Actually my question is related to "Code of ethics for chartered accountants" I was not able to find suitable category to post my question so I have posted it in Income Tax Category, So I am sorry about that, but please answer as the answer is of much more value to me
* I am a 43 yrs men, my elder brother is 46, my mother expired in 2018 (3 yrs back), my father went missing in 1994 (...
I am a web developer, working as a FREELANCE, and all my payments are digitally transferred to my account directly.
I filled my return on ClearTax Website FY2019-2020, where I filled following details:
Nature of Business: 14001 - Software Development
Section 44 ADA Details:
Gross turnover or Gross Receipts= Rs501816/-
Total Income as per your calculation= Rs 250910/-
Now I got an...
Landowners: 3 brothers, 2 are Indian citizen one is foreign citizen
Land in Metro city: 10000 SFT, inherited by all brothers from parents who expired 20 years ago
Land original Purchasse price: Unknown, but very low.
JDA Agreement likely to be signed in June 2021
Total estimated value of land @ Rs 20 Lacs per 1000 sft = 2 Crores (20 lacs x 10000 sft)
Total Estimated saleabl...
A closely held assessee company received share premium during AY2009-10. Its return was processed u/s 143(1). Later in 2015, AO reopened assessment u/s 147. Made addition of Rs.2 crore.
CIT(A) confirmed the addition in 2016.
In 2nd appeal,assessee challenged addition u/s 68. During hearing before itat, assessee also took additional ground for the first time that notice u/s 148 lacks rea...
I purchased a property from SBI at Rs 90 Lakh and thereafter Sale Certificate was issue to me under SARFAESI Act. I duly paid the stamp duty and registered the property at a market value that is Rs 1.45 cr as on 2018. In the mean time I also paid TDS of 1% that is Rs 90000.
Now I receive notice from Income Tax, stating that I need to pay tax as my purchase price is less than market...
Property (one) Bearing Municipal No. 60 (Residential House, in occupation of the owner)
No portion of it has been let-out or no financial benefit was derived
Property (Two) Bearing Municipal No. 7/201/2-3 which consists as following:
Residential Portion (House) Ist Floor, Bearing Municipal No. 7/201(in occupation of the owners) No portion of it has been let-out or no financial benefit was d...
In March, 2020 because of the COVID pandemic and end of financial year, Ministry of Finance declared that the tax savings for the FY 2019-2020 can be done till 30th June, 2020 w.r.t PPF accounts and other savings instruments. Here is the update from the Income Tax department on this - twitter.com/FinMinIndia/status/[deleted]
Based on the above guidelines, I opened a new PPF account on 30th ...
I have foreign income from US via salary and my tax got deducted in US.
I stayed in India for more than 182 days , so I am resident. I need to file ITR with Resident Status.
While calculation of US tax credit can be consider the Federal and State Taxes deducted and get credit for them in India?
I see some confusion in the rules regarding the Tax credit for State Taxes in United states...
I’m an employee of a Public Sector Undertaking in India and on foreign assignment since 31st March, 2017 NRI and stayed abroad for more than 182 days in FY 2018-19/AY 2019-20 and not stayed in India for more than 30 days at a stretch in India (Working abroad on 60 days duty and 30 days off pattern)
I’m receiving my monthly salary abroad in foreign currency. As part of my salary I’ve received E...
I was a proposal engineer working in the marketing division of a private firm which undertakes execution of turnkey mineral processing projects. I used to do necessary proposal engineering and BOQ/Cost estimation while quoting for such projects during tendering stage.
I superannuated in 2016 but was contracted by my company in 2018-19 as a consultant, to do the same proposal engineering work ...
I am Pranshu Gupta, regularly filing my tax returns, I'd some doubts and wish to clear the same from your experts. Please find below my scenario & query-
Home loan sanctioned/ disbursed on 14th November 2014 from HDFC to my builder: Rs. 30 lakh
EMI started on my home loan after 1.5 years e.g. 01 April 2016 (as per my payment plan NO EMI TILL POSSESSION): Rs. 26661 per month
Ours is a co op Hou society in Thane Registered since past 40 years. We are owners of full land as per conveyance deed. Part of the land is ground and Thane Municipal corporation ( TMC) occupied it for many years without any documents of possession
Area of ground is 1800 sq mtrs and market value of the land is around Rs 6 crores
TMC agreed to give us 1 T D R FSI
OUR SOCIETY AGREED TO PAR...
I am a doctor having some salaried income and a bigger portion from professional practice. I also have a small income from overseas as a consultant. I therefore filed ITR 3 in AY 2018-19. As I do not maintain books of account, I opted for Presumptive Income from Profession (44ADA) and thus selected the No Accounts Case in ITR 3 (General Section).
Under Part A - BS for Balance Sheet, I filled...
I need some details on what will be my residency status for tax for the current FY 2019-20.
I have gone through several Indian tax related sites to have an idea on this but got confused after reading.
Below are few information :
i) Moved to USA in Mar-2017 month for employment on H1B visa.
ii) Planning to return to India either during
a) Aug 2019 or
b) Oct 2019
My queries ar...
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...
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 ...
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 ...
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...
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%...
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 ...