayanta Bhattacharya
We have sold our old house and I have been reported for SFT in this year's (i.e. FY 2019-20) Form 24AS. Also I have made a few payments towards purchasing a new Flat which started in 2018 and will complete in 2021.
Under these circumstances, in which year's (this year or next year) ITR should I inform about the selling and purchasing?
I have been reported for SFT in this year's Form 24AS. Can I mention the payment received in next year's ITR? Will 1 year be allowed by CBDT?
You need to report sale in three year in which you have transferred possession and registered sale deed.
You can book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
Please connect on +91 9830375894/ canavinjain1@gmail.com
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Syed
Sir I'm using 3 credit cards a limit of 3lakhs and spending it every month for my business. I swipe card to purchase goods from departmental store. I'm earning a margin of 5 percent.what is the percentage of tax I should pay to government. All my customers make payment through cash.
Tax will depend upon the net income you earn. Please connect on 7045760379 on Monday for further discussion
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