Answer for Taxation Queries

canikhil

Well-Known Member
#21
hmmm. well with very few transactions you may show in the capital gains/loss. This is not the ideal treatment though. alternatively, just file ITR- 3 without audit (as your overall income is below exempted limit)
 

Satya.

Well-Known Member
#22
hmmm. well with very few transactions you may show in the capital gains/loss. This is not the ideal treatment though. alternatively, just file ITR- 3 without audit (as your overall income is below exempted limit)
Nikhil Sir,I re-visited the bank,they said it cant be reverted now.Its better to file a return for a refund using same figures.

as TO is very small,I think even if I didnt mention it in ITR and just claimed for refund,IT dept wont make it defective etc.

What Code-Nature of Business should I mention for this refund claim,I am Technically unemployed :)
 

canikhil

Well-Known Member
#23
Nikhil Sir,I re-visited the bank,they said it cant be reverted now.Its better to file a return for a refund using same figures.

as TO is very small,I think even if I didnt mention it in ITR and just claimed for refund,IT dept wont make it defective etc.

What Code-Nature of Business should I mention for this refund claim,I am Technically unemployed :)
you can mention 0204.....
 

Satya.

Well-Known Member
#24
Nikhil Sir,how to check TAN number?
Earlier it had a link to check a TAN to know who's it belong to,their address,email ID etc.

The option was under /efilling/services/know your Tan,but now its missing.We cant check TAN number.
 

Satya.

Well-Known Member
#26
Yes Sir.

They made 2 entries like this-

Part A-Details of Tax Deducted at Sources
32000rs------------Tax deducted 3500rs

Part A1-Details of Tax Deducted at Source for 15G-
30000rs-------------Nil

Either you give exemption from tax(15G) or Deduct the Tax(TDS)

so 26AS report wise,Bank gave me 32k+30k=62k Interest

But in their actual interest certificate they gave 28k tax(Int accrual+Int paid)

I talked with the Branch Manager,he said that it cant be reverted now.

My income is below 2.5L and I dont fall in audit case.So should I file a tax showing 62k as Interest and claim for a refund?
There are 2 TAN numbers in my 26AS.
Bank saying that 1st TAN is belong to them,but 2nd TAN is not their.
This issue of 26AS got solved by Bank.
Bank 1 rectified the double interest made by them.
Bank 2 also corrected it.1st TAN was belong to Home branch but 2nd TAN was belong to Regional branch.
Its strange that both banks made false entry.

Under remarks in 26AS report they put the word B and added minus entry.

Thanks to Nikhil Sir for his timely reply.
 
#27
I have internet business and i want to submit tax under 44AD. according to 44AD i don't have to maintain any book account and pay only 8% of turn over.

1. in that case if my turn over is 20 lakh can i show only 1.6 lkah profit and pay the tax?
2. if my profit is 15lakh can i still show 8% profit (in this example 1.6 lakh)?
3. if i don't have to maintain any book account, can AO still ask for audit?
 
#29
thank you for quick reply. F&O means "Future & Option"?

i make money from google adsense, and according to tax law i can submit tax under 44AD. i told my CA that this year i want submit tax under 44AD but he is asking me to collect all kind of receipt otherwise i may get in trouble if there is any scrutiny/audit. i will talked with him next week, lets see what he says about it.
 

canikhil

Well-Known Member
#30
even if you are making money through google Adsense, the answers won't change much. except that proving the turnover is much easier in absence. If your CA is unable to assist you properly, find a better one.
 

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