Tax questions

Llp filing penalty.

Hi, I was a designated partner in an LLP firm for the period 15 Sept 11'- 1 Sept 13 with a capital contribution of Rs.50,000. The annual filing of statements with ROC + return filing was completed for FY 11-12 on 30/08/12. I resigned from the firm on 1 Sept 13. I did not get the fair share of my profits / assets on resignation / exit, and further I did not withdraw my capital contributi...

Tax resident rule

hello, I’m working for an IT company in India who has sent me ( Temporary transfer with local contract) to EU for 2 yrs ( from Dec 2015) , Now my question is I’ll be finishing my two year tenure in DEC 2017 and will return back to India, so will I’ll be treated as tax resident for India in 2017 ?and I need to pay tax in for entire 2017 in India ? as i saw the below rule and is 180 days rule ...

France india JV tax planning

Infosys & SNCF have decided to form a joint venture for providing specialized IT solutions in the Urban and Regional Transport space. SNCF has a deep understanding of the urban, regional and long distance transport business which it brings to the table. Infosys believes it can bring to the table the best in the industry practices from an IT & ITES perspective. It is with this background that th...

Clarification on TDS on Sale of Immovable Property

I bought an Under Construction property from a builder in April,2012 under Construction Linked payment plan.Since then we are paying instalments through Home Loan disbursed through Bank.Since June,2013 new law became applicable for deducting 1% tds on every instalment being paid to the builder if property cost is more than 50 lakhs.We paid the instalment of August 2013 due to the builder after ...

Recovery of Service Tax from Life Insurance Agent's Commission

Sir....I have started working as Life Insurance Agent (LA) with Kotak Mahindra Old Mutual Life Insurance Ltd. since 14th June 2016. Kotak while making the payment of Commission, first Kotak have paid me the Service Tax Component (14+0.5+0.5%) on my Commmission earned with my Commision.The Income Tax @ 5% was deducted over the Gross Commission inclusive of Service Tax component & then Service Ta...

Apartment association IT Return

Hello Mr Sridhar, I am a retired senior citizen, living in an apartment in Bangalore.The apartment is registered under society act and has a PAN number also. The apartment has an indeterminate association with a managing committee of 3 members of which I am one member. The apartment has interest income from the savings account and FD ( Nationalized Bank) created under mutual contribution...

Short term or long term capital gain tax ?

First of all .. I would like to thank you all for making everyone aware of financial knowledge and answering queries and helping all of us. Let me start with my query about Short term capital gain tax, I have booked a flat in Jan 2013 by paying 10% amount of flat. Then Registration completed in Jan 2014 and Possession letter was given in Dec 2014. I have taken a home loan for the purchase a...

Confused nri status

My situation is as below: -- I came to USA in Nov 2013, since then I have not visited India (as of today July 2016), my company also filed form 30C for me, I have the acknowledgement, but the expected time to stay abroad was mentioned as 1year. -- For in year 2014 july, my company filed tax return in India for me, but did not show the foreign income. -- In 2015 I got some TDS deductions a...

Business in India by a foreign company

Dear Sirs, My name is Karim, I'm the owner of Russian company. I want to: - export fly ash from Indian supplier to customers in Asia; - resell fly ash from Indian supplier to Indian customers. Please give me an advice on how to establish this business. RE: Exporting of fly ash from Indian supplier to customers in Asia 1. Legal jurisdiction. Do I have to setup a subsidiary in India, jo...

Partnership itr

Hello, i have a question regarding partnership return filing. Let me tell you the situation. ABC is a partnership business having turnover of 18,30,000/- Gross profit is 6,04,077/- Expenses 2,76,108/- Int on capital 80,310/- Profit before partners remuneration 2,47,659/- Partners remuneration is 2,22,000/- Net profit after partner's remuneration is 25,659/- No books of accounts a...