Anonymous
26 February 2019 at 22:53
Sl.No Error Code Error Description Probable resolution 1 180 a) The Gross receipts is not mentioned in the Profit & Loss A/c, OR b) The profit shown is less than 6% of the gross receipts as prescribed u/s 44AD but has not mentioned the maintenance of the books of accounts and audit report u/s 44AB in Part A-General and the total income exceeds the maximum amount not chargeable to income tax a) Gross receipts to be entered in the Profit and loss A/c. b) Declaring profit of 6% or more of gross receipts as per Section 44AD c) Filling the Part A of Schedule Balance Sheet, Part A of Schedule Profit & Loss and details of audit report in Schedule Part A-General if your total income exceeds the maximum amount not chargeable to income tax. i have got three time this type of Notice, I Revised my Return also but again got notice U/s 139 9 I Have Income U/s 44ad, Commission Income and Professional Income in ITR-3 A.Y. 2017-18 I have filled Business income details as following :- NO ACCOUNT CASE 53 In a case where regular books of account of business or profession are not maintained, furnish the following information for previous year 2016-17 in respect of business or profession. (i) For assessee carrying on Business a. Gross receipts 53(i)a 1009443 b. Gross profit 53(i)b 469390 c. Expenses 53(i)c 199347 d. Net profit 53(i)d 270043 (ii) For assessee carrying on Profession a. Gross receipts 53(ii)a 1200 b. Gross profit 53(ii)b 1200 c. Expenses 53(ii)c 0 d. Net profit 53(ii)d 1200 Total (53(i)d + 53(ii)d) 53 271243 PART B - TI (Computation of Total Income) 1 Salaries (6 of Schedule S) 1 0 Page 12 Acknowledgement Number : 408359540130119 Assessment Year : 2017-18 2 Income from house property (3b of Schedule-HP) (enter nil if loss) 2 0 3 Profits and gains from business or profession i Profit and gains from business other than speculative business and specified business (A37 of Schedule-BP) (enter nil if loss) 3i 271243 ii Profit and gains from speculative business (B41 of Schedule BP) (enter nil if loss and take the figure to schedule CFL) 3ii 0 iii Profit and gains from specified business (C47 of Schedule BP) (enter nil if loss and take the figure to schedule CFL) 3iii 0 iv Income from patent u/s 115BBF (3e of Schedule BP) 3iv 0 v Total (3i + 3ii + 3iii + 3iv) (enter nil if 3v is a loss) 3v 271243 4 Capital gains a Short term i Short-term chargeable @ 15% (point 7(ii) of table E of Sch CG) 4ai 0 ii Short-term chargeable @ 30% (point 7(iii) of table E of Sch CG) 4aii 0 iii Short-term chargeable at applicable rate (point 7(iv) of table E of Sch CG) 4aiii 0 iv Total short-term (ai+aii+aiii) 4aiv 0 b Long term i Long-term chargeable @ 10% (point 7(v) of table E of Sch CG) 4bi 0 ii Long-term chargeable @ 20% (point 7(vi) of table E of Sch CG) 4bii 0 iii Total Long-term (bi + bii) (enter nil if loss) 4biii 0 c Total capital gains (4aiv + 4biii) (enter nil if loss) 4c 0 5 Income from other sources a from sources other than from owning race horses and income chargeable to tax at special rate (1i of Schedule OS) (enter nil if loss) 5a 40727 b Income chargeable to tax at special rate (1fiv of Schedule OS) 5b 0 c from the activity of owning and maintaining race horses (3c of Schedule OS)(enter nil if loss) 5c 0 d Total (5a + 5b + 5c) (enter nil if loss) 5d 40727 6 Total(1 + 2 + 3v +4c+ 5d) 6 311970 7 Losses of current year to be set off against 6 (total of 2xiv,3xiv and 4xiv of Schedule CYLA) 7 0 8 Balance after set off current year losses (6 - 7) (total of column 5 of Schedule CYLA+5b) 8 311970 9 Brought forward losses to be set off against 8 (total of 2xiii, 3xiii and 4xiii of Schedule BFLA) 9 0 10 Gross Total income (8 - 9) (5xiv of Schedule BFLA + 5b) 10 311970 11 Income chargeable to tax at special rate under section 111A, 112 etc. included in 10 11 0 12 Deduction u/s 10A or 10AA (c of Sch. 10A + e of Sch. 10AA) 12 0 13 Deductions under Chapter VI-A a Part-B, CA and D of Chapter VI-A [(1 + 3) of Schedule VI-A and limited upto (10-11)] 13a 61946 Page 13 Acknowledgement Number : 408359540130119 Assessment Year : 2017-18 b Part-C of Chapter VI-A [(2 of Schedule VI-A and limited upto (10-11-3iii)] 13b 0 c Total (13a + 13b) [limited upto (10-11)] 13c 61946 14 Total income (10 - 12 - 13c) 14 250020 15 Income which is included in 14 and chargeable to tax at special rates (total of (i) of schedule SI) 15 0 16 Net agricultural income/ any other income for rate purpose (4 of Schedule EI) 16 0 17 Aggregate income (14-15+16) [applicable if (14-15) exceeds maximum amount not chargeable to tax] 17 250020 18 Losses of current year to be carried forward (total of row xi of Schedule CFL) 18 0
