Tax questions

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...