Tax questions

Sub agent tour operator

I am a Travel agent in Mumbai. If I purchase a Europe package of Rs.10 lakhs for a family from our supplier in India I will have to pay 5% gst to package tour supplier on entire package ie. Total Rs.10,50,000/- including 5% GST, but when I sell this same package to my client will I have to charge GST from my passenger once again on the entier package amount ie.- 10,50,000/- + 25000 my ser...

Tax Refund

I am NRI president of a Japanese company. My company filed tax return for 2017-18 by using a CA in Delhi. My company is not registered in India so this company cannot open a bank account in an Indian bank. My CA told me that now I can get the refund in a foreign bank account and he gave my foreign bank account in the forms. https://timesofindia.indiatimes.com/business/india-business/nris-...

Capital gain tax benefit without registry and only transfer

Dear Team, My father has sold a plot in Haryana (after 8 years of possession) and now to save capital gain tax, he is planning to invest the gain amount in a flat in Noida with me and my wife as partners. There is a property where the builder has dues towards Noida authority and thus the registry is not being done and the owners have just the possession letter with them. As there is no regist...

Received a notice under section 139(9) for defective returns

I have received a notice from IT department for having filed defective return for AY 2016-17. The notice says: Error Code 86 As per Section 44AD(6) of the Income Tax Act, 1961, the provisions of Sec.44AD are not applicable to – (1) persons carrying on professions that are referred to in Sec.44AA(1), (2) persons earning income in the nature of commission or brokerage, and (3) persons carrying o...

Income tax on fixed deposits in the name of Apartment Association

Dear sir, Our Apartment (with 20 flats) is having Association. This Owners Welfare Association is registered and we also obtained PAN number. We have opened a Savings Bank account in "The Visakhapatnam Co-operative Bank"in the name of the Association. The excess amounts available from monthly collections are kept in the SB account. We have also collected corpus fund from all 20 flat owners...

Notice under Sub Section (1) of section of 142 of income tax

Sir/ Madam/ M/s, In connection with the assessment for the assessment year 2016-17 you are required to: a) Furnish or cause to be furnished on or before 24/05/2018 at 02:45 PM the accounts and documents specified overleaf. b) Furnish and verified in the prescribed manner under Rule 14 of I.T. Rules 1962 the information called for as per annexure and on the points or matters specified there...

Gstin

Hi Team I am an individual looking to start a business of buying and selling online and may look to spin of a offline retail store in a year if it is profitable. At the starting point unsure if it is wise to start as a individual or as a registered firm, the reason being I work alone and do not foresee hiring employees or partners at least in the next 2 years. At the same time, I do want ...

Regarding Portuguese Civil Code 5a

1) Husband and Wife are governed by Portuguese Civil Code 5A. Husband as a singly-held FD, whose interest in the year amounted to 1 lac. He showed 50000 as interest income in his ITR form, and 50000 as interest in Wife's ITR Form. Interest credited by bank is only seen in form 26AS of only Husband as FD is created in his singly-held bank account. After calculation of Income Tax in ITR, refund ...

Gst liability of landowners in jda

Request to please provide reply to my email on the below request. We have entered into Joint Development Agreement (JDA) in Sept '16 and Supplementary Agreement in April '17 with the details of identified flats with Builder with 50%-50% ratio and the possession of flat will be given to us by end of May 2018. Builder is now insisting us to pay GST on our self occupied flats. I need your guida...

GST on the flat booked before GST implementation

I have booked flat in Oct 2016 and 80% of payment has been made before July 2017 with 4.5% service tax and 1%VAT. Builder is asking me to pay GST @12% on the remaining base payment which causes me extra burden of approx 60,000 INR on the total cost of the flat. I have got an article from CBEC site(http://www.cbec.gov.in/) for more clarification regarding this in which it is said as builder ...