Schedule BP:Computation of income from business or profession
A From business or profession other than speculative business and specified business
1. Profit before tax as per profit and loss account (item 45 or item 53d of Part A-P and L ) 1 271243
2a. Net profit or loss from speculative business included in 1 (enter -ve sign in case of loss) 2a 0
2b. Net profit or Loss from Specified Business u/s 35AD included in 1 (enter -ve sign in case of loss) 2b 0
3. Income/ receipts credited to profit and loss account considered under other heads of income/chargeable u/s 115BBF
. a. Salaries 3a 0
. b. House property 3b 0
. c. Capital gains 3c 0
. d. Other sources 3d 0
. e. u/s 115BBF 3e 0
4. Profit or loss included in 1, which is referred to in section
44AD/44ADA/44AE/44B/44BB/44BBA/44BBB/ 44D/44DA/ Chapter-XII-G/ First Schedule of
Income-tax Act
4 52723
5. Income credited to Profit and Loss account (included in 1)which is exempt
a. share of income from firm(s) 5a 0
b. Share of income from AOP/ BOI 5b 0
c. Any other exempt income
Page 18
Acknowledgement Number : 408359540130119 Assessment Year : 2017-18
SI.No. Nature Amount
Total 5C 0
d Total exempt income (5a + 5b + 5c) 5d 0
6. Balance(1– 2a – 2b – 3a - 3b – 3c - 3d -3e – 4– 5d) 6 218520
7. Expenses debited to profit and loss account considered under other heads of income/related to income chargeable u/s 115BBF
. a. Salaries 7a 0
. b. House property 7b 0
. c. Capital gains 7c 0
. d. Other sources 7d 0
8. Expenses debited to profit and loss account which relate to exempt income 8 0
9. Total (7a + 7b +7c + 7d+ 8) 9 0
10. Adjusted profit or loss (6+9) 10 218520
11. Depreciation and amoritisation debited to profit and loss account 11 0
12. Depreciation allowable under Income-tax Act
i Depreciation allowable under section 32(1)(ii) and 32(1)(iia) (item 6 of ScheduleDEP)
12i 0
ii Depreciation allowable under section 32(1)(i) (Make your own computation refer
Appendix-IA of IT Rules)
12ii 0
iii Total (12i + 12ii) 12iii 0
13. Profit or loss after adjustment for depreciation (10 +11 - 12iii) 13 218520
14. Amounts debited to the profit and loss account, to the extent disallowable under section 36 (6r of
PartA-OI)
14 0
15. Amounts debited to the profit and loss account, to the extent disallowable under section 37 (7j of
PartA-OI)
15 0
16. Amounts debited to the profit and loss account, to the extent disallowable under section 40 (8Aj of
PartA-OI)
16 0
17. Amounts debited to the profit and loss account, to the extent disallowable under section 40A (9f of
PartA-OI)
17 0
18. Any amount debited to profit and loss account of the previous year but disallowable under section
43B (11h of PartA-OI)
18 0
19. Interest disallowable under section 23 of the Micro, Small and Medium Enterprises Development
Act,2006
19 0
20. Deemed income under section 41 20 0
21. Deemed income under section 32AD/33AB/33ABA/35ABA/35ABB/40A(3A)/72A/80HHD/80-IA 21 0
i Section 32AD 21i 0
ii Section 33AB 21ii 0
iii Section 33ABA 21iii 0
Page 19
Acknowledgement Number : 408359540130119 Assessment Year : 2017-18
iv Section 35ABA 21iv 0
v Section 35ABB 21v 0
vi Section 40A(3A) 21vi 0
vii Section 72A 21vii 0
viii Section 80HHD 21viii 0
ix Section 80-IA 21ix 0
22. Deemed income under section 43CA 22 0
23. Any other item or items of addition under section 28 to 44DA 23 0
24. Any other income not included in profit and loss account/any other expense not allowable (including
income from salary, commission, bonus and interest from firms in which individual/HUF/prop.
