CA NARESH KUMAR SANKHLA

Can UDIN be provided on profit & loss account, statement of affairs, computation, and ITR copy for loan purposes if ITR is filed under section 44AD? No, it is not necessary to provide a Unique Document Identification Number (UDIN) on the profit and loss account, statement of affairs, computation, and Income Tax Return (ITR) copy if the ITR has been filed under section 44AD. Section 44AD constitutes a presumptive taxation scheme that permits businesses to calculate their taxable income at a flat rate of 8% of their turnover. This scheme exempts businesses from maintaining conventional bookkeeping practices or undergoing financial statement audits by a chartered accountant. Consequently, the requirement for a UDIN, which is a distinctive document identification number generated by a chartered accountant for certifying or attesting documents, is negated. However, it's important to note that specific banks might still mandate a UDIN even when the ITR is filed under section 44AD. Su

Introduction:- The recent demerger of Jio Financial Services (JFSL) from Reliance Industries (RIL) has sent ripples of excitement through the financial sector. With its inclusion in prestigious indices like Nifty50 and BSE Sensex, JFSL's imminent listing has shareholders and investors eagerly awaiting its entry into the stock exchanges. This article delves into the significance of this move, sheds light on the pre-listing valuation, and explores the visionary approach of RIL's Chairman and MD, Mukesh Ambani. Shareholders' Awaited Crediting As anticipation builds for the listing date of JFSL, eligible shareholders of RIL have already received a notable boost. Shares of the newly demerged company have been credited to their demat accounts, creating a palpable sense of anticipation among investors. However, it's important to note that trading in these shares will only commence post-listing on the stock exchanges. The Nifty50 and BSE Sensex Inclusion JFSL's inclusion in

Introduction: Receiving an income tax notice can be an unsettling experience for anyone. It's essential to understand the implications and respond effectively to ensure a smooth resolution. In this comprehensive guide, we will delve into the intricacies of Income Tax Notice under Section 133(6), its significance, and how to respond strategically. We'll also address common questions related to this notice to equip you with the knowledge needed to navigate this process with confidence. What is Section 133(6) as per Income Tax Act? Section 133(6) of the Income Tax Act, 1961 empowers income tax authorities to gather information from third parties deemed relevant or necessary for proceedings under the Act. This provision plays a pivotal role in ensuring transparency, accountability, and accurate assessment of taxpayers' income and claims. Key Points to Understand: - Section 133(6) allows tax authorities to request information and documents from third parties to verify taxpayers&