Tax questions

Service tax to NRI for services provided outside India

Dear team, Requesting for your guidance here. I am Non-Resident Indian. I have booked tour with Indian tour company and I have requested for their services outside India. i.e. I am taking their services in London and leaving their services in Rome without touching the ground of India. I understand, I am NRI and rendering services of Indian company outside India, in such case I am not ...

Section 115jb: book profit - mat

Dear Friends, Under Section 115JB of IT Act 1961, in order to Compute Book Profit, the following is to be reduced from Profit/Loss as per Companies Act 2013: (i) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account. Explanation.-For the purposes of this clause,- (a) the loss shall not include depreciation; (b) the provisions of thi...

Setup virtual startup company to save income tax

Hey all, sorry if i'm asking any irrelevant question to you. Please help if you can. I'm a guy from Chennai doing software development and earning about 25Lakhs per annum. I am a single person working from home and getting paid from a foreign country. They send me in USD and I receive as INR in my local saving account. There is a fixed monthly income of around 2L. It will be a big amount fo...

Regular fund transfer to wife/spouse's account

Hi Team, Hope you are doing good. I need to understand few simple rules and procedures about my questions (cases). 1. I have a partnership form and we are 3 partners working, but no employee. We are earning around 1,20,000 Rs. per month. So each of us get around 37,000-38,000 Rs. after paying all the expenses for the firm. Earlier I was not in a tax slab, but now I am, so I will pay th...

Anyone help me I had given loan to a person ??

Anyone help me I had given loan to a person for interest? Now he is giving back my money, The amount is 10 lakhs do I need to pay tax? I given this loan in 2013 , I hardly worked for more than 6 years to earn that money , I saved a lot to earn that money , I had given 3.5 lakh as NEFT transfer from my bank a/c,Due to some reasons I had sent rest 6.5 lakh in the form of cheque from my relatives ...

short term capital gain tax on redeveloped flat

Ours is coop hsg. soc.situated in south mumbai.we have redeveloped the society on our own by giving private contract instead of appointing any builder under rule 33/7.Extra FSI was taken by existing soc members only by contributing the funds as per rate decided for per sq ft basis.the work started in 2008 & completed in 2015.possession given on March 2015. The original area was 290 sq ft c...

Using Money that I send to Father for 6 years.

Hi Sir Me and my wife are salaried individuals. I have been working since 6 years and my wife since 4 years. We are filing ITR every year. My wife transfers some amount every month to my bank account . I add them to my savings and transferred amount every month to my fathers account. We are doing this since 6 years to accumulate money to purchase a home. My father withdrew that amount every m...

Query for Valid Cash Deposit

Hi TaxFull Team, This is Vishal. I have a query on the cash deposit in the banks. Since there are multiple messages are circulating recently due to demonetization step by our PM, which is great step. But there are some confusion and rumors as well regarding cash deposits. So my query is: From USA where i work, I have transferred amounts to my father for buying a plot since March 2016 i...

Retirement benefits

WebGoogle+GmailCalendarmore ? Sent Mail Search Yesterday me Superannuation benefits Sir, My father was a government employee who retired from services wef 31.10.2015. Subsequently he received Leave Salary money, Gratuity, Provisional Pension and PF Settlement amount deposited into his Oct 21 me, Pantel 9 DTDC C/No.V32363438 Inbox Dear Sir, Thank you for contact us. We have dispatch...

income gain

Dear Sir, mera name Jayesh Patel he. Me Ahmedabad se hu.Mera question ye hain ki mene abhi ek flat kharida hain. Uski loan amount hain 15 Lac. Loan to pass ho gayi hain aur uska check bhi aa gaya hain. 8,50000 ka check builder ke name par hain aur 645000 ka check mere name ka hain. Mene ab tak 14 Lac Rs pay kar diye hain. Flat ki price 20 Lac hain. Ab builder ka kehna hain ki muje baki ke 6 L...