concern is a partner)
24 0
25. Total (14 + 15 + 16 + 17 + 18 + 19 + 20 + 21 + 22 + 23 + 24) 25 0
26. Deduction allowable under section 32(1)(iii) 26 0
27. Deduction allowable under section 32AD 27 0
28. Amount of deduction under section 35 or 35CCC or 35CCD in excess of the amount debited to
profit and loss account (item X(4) of Schedule ESR) (if amount deductible under section 35 or
35CCC or 35CCD is lower than amount debited to P and L account, it will go to item 24)
28 0
29. Any amount disallowed under section 40 in any preceding previous year but allowable during the
previous year(8B of PartA-OI)
29 0
30. Any amount disallowed under section 43B in any preceding previous year but allowable during the
previous year(10 h of PartA-OI)
30 0
31. Deduction under section 35AC
a Amount, if any, debited to profit and loss account 31a 0
b Amount allowable as deduction 31b 0
c Excess amount allowable as deduction (31b - 31a) 31c 0
32. Any other amount allowable as deduction 32 0
33. Total (26 + 27 + 28 + 29 + 30 + 31c + 32) 33 0
34. Income (13 + 25 - 33) 34 218520
35. Profits and gains of business or profession deemed to be under -
i Section 44AD 35i 51523
ii Section 44ADA 35ii 1200
iii Section 44AE 35iii 0
iv Section 44B 35iv 0
v Section 44BB 35v 0
vi Section 44BBA 35vi 0
vii Section 44BBB 35viii 0
viiii Section 44D 35viii 0
Page 20
Acknowledgement Number : 408359540130119 Assessment Year : 2017-18
ix Section 44DA 35ix 0
x First Schedule of Income-tax Act 35x 0
xi Total (35i to 35x) 35xi 52723
36. Net profit or loss from business or profession other than speculative business and specified business
(34 + 35xi))
36 271243
37. Net Profit or loss from business or profession other
than speculative business and specified business,
after applying rule 7A, 7B or 8), if applicable (If rule
7A, 7B or 8 is not applicable, enter same figure as in
36) (If loss take the figure to 2i of item E)
A37 A37 271243
B. Computation of income from speculative business
38 Net profit or loss from speculative business as per profit or loss account 38 0
39 Additions in accordance with section 28 to 44DA 39 0
40 Deductions in accordance with section 28 to 44DA 40 0
41 Income from speculative business (38 + 39 - 40) (if loss, take the figure to 6xi of
schedule CFL)
41 0
C. Computation of income from specified business under section 35AD
42 Net profit or loss from specified business as per profit or loss account 42 0
43 Additions in accordance with section 28 to 44DA 43 0
44 Deductions in accordance with section 28 to 44DA (other than deduction under
section,- (i) 35AD, (ii) 32 or 35 on which deduction u/s 35AD is claimed)
44 0
45 Profit or loss from specified business (42+43-44) 45 0
46 Deductions in accordance with section 35AD(1) or 35AD(1A) 46 0
i Section 35AD(1) 46i 0
ii Section 35AD(1A) 46ii 0
47 Income from Specified Business (45 – 46) (if loss, take the figure to 7xi of schedule
CFL)
C47 0
D. Income chargeable under the head ‘Profits and gains from business or profession’ (A37+B41+C47) D 271243
Please solve my problem Thanks & Regards
VIPULKUMAR RAMJIBHAI PATEL
26 February 2019 at 11:28
donation to indian army liable to get income tax relief under which sec. of income tax?
