Tax questions

What are the exemptions available commercial property

Hello, I've sold an office space this FY. The office space was originally bought in 1997-98. Since I'm too old, I've given some mo I had bought an office space in 1996-1997 and sold it in 2017-2018. I have some questions around capital gains. I've got the property valued as on 2001-2002 and will index it further. 1. Since I'm too old I've given some money from the sale of office space ...

communication from CPC u/s 139(9)

Dear Experts, I have filed income tax return (ITR-4) for my wife as her annual income from home tuition in 2016-17 was Rs. 80000/-. I have received a communication from CPC u/s 139(9) that it is defective. Error code is 89- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, and the income disclosed under Section 44ADA ...

Got Notice from Income Tax Department

Dear Experts, I have filed income tax for myself and I have worked as software technical consultant( Freelancer ) throughout the year and also have 1 month income from salary at the beginning of the year. I filed the ITR 4 . Since most of my inocme was as a freelancer ( As mentioned, I worked as a technical consultant ). I filed the ITR within time and after more than 3 months i got communicat...

Notice u/s 139(9) with error code 181

Dear Expert, I have received a notice from IT department u/s 139(9). The reason mentioned is error code 181: "a) The Gross Receipts is not mentioned in the Profit & Loss A/c, OR b) The profit shown is less than 50% of the gross receipts as prescribed u/s 44ADA but has not mentioned the maintenance of the books of accounts and audit report u/s 44 AB in part A-General and the total income exc...

I got a notice of defective return u/s 139(9) with Error code 181

I got a notice of defective return u/s 139(9) with Error code 181 as below: Sl.No: 1 Error Code: 181 Error Description: a) The Gross receipts is not mentioned in the Profit & Loss a) Gross receipts to be entered in the Profit and loss A/c. OR b) The profit shown is less than 50% of the gross receipts as prescribed u/s 44ADA but has not mentioned the maintenance of the books of accounts and...

correct NOB in ITR-4 under section 44ADA for software developer

Dear Experts, I am working as unregistered freelance software developer. I filed ITR-4 under section 44ADA. I got an email from CPC Bengalaru that the ITR is defective and the error code is 89 which tells that "The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, and the income disclosed under Section 44ADA income is...

Notice u/s 139(9) error code 181

I am an engineering consultant with gross receipts under 50 lakhs during F.Y. 2016-17. I filed ITR3 on 20/06/2017 declaring profits higher than 50% of gross receipts. Figures were given under 53(ii) a to d of Part A, P&L. I also showed the same profit figure in item 35 ii of Schedule BP. I have shown NOB under code 0703 - Consultancy services. I have now received a notice u/s 139(9) with er...

Revision of ITR1 for Income added under AY 2014-15 on 09/Aug/2017

I had during AY 2013- 14 commuted my pension (1/3rd) from my previous employer upon resignation. No tax was deducted on the same by the employer. I had filed my returns not stating the the commuted pension as this is not taxable. Today i received a mail from my previous employer stating that the commuted value of pension received from an approved superannuation fund is governed by Provisions...

Will my friends mom be entitled for tax ?

My friend's mom is a senior citizen and a homemaker. She is likely to sell her husband's ancestral property which is now in her name after her husband's death. However, she also have four children who also are co owners of the property located in her native place. Now, suppose she sells the house property for x amount. 50% payment of the property goes to her and rest of the money will be red...

Difficulty in Filling Trans 1

Respected Sir, We would like to inform you that we are facing problem regarding filling of Transitional form (TRANS 1) for our unit ADHUNIK INDUSTRIES bearing GSTN 18ABGFA5778A1ZG .We are a SSI unit and have Rs 2371463 as cenvat in our last return (June’17) of Central Excise .So we tried to file TRANS 1 under GST regime. But after putting the data when we click the save button it got saved...

GST on commission received from Overseas (Outside India)

Dear Sir, I am dealing in Petroleum Products in International Markets. I am quite concerned about a few points and if you could assist me with. 1) The Buyer of Petroleum Product is in Taiwan & the Supplier is in Russia. But the supplier is using his Fiduciary Bank Account for receiving the payments in USD. 2) I am purely an intermediary who is entitled to receive the "commission". 3...

How to respond notice u/s 139(9)

I have received a notice from IT department for having filed defective return for AY 2017-18. The notice says: Error Code 86 As per Section 44AD(6) of the Income Tax Act, 1961, the provisions of Sec.44AD are not applicable to – (1) persons carrying on professions that are referred to in Sec.44AA(1), (2) persons earning income in the nature of commission or brokerage, and (3) persons carrying o...

Notice U/s 139(9)

Dear Experts, I have Filed income tax for my Sister as she has beauty parlor Business under 44ADA and after more than 2 months i got communication from CPC u/s 139(9) that it is defective. In original return I have mention the code of business as 0714- Service Sector Other Error code is 89- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB ...

Capital Gains Rebate

Hello Sir, I have some queries regarding long term capital gains An individual bought a land 8-10 yrs before and later went in to joint venture with builder to build an apartment on that plot and got 10 Unit of Flat as his part. Now he is selling all units and getting capital gains. So my queries are 1. If he sale the flat and construct a house jointly with wife and claim his contribution f...

Notice u/s 139(9)of Income Tax Act, 1961.

I am a post office agent so i earned from commission..........i fill my tds return as itr 4 but i today got a mail showing ERROR CODE-86 As per Section 44AD(6) of the Income Tax Act, 1961, the provisions of Sec.44AD are not applicable to – (1) persons carrying on professions that are referred to in Sec.44AA(1), (2) persons earning income in the nature of commission or brokerage, and (3)...

Defective return communication u/s 139(9) from Income Tax Departm

Dear Experts, I have filed income tax as a consultant Financial planning and analysis under 44ADA and after more than 2 months i got communication from CPC u/s 139(9) that it is defective. Error code is 89- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, and the income disclosed under Section 44ADA income is more tha...

Defective return communication u/s 139(9)

I am an individual engineering service consultants, I m getting income under 194J , as a consultant to an Engineering firm. I had filed my ITR of AY 2017-18 via ITR 4S PRESUMPTIVE BUSINESS AND PROFESSION RETURN. but now i have got notice for defective ITR , reason is written as below ----- error code 89 -- stating that the provision of section 44ADA is not applicable you.The nature of bus...

Defective return communication u/s 139(9) from Income Tax Dep.

Dear Experts, I have filed income tax for my mother as she is working as a teacher in private school and providing private tuition to students also under 44ADA and after more than 2 months i got communication from CPC u/s 139(9) that it is defective. I have used the code 607. Error code is 89- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch N...

Receive Notice u/s 139(9)of Income Tax Act, 1961.

I got email from Incometax department giving information as "The return of income filed by you for Assessment Year 2017-18 vide acknowledgement no. [deleted] dated [deleted], is considered defective u/s 139(9) of the Income Tax Act, 1961 as it is found to contain certain defects which has been annexed in. Error Code : 86 Error Description : As per Section 44AD(6) of the Income Tax Act, 1961, ...

Credit

Dear Sirs, I have following questions. 1) Reversing sales of July2017. I have to reverse the sales invoice of July2017 on which I have paid GST in August 17 also filed GSR1 for July2017. Now my customer says that I have to cancel my Invoice as it is no more accetable by him.So we will have no receivable againt this invoice. How to treat this entry under GST please. I have to reverse the sa...