@Shrutika_Shah thanks for the quick reply.
Actually the total sales amount is Rs 75000/- is received by e commerce company.
But the income on that is approximately Rs 4600/-
So can i show the total sales amount in IFOS multiplied by profit percentage in description? Which will be Rs 4600/- but in AIS it is received Rs 75,000/-
Also as asked before are E-commerce company liable to deduct TDS even if the sales are less than 1 lakh?
Hi @Shrutika_Shah any reply on above pls.
Hi @Sudais,
You can not report net profit directly under IFOS. You can either report business income and claim expenses while filing ITR-3. Otherwise you can report the whole income received i.e. 75000 in the ITR form.
There should not be a mismatch between the ITR form filed and Form 26AS.
Hope this helps!
Yes thank you… also instead of ITR 3 can I report in ITR 4 showing presumptive income right?
Hi @Sudais,
Yes, you can file ITR-4 by reporting Presumptive business income.
Thank you really appreciate your perfect and quick response.
If assessess lic single premium pay assured amount rs:6 lacs amount pay rs:433212/-for 2013 year
Year:2016 lic some amount received rs:90000/-
Year:2019 lic some amount received rs:90,000/-
Year:2022 lic amount from lic rs:488500/-
Rs:72400/- tds deduction sec 194da show in ais information in it portal
Question:
Assessess lic maturity amount value tax pay compulsory and other sources of income or capital gain index treatment
For life insurance policies issued on or after 1st April 2012, maturity proceeds are tax-exempt if the premium doesn’t exceed 10% of the sum assured (20% if the policy was taken before 1st April 2012) during the premium-paying term.
In the case of a single premium policy, the full exemption applies if the premium is within this limit. If the premium exceeds 10%, only the difference between the maturity value and premium paid is taxable, not the entire maturity proceeds.
In case the amount is exempt the same will be reported under “exempt income”. If it is taxable, you’ll have to report it under “income for other sources”
Hope this helps!