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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Mar 09, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Bharath on Feb 13, 2024Hindi

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Dear all Hi I'm running a corporate company in Chennai which is registered one year back . I'm hardly generating a revenue of rs 10000 per month my question is can I file my own company tax or I can only file tax by auditor firm

Ans: The statutory audit is a mandatory audit that every private limited company must conduct irrespective of its profit or turnover

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am an individual professional offering consulting services in the area of Technical consulting. If my income exceeds 50 lakhs a year but less than 1 crore at what rate will I be taxed if I do not have any expenses declared? In such a case will I have to maintain books and be audited by an auditor? Under what section of IT act will I be placed -- Section 44AD?

Ans: As per Section 44AA, of income tax act 1961, you need to maintain books of accounts compulsorily. You cannot be covered under the presumptive taxation scheme as your income is above Rs 50 lakh.Since your gross receipts out of profession exceeds Rs 5o lakh, Tax audit needs to be done. As a consultant, your income is taxed under the head 'Profits and Business or Profession'.

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Hello Sir, I earn around Rs. 28000 per month (Consolidated) through freelance content writing work. I invest 3k in Bank RD every month + 1k on MF. I want to know do I have to pay any taxes on my income? I do pay TDS @1%

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Question by Anuj - Aug 11, 2023Hindi

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Hi Mr Neeraj.. I am partner of a firm whose balance sheet is audited because its annual turnover is above 2.5 cr. Can I file my income tax return for AY 23-24 without Audit Report and Authorised Ledger account..

Ans: Partner of firm is required to consider share of profit from a firm in which he/she is partner and amount of remuneration allowed as deduction in the hands of firm; in its personal income tax return. Once audit report is issued, amount considered for income tax return are from verified books of account and it should match with amount shown in firm's ITR. However, it can be taken without audit report.

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Am salaried earning around 50k per month, apart from this am getting a remuneration of Rs. 6000/- per month under section 194J, the company says its mandatory to deduct tax of 10%. Is there any form which can be submitted, so that 10% is not deducted on monthly remuneration. Am not attracting any tax as have home loan, tution fees , investments, medical insurance and NPS.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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