Tax questions on Income Tax

Notice Under Clause(i), Sub-Section (1) of Section 142 of the Income-Tax Act, 1961

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 in appropriate form as prescribed in Rule 12 of the Income Tax Rules, 1962 an...

US citizen tax liability in India

I am a US citizen. I have been living in India for some time now and have become a Resident Ordinarily Resident for tax purposes for the period April 1, 2018 to March 31, 2019. I am retired and do not have any income from Indian sources. My income is from (a) pension from Teachers Retirement System in USA, and (b) investments in USA. When I file my Income Tax return in India, do I have ...

How to submit documents to IT department for returns filed

Respected Sir/s, I have submitted my IT return for FY 2017-2018 on 31st Dec 2018, this was late filing of tax, with penalty. I have shown Interest of Rs 2 Lakhs and Principal of Rs 74000 for the entire FY 2017-2018. The property was taken possession of in June 2017, though they had started giving possession in March 2017. I did not claim other category for property below 50 lakhs , since I ...

Tax refund for buying a car

In the month of Feb 2018 I brought new Maruthi Brezza car of worth 12lakh from one of the Maruthi Suzuki showroom in Bangalore. I had taken a car loan and paid the full amount then. While filing my income tax returns in April, under the TDS section I noticed that a tax of 10,000rs was paid from Maruthi Suzuki dealer , I didn't understand it then and went ahead and filled my tax returns. In i...

Sale of residential property

Sir. I want to sell my res prooerty purchased in 2002 in joint name of me and my wife. And in 2010 i transfer the same in my wife name as famiky gift. Now she is 100% holder. My question is since the sale proceed will go to her bank account. Whether the LTCG can be calculated with full indexing on 100% of purchase cost from 2002 to 2018. Or it will be splitted between me and my wife for the 50%...

Gift from father and capital gain tax on undre construction property

Dear Sir, Query No 1 - My Father has sold Inherent property of INR 10.20 Lakh in August 2017 and he paid whole amount in my home loan to clear my debt and it is already shown in my Father ITR for AY 2018-2019 and now my question is that total my father repay part payment of my Home Loan of INR 11.00 Lakh from that amount and I want to show that whole amount in my ITR as exempted income ( G...

CAR loan availed by company but cost has increased - can apply excess amount in capital loss?

Hello I had availed a car loan in 2013 from my employer under Company owned CAR loan with zero interest, road cost and insurance cost for next 4 years will be incurred by the company. Loan has completed in Jun 2017 but at the end company has entered a perquisite value of around Rs. 2.6L in my salary slip as “Assets transferred to employee” due to which my annual income has increased and tax ...

154 order received an email

Mr / Ms / Messrs DEEPAK KUMAR HOLALKERE BASAVARAJAPPA, Please find attached, the order relating to Rectification under Section 154 of Income Tax Act, 1961, for PAN AKJXXXXX2Q with respect to the Income Tax Return filed for Assessment Year 2015-16. The attached digital communication is authenticated by a digital signature obtained from a certifying authority under the Information Techno...

Tax on Compensation awarded by Court

I am 70 yrs old senior citizen. I was fighting a legal battle with my employer NPCIL for last 25 yrs. Now the case is decided in S C. NPCIL wrongly relieved me from service on 16 Sep.1992. I appealed in SB High Court,where order was in my favour,NPCIL appealed in DB High Court, here also order was in my favour for re instatement. Against this order of DB High Court, NPCIL filed SLP, where Supr...

Tax Refund

I am NRI president of a Japanese company. My company filed tax return for 2017-18 by using a CA in Delhi. My company is not registered in India so this company cannot open a bank account in an Indian bank. My CA told me that now I can get the refund in a foreign bank account and he gave my foreign bank account in the forms. https://timesofindia.indiatimes.com/business/india-business/nris-...