Tax questions on Income Tax

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-...

Received a notice under section 139(9) for defective returns

I have received a notice from IT department for having filed defective return for AY 2016-17. The notice says: Error Code 86 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 o...

Income tax on fixed deposits in the name of Apartment Association

Dear sir, Our Apartment (with 20 flats) is having Association. This Owners Welfare Association is registered and we also obtained PAN number. We have opened a Savings Bank account in "The Visakhapatnam Co-operative Bank"in the name of the Association. The excess amounts available from monthly collections are kept in the SB account. We have also collected corpus fund from all 20 flat owners...

Notice under Sub Section (1) of section of 142 of income tax

Sir/ Madam/ M/s, In connection with the assessment for the assessment year 2016-17 you are required to: a) Furnish or cause to be furnished on or before 24/05/2018 at 02:45 PM the accounts and documents specified overleaf. b) Furnish and verified in the prescribed manner under Rule 14 of I.T. Rules 1962 the information called for as per annexure and on the points or matters specified there...

Regarding Portuguese Civil Code 5a

1) Husband and Wife are governed by Portuguese Civil Code 5A. Husband as a singly-held FD, whose interest in the year amounted to 1 lac. He showed 50000 as interest income in his ITR form, and 50000 as interest in Wife's ITR Form. Interest credited by bank is only seen in form 26AS of only Husband as FD is created in his singly-held bank account. After calculation of Income Tax in ITR, refund ...

Sale of property under HomeLoan

BACKGROUND: I took possession of "ready to move-in" flat, after registration etc..paperwork and loan, in May 2013. Since then have been claiming benefits of EMI payment i.e.- principal and interest under respective sections up to FY 2016-17. I have left job in 2016 to start business, still being set-up and hence for FY 2017-18 am not going to have any income and thus no claim of benefit on...

What I should do...??

Respected Sir, I (54 year old) am a Farmer and are three brother. I have PAN but my income couldn't cross the basic exemption limit of IT in any F.Y., so I never filed ITR. We sold a piece of agricultural land (on which Capital Gain Tax is not applicable) on 25.04.2010 and found Rs. 27,00,000/- ( 09 lac for each) & 15 lac as cash (not shown in sale deed) as sale value . I have submitted ch...

Need clarification in House Loan and Rent Tax declaration

Hi, I am working in a MNC in chennai. I am paying Rent of 18k/month in chennai. I am constructing a home in my home town by taking the home loan. It is a two floor building in which my parents are residing in the ground floor and first floor will be let out for Rent. The property is in my father's name. My father took a home loan of 12Lakh in 2014 to construct the ground floor. Now I a...

Tax on Flat received under Court Consent Decree

Dear Experts, Sincere Greetings, My friend owes flat of about 500 Sq. Feet in ownership Co-operative Housing Society since last 45 years in Mumbai. Since last 9 years he is having litigation with builder who has illegally constructed additional floors above existing old building of Society wherein my friend stays. Now, builder has compromise with my friend and filed consent decree i...

Export tax advice

Hi, I have got two queries. I am going to start my import /export business this month. I will be using two business models. 1. First, i will be purchasing glass goods from India and exporting these to us and Europe. I have worked closely with other people in the same industry but they do not pay taxes at all. They just buy the goods and send them without paying even a single penny as tax...