Tax questions

Notice under Section 139(9) error code 86 |

I have received a notice from IT saying "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 on any agency business.As seen from the return of income filed, the nature of business...

Sec 44 ad error code 86

I am a lic agent. I fill in return code 0301. what code is suitable for me. I got a letter from cpc that " sec 44ad is not applicable for u architect under 44ADA and after more than 2 months i got communication from CPC u/s 139(9) that it is defective. Error code is 86- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, ...

Regarding issue on contractual employee payment

Hello, I have seen some company are deducted 2% from the salary on the payment of contractual basis employees. Even some employees salary 27250 k and some 28250k. Telling whole thing here, In a year 365 day, Sangathan will not pay above said type of employees on summer vacation - 40 days, autumn brake - 10 days and winter vacation - 20 days. So total working days should be like thi...

Movement of Goods Inter-State between Production n Trading

Hi, I have a small query relating to movement of Goods through private transporters / Parcel By Bus. I have a manufacturing facility in Chennai and my place of business is in Hyderabad. I usually buy raw material in Chennai itself from various unregistered suppliers and hence I do not get any GST bills. At the manufacturing facility goods are manufactured and then need to be transported by tr...

Tax benefit on Joint Home Loan In case of single Payee

Hello, I and my wife took a home loan in the year 2017 . We are co-owners of this house and co-borrowers on the house loan taken for this house. The EMI is Rs 39000. The interest part is Rs 390000. The principle part if Rs 90000. Now the condition is I am the only one who is paying the entire EMI amount and contribution from my wife's account is nil. In other words, the entire house l...

Outstanding Tax Demand of AY 2015-16

Hello, I am facing a problem for the Income Tax of AY 2015-16. For this assessment year I was in USA and have income from USA, for this year I was in India for more than 182 days so the total income is taxable in India. I have chosen the wrong ITR (ITR1 instead of ITR2) and submitted after due date. I wanted to submit ITR2 and claim foreign tax credit. I have submitted the revised return...

E-commerce website and GST

I have an online women's apparel store. Lets say its ABC company. The products that will be showcased is of a manufacturer in Mumbai who said that he can send the products directly to customers (Drop Ship). Lets say that manufacturer is XYZ Company. If a customer orders from my website then i am going to put forward the order to him and he will dispatch the product to the customer. He also said...

penalty for NRI having purchase flat from resident account.

Hi! I'm an NRI living in Moscow since 2013. In India, I hold NRE, NRO n resident savings account. in Jan 2015 purchased a flat and deposited cash around 15Lacs n issued a DD for registration of flat from my resident savings account(Without knowing it's not a legal process). This 15Lacs have transferred from Moscow to India during 2013 n 2014 into my NRE account. I haven't filed ITR since ...

refund of input credit due to inverted duty structure

Sir I am ecommerce Seller and sell Footwear category on ecommerce portals like Flipkart and amazon For Footwear gst rate upto mrp ra 499 is 5% and more than rs 499 it is 18 % We purchase shoes from the factories of our own private label brand and they charge 5% in case of upto 499 and 18% if Mrp is more than rs 499 Now Flipkart and Amazon charges The sellers commission on which 18% gst is ...

Guidance required

Dear Sir, I have not filed return for the assessment year 16-17 & 17-18 and now I am getting reminder through E mail & SMS to file the return as 31st March, 2018 is the last date & after ward I will not be able to file the return. I need your guidance as my case is described below. I was working in gulf from 01/11/2014 to 31/12/2016 and holding status of NRI during the accounting year 15-...