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Nikhil Agarwal
HUF CREATION AND CAPITAL GENERATION
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HUF is an another legal entity in the eyes of income tax. it is looked to as an tax saving tool, we can help you in formation of HUF.
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Bhavesh Gajera
Hi,
I done my Income Tax Audit For Assessment Year 2017-18. Now Can I File My IT Return for Assessment Year 2018-19 U/s 44AD (ITR-4 SUGAM)? or mandatory to do audit?
Following is Amendment in Finance Act, 2016
Following sub-sections (4) and (5) shall be substituted for the existing sub-sections (4) and (5) of section 44AD by the Finance Act, 2016, w.e.f. 1-4-2017 :
(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).
(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
You can file under presumptive basis provided you have not declared your return under presumptive basis earlier.
Bhavesh Gajera 16 Aug 2018for A.Y.2016-17, I filed Return using Presumptive Income and for A.Y. 2017-18 I filed Return declaring lower profit(Audit is done), so now is it mandatory to do audit for A.Y. 2018-19???
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Fayez
I want to close my pvt ltd co started 8 years ago
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P Yasaswi Sriram
Hi, I am planning to start a Proprietary trading firm, which means trading one's own money in the stock market and generate profits. I wish to incorporate it as an LLP. However, I'm getting the required funding for the setup from my family and friends as a loan with interest. Is there any restriction to raise money like this? And as I have to pay interest to my relatives from the business profits, can I claim the interest paid as an expense? One more thing, should I as a person take the loan or is there any provision they can lend the money to LLP itself! Your help is much appreciated! Thanks in advance.
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Sarat Kumar
Hi,
We have started a Pvt Ltd company in Feb 2018 and after completing the procedure of registration with MCA / IT we did not proceed further as our business model was not viable and hence we have decided to close the entity and hence please suggest the process of winding up.
you cannot wind up the company unless it passes one year since it's incorporation.
after which you can apply for strike off
