Tax questions

Is Allowance received in your dollar account taxable in India

Hi, I stayed abroad for more than 260 days in last financial year. Being my company is an Indian IT company, and I travelled on business VISA not on work permit, so I received my Indian Salary in India and company paid my allowance in USD dollar (Axis Bank dollar account) to managed my overseas expenses. Points to remember: 1. I was on Business VISA not on Work permit in last financial...

Software import : tax | 15 ca cb

Hi, We (Magus) become partner of a UK Firm (HarePoint). This company develops software and sell it across the world through local partners. Q1: Taxes : http://taxguru.in/goods-and-service-tax/taxability-software-present-indirect-tax-laws-proposed-gst-examples-india.html Scroll down to section : Examples explaining comparison between current tax regime and proposed GST: Our scenario is...

Setting up a company and tax applicability under some circumstanc

I am working as service class and taxpayer. I have my website. Case 1: its my website and I sell products online Case 2 : vendors come on my website and they sell their products. 2(a) : I take commission from vendors 2(b) : I do NOT take commission from vendors Case 3 : I have links on my website and people visit my site and are redirected to the vendor site. There is a possibility that ...

Capital gains

Dear Sir, March 2010: I purchased an under construction property & registration was done in march 2010. At the time of registration appx 35% of flat cost had already been paid to builder. Till September 2012: appx 90% flat cost had been paid to builder. Due to delays etc Flat was handed over to me only in Dec 2015 ( ie .more than 3 years after 90% payment was made). Balance to be paid...

I have been audited and need advice about what I should do

From United States Liberty, MO Ok so, last year I was in some debt because of back rent and my fiancé and I had a loan and we also owed a lot to our electric. My finances mother, her boyfriend. He has two girls, and we all agreed, that it would be a good idea for me to claim them since they did stay with my finances and I, on and off, when we were taking care of them. So I claimed the ch...

Want to sell my property for Rs. 5.5 Crores

Hi, I am an owner of a property of 486 sq.ft carpet in Bandra West, Carter Road, Mumbai. I have procured this property from my parents who have expired in 1990 and 2008 respectively. This property was transferred in my name in 2010 and my name put in the share certificate as a nomination was put by my mother the last surviving person in 1992. They had purchased this property from builders dire...

international lotteries

Sir, I play online lottery through a website called playhugelottos.com. I mailed them and asked whether playing international from india is legal or not. And i also asked about the remittance of the funds if i ever win the huge amount. As i m aware of the FEMA regulations.Below are their reply Thank you for your email.It is important for our customers to note that PlayH ugeLottos.com, and its a...

Clarification on Section 80DD

Sir, My mother is bed-ridden following cerebral stroke. The authorities of the district hospital have certified her disability extent as 80%. She has a monthly family pension of Rs.6075/- which falls miserably short of the expenses for her maintenance and treatment including frequent doctor visits, medicine, physiotherapy, nursing by engaging attendants round-the-clock. Although my brother co...

Service tax on car lease

I am director for a Private Limited Company and I also work for a corporate company. My corporate company has taken car owned by private limited company (Where I myself is director) for me and pays to private limited company on monthly invoices raised. The invoices raised to the corporate company (where I am working) for monthly lease were without service tax, as per service tax chart i...

Subject : Non filing of income tax return – reg

Madam/Sir, Subject : Non filing of income tax return – reg 1. The income tax department has received information on financial transactions activities relating to you. A list of some of the information for financial year 2012-2013 is provided below. As per records you do not appear to have filed income tax return for assessment year(s) 2013-14. 2. You are requested to furnish your response i...