Tax questions on Income Tax

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...

Summary of my income tax

I have no idea till date about how income tax are calculated, and what to do to save them. I know its embarrassing. I have lost lot of money due to this. Can someone guide me on what my taxable income is, how much should I invest in tax saving instruments, what bills are needed to be produced for monthly reimbursements, etc etc. I would really appreciate it. Below are the income details. My CTC...

Tax on Income Earned in Switzerland as Deputation for 80 Days

Team, Could you please help me clarifying my query on salary income earned in Switzerland is taxable in India ? Below are the points referring to above. 1. Stayed in Switzerland on deputation model for 80 days in previous fiscal year. 2. My employer is registered in India & Switzerland both and it's origin is US. 3. I have payed 11.50% tax to Switzerland government on my salary income. ...

Nri taxation for MF investments through normal saving account

Hello Sir, I am an NRI doing job in Saudi Arabia since 2014. Before moving to Saudi, I was having Mutual Fund investments through one of the online platforms in India through my Indian Salary Account. After I started getting my salary in my overseas job I just continued to invest in Mutual Funds same way through my old Resident Ordinary account as before. I did this because it was not poss...

Tds on insurance maturity proceedings

I am a Salary Tax payer. I invested in HDFC' s Insurance Policy @25000/- p.a., for 5 years commencing from March 2012 to march 2016. my total contribution is Rs.125000/- and the total maturity amount received is Rs.132517.68 which includes my contribution of Rs.125000/-. now they have deducted TDS @1% on total maturity amount to the extent of Rs.1325/- and paid the balance amount. Now the form ...