Fire your tax related queries and i would get it solved!!!

[nac]

My case is not liable to audit, but I am getting this error/defect and I don't understand why.
Validation returns with no errors but when I click "Proceed to verification", this defect message displays.

Is this a bug? Anyone have any clue about this?

I have checked several times, I don't think there is any mistake in filling up the form.
In "Audit information" section I clicked No to 44AB, AD, AE etc and to 92E.

Category of defect B/D :You will be allowed to upload the return. There is a possible defect present in the return or some of the deduction/claim may not be allowed.

Error Description
1. You have claimed income less than 8% of Gross Turnover and audit information is not filled up

Same thing again this year. Looks like they didn't fix it. Last time I filed using Winman as I heard it wasn't showing any defect, but the trial is over now, can't use Winman this time.

Looks like I gotta ignore and file.

 

[canikhil]

Same thing again this year. Looks like they didn't fix it. Last time I filed using Winman as I heard it wasn't showing any defect, but the trial is over now, can't use Winman this time.

Looks like I gotta ignore and file.

No. they have not fixed it. But as far as I remember, they did not invalidate any of such cases during processing.

 

[Raj232]

Can anyone confirm if money invested in Sovereign Gold Bonds (SGB) supposed to show in Income Tax AIS (annual Information statement)
Asking for a friend.. Thanks in advance !

 

[Mishra_86]

Can anyone confirm if money invested in Sovereign Gold Bonds (SGB) supposed to show in Income Tax AIS (annual Information statement)
Asking for a friend.. Thanks in advance !

Yes, I think it is supposed to show in Income tax AIS because Sovereign Gold Bonds are issued by the government.

 

[Mishra_86]

Are there any state-specific tax considerations you should be aware of?

 

[bck2ftr]

I came to know that businessmen can declare certain types of expenses (goods purchased for business like furniture, laptop, vehicle etc.) against their business income.
I wish to know for traders, what sort of expenses can be set off against business income?

 

[Raj232]

I came to know that businessmen can declare certain types of expenses (goods purchased for business like furniture, laptop, vehicle etc.) against their business income.
I wish to know for traders, what sort of expenses can be set off against business income?

Below expenses can be claimed as trading business expenses:

Rent Expense
Repairs & Maintenance
Electricity Expense
Books & Subscriptions
Mobile & Internet Expense
Trading Expenses

 

[timepass]

Below expenses can be claimed as trading business expenses:

Rent Expense
Repairs & Maintenance
Electricity Expense
Books & Subscriptions
Mobile & Internet Expense
Trading Expenses

What if there is no receipt for the rent ? The same for repairs maintenance etc. The plumber, electrician etc do not give any receipt either.

 

[Raj232]

What if there is no receipt for the rent ? The same for repairs maintenance etc. The plumber, electrician etc do not give any receipt either.

Those petty expenses can be claimed but.. that might be small .. Rs 400 -500 ..
For rent expenses.. some kind of agreement / receipt should be there, else how can it be claimed.
In any case these expenses will hardly make much of a difference to the P&L, but theoretically it can be claimed.

 

[bck2ftr]

If I purchase a laptop or desktop for trading purpose, Can it be claimed under expenses?

Below expenses can be claimed as trading business expenses:

Rent Expense
Repairs & Maintenance
Electricity Expense
Books & Subscriptions
Mobile & Internet Expense
Trading Expenses