Tax questions on Income Tax

HRA claim on sublet

I have the following query regarding sublet of property.  A is the owner of the house and has rented the house to B for Rs 10,000 per month. B has further sublet the house to C at Rs 25,000 per month. C is a salaried employee eligible to claim HRA while B is a self-employed professional who is not eligible to claim HRA. 1. While C is claiming HRA, whose PAN card needs to be furnished for ...

Defective Return - Rectification of defective return after due date

I had filed my return and then received a notice for Defective Return. I missed that notice as it went to my spam folder and missed the date of reply. I don't even know what is the actual defect as it was not stated in their message. Anyways, I logged a Grievance on the portal requesting the department to allow me to fix the defect and refile it. I got the following reply from them. "Dear Ta...

E-campaign - Compliance message

Hi, I've received the below message Attention xxxxx (PAN XXXXXxxxxxX) Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance P...

Property rental income vs tds

Property Rental Income Vs TDS Hi, I am an Indian Non-Resident. I have only rental income and interest from my NRO Account. (I) Gross Rental Income varying between Rs.252,000 & Rs. 336,000 per annum, half of which belongs to the husband (NRI) due to his participation in the investment. Income is credited to my/his respective NRO a/c; & (ii) Interest income from NRO account is between R...

Schedule FA filling

Sub : Filling Schedule FA for AY 2022/ 23 facts in brief are as under 1 . my daughter got married and she went outside india to UK on 27/09/2021 . 2. her stay in India during previous year 2021/ 22 was less than 182 days BUT her stay in india during preceding 4 years was more than 365 days aggregating to 1460 days . 3. she has a foreign bank account in UK. 4. when she went outside In...

Friend deposited Rs. 1 lakh cash against my credit card dues on my behalf

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...

Friend deposited Rs. 1 lakh cash against my credit card dues on my behalf

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...

If carry forward losses, is audit required or not

Equity Taxpnl Statement for Equity from [deleted] to [deleted] Realized Profit Breakdown Intraday/Speculative profit 1912.6 Short Term profit -211.7 Long Term profit 0 Turnover Breakdown Intraday/Speculative turnover 1912.6 Charges Account Head Amount Integrated GST - Z 38.9189 SEBI Turnover Fees - Z 1.2614 Clearing...

Tax

Currently my age is 56 yrs and have my investments with unrealised capital gains in both short and long term equity shares of stable big companies and paying towards a home loan (only one house) with annual interest repayment above Rs 2 lakhs and Section 80C savings Rs 1.5 lakhs. Other than house I have only equity and bank SB interest income of around Rs 20000 and no other income. Currentl...

Form 12B Queries

Hi, I have query regarding form 12b. I have recently swicthed organization. I am having difficulty in filling up columns 6,7,8 of the form. Also, I don't understand the annexure form. What should be filled in annexure A and annexure B if I am required to do so. Tax computation sheet was provided to me by my previous employer. Below are few of the components of the salary breakup. ...

Panelty us 172 (1) c

I had evised ITR for AY 2016- 17 voluntarily on observing some wrong figures in original ITR. On 1-4-2019 notice us 148 was issued asking to revise the original return for assessment. It was conceyed in writing to AO, Srinagar hat ITR has been already revised on 8.10.2017 furnishing therewith the relevant documents like ITR V, form 16 ( under proper receipt) with the request to consuder the r...

Question on presumptive taxation (44ad and 44 ada)

Hello, 1. In FY 20-21, I provided technical consultancy to a couple of India based firms, gross receipts about 27L. 2. In addition, I conducted online classes to teach computer programming, gross receipt about 5 L. 3. I am thinking of availing the presumptive taxation under section 44ada for the technical consultancy business. Questions: 1. Can I include the online classes also unde...

Code of ethics for chartered accountants

Actually my question is related to "Code of ethics for chartered accountants" I was not able to find suitable category to post my question so I have posted it in Income Tax Category, So I am sorry about that, but please answer as the answer is of much more value to me Question * I am a 43 yrs men, my elder brother is 46, my mother expired in 2018 (3 yrs back), my father went missing in 1994 (...

Income from Business and Profession - Presumptive Profession (Section 44ADA)

I am a web developer, working as a FREELANCE, and all my payments are digitally transferred to my account directly. I filled my return on ClearTax Website FY2019-2020, where I filled following details: Nature of Business: 14001 - Software Development Section 44 ADA Details: Gross turnover or Gross Receipts= Rs501816/- Total Income as per your calculation= Rs 250910/- Now I got an...

JDA related - all taxes

Base Info: Landowners: 3 brothers, 2 are Indian citizen one is foreign citizen Land in Metro city: 10000 SFT, inherited by all brothers from parents who expired 20 years ago Land original Purchasse price: Unknown, but very low. JDA Agreement likely to be signed in June 2021 Total estimated value of land @ Rs 20 Lacs per 1000 sft = 2 Crores (20 lacs x 10000 sft) Total Estimated saleabl...

Vsvs query

A closely held assessee company received share premium during AY2009-10. Its return was processed u/s 143(1). Later in 2015, AO reopened assessment u/s 147. Made addition of Rs.2 crore. CIT(A) confirmed the addition in 2016. In 2nd appeal,assessee challenged addition u/s 68. During hearing before itat, assessee also took additional ground for the first time that notice u/s 148 lacks rea...

Purchased property under sarfaesi act

Hello, I purchased a property from SBI at Rs 90 Lakh and thereafter Sale Certificate was issue to me under SARFAESI Act. I duly paid the stamp duty and registered the property at a market value that is Rs 1.45 cr as on 2018. In the mean time I also paid TDS of 1% that is Rs 90000. Now I receive notice from Income Tax, stating that I need to pay tax as my purchase price is less than market...

House property

Property (one) Bearing Municipal No. 60 (Residential House, in occupation of the owner) No portion of it has been let-out or no financial benefit was derived Property (Two) Bearing Municipal No. 7/201/2-3 which consists as following: Residential Portion (House) Ist Floor, Bearing Municipal No. 7/201(in occupation of the owners) No portion of it has been let-out or no financial benefit was d...

New ppf account and covid guidelines from govt

In March, 2020 because of the COVID pandemic and end of financial year, Ministry of Finance declared that the tax savings for the FY 2019-2020 can be done till 30th June, 2020 w.r.t PPF accounts and other savings instruments. Here is the update from the Income Tax department on this - twitter.com/FinMinIndia/status/[deleted] Based on the above guidelines, I opened a new PPF account on 30th ...

Foreign Tax Credit for US Income and Tax - Federal and State.

I have foreign income from US via salary and my tax got deducted in US. I stayed in India for more than 182 days , so I am resident. I need to file ITR with Resident Status. While calculation of US tax credit can be consider the Federal and State Taxes deducted and get credit for them in India? I see some confusion in the rules regarding the Tax credit for State Taxes in United states...