Tax questions on Income Tax

Mismatch in Form 16A and Form 26AS

Form 16A from the bank shows, 1325 TDS deducted for interest amount 13248. Where as Form 26AS shows, 2006 TDS deposited for interest amount 17661. Also, the from the interest certificate from bank, the total interest amount(on FDs) is shown as 20058. In Form 26AS, for a transaction of interest amount 1694, the TDS deposited is shown as 410. But it seems to be for (1694 + 2394). Here, amount ...

IT dep asked through mail to report income

I have received an email from IT dep. saying.. It is seen from your 26AS statement that there are TDS deductions on payments received by you during F.Y. 2016-17. Therefore, it is advised that you may ascertain your tax liability for AY 2017-18 and file your Income Tax Return (ITR) by due date. If your case in not auditable, your due date for filing of your Income Tax Return will be 31s...

Section 44ADA for 50% Income

Hello, I work as a translator cum content writer and have income of around 22 Lakhs. I heard on TV Taxguru program that people with my profile can claim 50% provisional income under section 44ADA, and pay taxes on only 50% of the remaining income by filling the return form no. 3. My question is that what should I enter into following 3 fields in ITR 3 form "Profit and Loss" sheet column 53 ...

Presumptive income under 44AD

Hi I am selling knowledge videos online which i get these made from my husband. Assume my income from sale (Turnover) for FY 2015-16 is 4 Lac & for FY 2016-17 is 6 Lac which directly comes into my joint bank Account (my & My husbands JBA) .(I have no other income). Can i File a return (ITR4S) under section 44AD (as Presumptive Income) Can i show 8% of T/O as my income (without having to ma...

PF withdrawn after 5years of continuous employment still charged

I have a continuous employemnt for more than 5years as per my UAN . Hence in my current company i applied for the PD transfer from my previous organisation and the same was approved and submitted to EPFO portal in Nov-2016.Later the PF website went down and i couldn't check my transfer status. In the mean time i resigned from my current organisation and applied for PF withdrawal. I expected as...

Tax information regarding earnings from multiple (three) sources

Hello Folks, I am in a very serious confusion regarding multiple things, So I'd try to elaborate as much as possible: I have three major sources of income: 1. full-time job in a company (monthly salary) 2. part-time freelancing (inflow on regular basis) 3. part-time from another company (monthly salary) From #1, I make around 1.5L per month From #2, I make around 1.2L per month (on...

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...