Tax questions on Income Tax

Is it necessary to register as a sole proprietorship?

Sir / Ma'am, kindly help me to understand the following. i want to publish a puzzle book [authored by myself] and sell it to the end user directly [by myself]. the expected turn over is hardly 5 lakhs per annum which is not applicable in GST. 1, for starting as small proprietorship firm, which are the registrations i need to take? 2. is commercial space mandatory for this business OR can i...

Consultancy on capital gain treatment & Clubbing of income

Fact }my mother had two Plots. Plot A purchased in aug,2012 for 534500 and Plot B purchased in dec,2012 for 577800. She sold the plot A for 14 lac in Dec,2016 & sold Plot B for 7.25 lac in Jan,2017. further a new residential house was purchased for 16.5 lac in march 2017 & amount of rs 220000 is invested in NHAI bond in march 2017. we do not have any other residential house other than newly pur...

Deduction sections?

Hi, I worked as a professional/consultant in government sector for 10 months in the last financial year, which didn't included any allowances like HRA and others, but only consilidated salary/professional fee. Now I want to claim deduction for 1. House rent, which is 81000/-; 2. medical allowance, which is 15000/-; 3. Vehicle Maitainance which is 60000/-; 4. Conveyance/transpor...

Applicable tax on PF withdrawal

I have a unique scenario to deal with, please advice. (Incidents in financial year 2016-2017). - Mr. X resigned the job from ABC company and joined XYZ company - XYZ company had an option to no to opt for PF, so Mr. X decided to maintain his own PPF, thus applied for a PF withdrawal - PF withdrawal processed successfully, He received an amount of INR 2,70,000 (Three Lakhs) after deducting t...

how much tax i have to pay how to file itr

sir, I am in coal transport business. My monthly profit is around 80000 and t i have emi of 26000 for my truck. sir let me tell you my business scenario i buy coal from company about 70k-80k for about 20 ton coal. Then i sell it to the bricks plant at the same amount i purchased and i got only fare about Rs 1300 per ton i.e 1300*20=26000. I spend 11000 for diesel and toll tax, driver xpenditure...

Income from House Property - Taxation

I have couple of questions around income from house property (w.e.f changes from 2017) and need your valuable advise. Here is my question : I have two flats on my name, For the 1st one home loan is closed and which is self-occupied where I am staying with my spouse and parents. 2nd flat is on rent for which SBI Maxgain home loan is going on. Since last year I am unable to take the tax benef...

Intraday and speculative trading

I got a notice giving me 5 days to furnish information of equity transaction of 5 Crores in 2013-2014 the notice is received in 2017-2018 financial year. On seeing my details I saw intraday trading with Axis direct and my intraday turnover for that year was total of 3 lakhs only of ledger statement and under Indian laws my trunover was 3 lakhs or less and my loss was 23029/- rupees for the enti...

Tricky - Status changed from NRI to Resident Indian

Hi, I have been living in UAE since 2013 and now going back to India permanently in Jun 2017. I have seen many threads regarding how the residency status can be calculated and I know that I would be resident indian after going back. My question which is unanswered in almost all the websites is how to calculate the taxable income. Let us say I earned 60000 AED as my salary (From April 2017...

Tax on Inherited Property

I am inheriting a property from my grand father around 10000 sq ft. The cost of that property will be 4 crores rupees. I want to sell that property, how can i save taxes. According to my calculation using CII, the capital gain would be around 3 crores. As far as i have read I can save taxes by investing in specific bonds and can buy only a single property. So if i buy some property for 1 ...

Shall I file as resident or non-resident?

Hello, I have been in the states since 2008 on J1 visa. For the first 4 years I did not pay any taxes as I was on a scholarship from my home country. Then, I started to receive money from the US and pay taxes. I was always considered as a resident alien for tax purposes. Note: I also visited the US from December 2007 to March 2008 on J1 visa and I was sponsored by my home country, so no t...