Tax questions

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 ...

Compensation as interest ordered by NCDRC

Booked a flat with a builder in 2010 and he failed to deliver the flat and offered possession after 6-7 years. We had approached the NCDRC and we opted for refund and NCDRC ordered in 2018, Refund of the entire amount with compensation in the form of simple interest @11 (compensation in the form of simple interest ). Is the interest part which is as compensation in this case taxable. We have...

Gst

Hello, I live in Bangalore and I am have started a dropshipping business business from my own website www.myWebStoreShopping.com. My target customers are from across the globe, including India. And once the customer places an order from my website I forward that order to my suppliers based in China who then ships the order directly to my customer irrespective of the location. (international c...

TDS applicability for Property Assignment Case

Case: 1. I (buyer) am buying a ready-to-move apartment in bangalore from seller (Cost excluding registration - 78L) 2. Seller had sales & Construction agreement for this property with builder when it was under construction in Mar-2016 (Sales Agreement - 20L Approx. & Construction Agreement - 60L Approx.). He has deducted 1% TDS for the same against builder. 3. There is only sales & construc...

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...

Nri

I’m an employee of a Public Sector Undertaking in India and on foreign assignment since 31st March, 2017 NRI and stayed abroad for more than 182 days in FY 2018-19/AY 2019-20 and not stayed in India for more than 30 days at a stretch in India (Working abroad on 60 days duty and 30 days off pattern) I’m receiving my monthly salary abroad in foreign currency. As part of my salary I’ve received E...

Itr form applicable

I was a proposal engineer working in the marketing division of a private firm which undertakes execution of turnkey mineral processing projects. I used to do necessary proposal engineering and BOQ/Cost estimation while quoting for such projects during tendering stage. I superannuated in 2016 but was contracted by my company in 2018-19 as a consultant, to do the same proposal engineering work ...

Home loan - Tax related query

Hi, I am Pranshu Gupta, regularly filing my tax returns, I'd some doubts and wish to clear the same from your experts. Please find below my scenario & query- Home loan sanctioned/ disbursed on 14th November 2014 from HDFC to my builder: Rs. 30 lakh EMI started on my home loan after 1.5 years e.g. 01 April 2016 (as per my payment plan NO EMI TILL POSSESSION): Rs. 26661 per month Howeve...

Tdr. transfer of development right valuation and income tax calculation

Ours is a co op Hou society in Thane Registered since past 40 years. We are owners of full land as per conveyance deed. Part of the land is ground and Thane Municipal corporation ( TMC) occupied it for many years without any documents of possession Area of ground is 1800 sq mtrs and market value of the land is around Rs 6 crores TMC agreed to give us 1 T D R FSI OUR SOCIETY AGREED TO PAR...

Error Code 311 - ITR 3 - AY 2018-19

I am a doctor having some salaried income and a bigger portion from professional practice. I also have a small income from overseas as a consultant. I therefore filed ITR 3 in AY 2018-19. As I do not maintain books of account, I opted for Presumptive Income from Profession (44ADA) and thus selected the No Accounts Case in ITR 3 (General Section). Under Part A - BS for Balance Sheet, I filled...

Non GST Registered, PAN India technical service provider / goods buyer-seller

I have started a small enterprise (like a freelancer) with 2/3 people to provide technical service and sales to the industries. My enterprise is Proprietary ship, get trade license from local Panchayet and a have company current bank account. I do provide service ( plan to sales) on all over India. I have contacts. I neither have GST registration nor applied yet. And as of now also not in...

C g taxon redevelopment project

I have the redeveloped flat in a co op society at kandivali.. Redevelopment project details is as under Date of paa agreement: 13/2/2013 date of possession: 31/1/201615 date of noc: noc not recd yet date og dev agreement : 13/04/2010 Detail of flat area:- old flat new flat total Carpet area sq ft [deleted] Area for s duty cal' n sq ft 1129.[deleted] (purchased) Area in sq m 104.[dele...

Quaery on Tax residency 2019-20

Hi, I need some details on what will be my residency status for tax for the current FY 2019-20. I have gone through several Indian tax related sites to have an idea on this but got confused after reading. Below are few information : i) Moved to USA in Mar-2017 month for employment on H1B visa. ii) Planning to return to India either during a) Aug 2019 or b) Oct 2019 My queries ar...

Gst

Checking the records for one of our client we came to know the GSTN is of Partnership firm and whereas the client is carrying on the business in the capacity of Proprietorship Firm. Brief Background is that that during the VAT regime the client was registered as Partnership firm. Due to death of one of the partner the partnership firm cease to exist. The other partner took over the business an...

Category of gst

Company is selling single units under row housing to customers Company will sign single agreement with the customer that company will first sell the plot to customer and get the registry done in the name of prospective customer and once the Registry will be done in the name of customer, the construction activities on the same registered plot will begin. Sequence of activities: Company will...

Notice Under Clause(i), Sub-Section (1) of Section 142 of the Income-Tax Act, 1961

In connection with assessment for assessment year 2017-18, you are required to prepare a true and correct return of your income in respect of which you are assessable under the Income-tax Act, 1961 (Act), during the previous year relevant to the assessment year, mentioned above. The said return of income should be in appropriate form as prescribed in Rule 12 of the Income Tax Rules, 1962 an...

US citizen tax liability in India

I am a US citizen. I have been living in India for some time now and have become a Resident Ordinarily Resident for tax purposes for the period April 1, 2018 to March 31, 2019. I am retired and do not have any income from Indian sources. My income is from (a) pension from Teachers Retirement System in USA, and (b) investments in USA. When I file my Income Tax return in India, do I have ...

Exemption in Sec. 54 F on amount incurred prior to sale of original asset.

(a)I have booked a flat in ₹40 lacs in Feb 2015. And agreement made in Feb 2016. (b)The date of completion of project as per my agreement was in Approx 30 months I.e, in August 2018, but the project is still ongoing and God knows when it will complete. (c) I have made a payment of ₹10 lacs in the year 2015 before agreement and 20 lacs from 2016 to 2017 from bank loan. (d) In between I sold a...

GONNA start an business so, i need an answer these for million dollar question

hello, i wanted to start an Dropshipping business under a company registered in India where i will Dropship only to tier 1 countries from other country. Here the goods wont come to or go from India. Pay is accepted from the customer will be via Paypal business account in my website with that amount i will take my profit and place order to the supplier in a website ( light in the box ) where ...

How to submit documents to IT department for returns filed

Respected Sir/s, I have submitted my IT return for FY 2017-2018 on 31st Dec 2018, this was late filing of tax, with penalty. I have shown Interest of Rs 2 Lakhs and Principal of Rs 74000 for the entire FY 2017-2018. The property was taken possession of in June 2017, though they had started giving possession in March 2017. I did not claim other category for property below 50 lakhs , since I ...