Please be sure to have the rent receipts with you if you are claiming HRA in the tax return directly. After your tax return is submitted and processed, the Department may ask you to upload the rent receipts on the Income Tax website.
How often do they check your assessment? What are the chances or probabilitites?
I file ITR3. I trade intraday,Short term trading, F&O. I have FD investment income, House rental income.
I made F&O loss but i come under non audit case but books need to be maintained case.
we need to enter the balancesheet details in the ITR3 for business.
1.Do we need to mention this FD investment as deposits under Application of Funds---Current assets, loans and advances---Loans and advances---Deposits, loans and advances to corporates and others ?
2.Do we need to mention House worth as fixed asset under Application of Funds---Fixed assets?
3.Do we need to mention advance amount that we received from tenant under Application of Funds---Current assets, loans and advances---Current liabilities and provisions-B.Liability for Leased Assets ?
4.And what should be the proprietors capital? Should it be my previous year's personal closing balance or the closing balance at my broker's account +funds i transferred to my broker account as proprietors capital?
5.In the books of accounts, do the FD investment ,rental income details need to be recorded
6.buy value and sell value details that need to be entered in the P&L statement goes above 2cr since trading was done in futures.
My account does not come under audit case but Is there any issue since it goes above 2 cr in this buy and sell value because these values are calculated with futures contracts price?
Please help me in understanding this. thanks in advance
It appears ITR software is not updated to consider 31st Dec as the final day for submission. I am getting 5K as late penalty. Downloaded the latest version but still the same issue ! Anyone faced the same ?