DKTAZILANOM9909
11 February 2019 at 19:03
Dear Sir,
I am an employee of a Public Sector Company. At retirement I have 70 Earn Leaves (EL) only. My company gave 32 Earn Leaves per year during my service period of 35 years as per my Earn Leave entitlement per year. Please tell me whether I shall get any tax exemption on leave encashment from the encashment of 70 leaves during the retirement time. If yes/no, please tell me in details.
regards,
Tapan Das
ASHWINI KUMAR
31 January 2019 at 12:08
If I purchased an 9 seater car worth Rs 1000000 exclusive of GST. I have paid Rs. 1280000 for the same, which is inclusive of GST of Rs 280000. I gave the car to a government department (say Income tax dept./ or PWD) for it's officer's conveyance & travelling with a consideration of Rs. 30000 per month for a period of 2 years under a contract. The driver will be provided by me, however the cost of fuel will be borne by the service recipient. Now I want to know whether the ITC of Rs 280000, which I have paid on purchase of car will be available or not? i.e. whether this business will be treated as carrying of passengers or not as per the exceptions to the block list of ITC on moter vehicle with less than or equal to the 13 seats.
ajay kanyal
22 January 2019 at 13:45
Dear sir , what percentage of donation can be diducted from a donation to a religious trust from salaried income .
Thanks
J. Raj george
09 January 2019 at 21:17
SIR, I purchased a flat and gave it on rent in chennai. I am also living in chennai on rented house. Be cause the rent is low and the municipal valuation is also low. There is loss comes due to high interest on home loan from canara bank.can I claim set off of loss from my salary income.or any other benefits.
Anonymous
25 December 2018 at 15:38
A land owner mortgaged an empty land(without any buildings) to a financial company. After two years he rented the mortgaged land to run a dyeing factory. The tenant built buildings and erupted machineries on his own expense in the same land with owner permission. After two years when the land owner failed to pay the debts to financial company the land came for auction. The tenant who has invested a huge sum on civil construction and machineries comes forward to buy the auctioned land under SARFAESI ACT to run his company as before. Now the query is whether the tenant (purchaser of the auctioned property) has to pay the stamp duty only for the land which is auctioned or for the buildings also which was constructed by the tenant himself on his own expense??
Mangai Kanniyan
24 December 2018 at 14:42
A tenant( having lease deed) later himself purchased the same land where he runs the company with his OWN EXPENSES ON CIVIL CONSTRUCTION AND MACHINERIES. The registered document is kept pending because of stamp duty and registration fee issue. What is the % of registration fee and % of stamp duty for the property purchased under SARFAESI ACT? And whether the purchaser has to pay the stamp duty only (1)for the land purchased or (2)for the land purchased and the civil constructions done on his own expense or (3)for the land purchased , civil constructions and also the machineries done on his own expense?
SARDAR BALVINDER SINGH
22 December 2018 at 23:52
HELLO!
my father was an govt employee and has got a land(open plot) registerd in his favour by gift deed from his brother-in-law in 1991. In 1993 my father borrowed mortagage loan from his office to construct home. Due to mortagage we have not done mutation. In 2015 my father got retired from his service and we got cleared mortagage title against property by submitting reconveyance of property letter by submitting it in registration office in JAN 2016. on enqiry about property tax we came to know that it has been generating in favour of person who have signed for witness no 1 out of 2 during registration of gift deed in 1991. Municipal corporation of my district have no legal documents against the person to which the property tax receipt have being generating. They told us the change have being made due to new assessement.
please suggest me the solution and is mutation neccesary or not in case we mortagaging our property for construction.
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Gst for under construction flat/property
Sir, I had book the under construction 2 bhk flat in april 2017 at Nasik, Maharashtra and registration is completed Sep 2018 with GST@12% + Stamp duty@6% + Registration charges@1%. and completion will be in Aug 2019 and deed of apartment is pending.
But as per 25 Feb 19 GST council meeting, GST will be 5% for under construction property.
Kindly clarify ? whether can i demand to builder for 7% amount which i have paid already.
Regards,
Gunavant Patil
8884185395