Tax questions

Query on Capital Gain tax - treatment of cost of Improvement

QUERY ON CAPITAL GAIN TAX - One Public Ltd Co. (Unlisted) has got a Plot of Land (about 37 acres ) near Bengaluru, which was purchased in 2006 for about Rs.101 lacs. - Thareafter, to protect the Land from encroachment etc., the Company constructed a Boundary Wall cost of which came to about Rs.225 lacs, duly supported by vouchers and bills. - In the current Financial Year i.e. 2017-18, t...

GST on maintenance charges on society flat

There are 240 flats in our society KLJ Platinum Plus, Sector – 77, Faridabad out of which more than 160 took over possession and staying. The flat buyers have registered RWA in the name of RWA KLJ Platinum Plus D1 to D4, Sector – 77, Faridabad. For the maintenance (security, Lift, Fire hydrant system, water, common area housing keeping, gardening, sewage system etc) of the society the Develop...

What components from salary can be shown to gain tax benifits

Hello, My salary breakdown structure is as follows :- Basic 25,333.58 Internet 1,000.00 Petrol and Driver Allowance 10,000.00 Meal Coupons 2,200.00 Employer PF Contribution 1,800.00 Leave Travel Allowance 5,000.00 Fixed Total 45,333.58 Flexible(Including FBP Components) Component Name Monthly House Rent Allowance 10,133.42 Conveyance Allowance Children Education Allowance Me...

Notice u/s 139(9)of income tax act, 1961

The assessment Year 2017-18 Filed ITR form type ITR-4 Source of Income- LIC Agent Error Code 86 Error Description- 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 ...

salary vs professional fee

Hi! I have got a query regarding Salary Vs Professional fees- what should be opted? I have got a friend who is a dentist and his monthly income is 70k. she has joined a private hospital where he is been paid like that. The hospital owner is depositing 70 k per month in his bank account. now being asked about form 16 he is saying we are treating you as a professional and cant reduce the TDS a...

GST on Commission from company outside India.

Dear Sir/Madam, I am working as a commission agent for a company in Europe. I help them in selling the product in India. They submit the offer, Customer place the order on Principle directly. Principle supply the goods & collects the money. In return they pay me commission on it. Now under export of services Export of services’ means the supply of any service when,– The supplier of servic...

GST Filing on Quarterly basis

Dear Sir, I am registered with your website for filing GST returns. I am a first time user and have done one transaction of approx 14 thousand in the month of Dec'17 & now want to file GSTN1 with GSTN3B. I have created invoice which I have raised in the name of my customer Delhi Blue Pottery. This job pertains to custom clearance of import shipment at CFS Delhi & custom cleared by Bal...

paid demand not reflecting, and demand amount keeps on changing

A demand was raised on me for AY 2016-17, which I paid. The initial demand was raised for 40,090 rupees, which changed to 25,452 rupees after some days. I paid the demand after which again new demand with new DIN of 762 rupees was raised which I paid again.(I have demand closed notification with CRN for both demands. But even after paying the demands, the demand of 40090 rupees with same DIN ag...

Notice issued U/S 142(1)(i)

Dear Sir, I have been issued notice u/s 142(1)(i) which is as under; "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...

Capital gain tax on my sale

Dear sir, I have booked a under construction flat in Bangalore at a price of 6000000 (60 Lakhs) in 2013. Flat was ready in 2015 and builder issued a possession letter in Nov 2015 and same is registered in march 2016 with undivided land value rather than full value. Hence i ended paying around 3 lakhs stamp duty and registration. In Sale deed value shows 1250000 where as in EC market value ...