I am reaching out for assistance in understanding the appropriate ITR form that I should be filing, given my professional status as a freelancer. My work encompasses a range of services, including content creation, digital marketing, web development, and blogging, which I provide to various clients.
The options I am considering are 44ADA, 44AD, or ITR-3. However, I am uncertain which of thes...
Hello,
As there are some arbitrage in cryptocurrency exchanges in USA and INDIA , is it legal to send USD to friend in USA and let her buy bitcoin over there and tell her to send those bitcoin to your wallet and later on sell these bitcoins in India?
Scenario is ,
Lets say I transfer 100$ to her US bank account. She buys bitcoin in US crypto exchange and transfer those bitcoins to my wallet....
Hi everyone, I am in a bit of a dilemma here.
Background:
I am working as a manager in a tech company and come in 30% tax bracket. I started a side business a few months back by publishing apps on App Store and Play Store and earning around 30k/month and I am positive that this will increase more in coming months.
My company allows side projects if its non conflicting and as long as its n...
Respected Sir/Madam
I have a TDS default notice on purchase of property generated in Aug18 for amount 42K.
I haven't paid it yet. I was trying to cancel it as it was generated due to TDS filling mistake and subsequent correction mistake.( only one correction allowed).
I followed up matter with TDS CPC,Vaishali, but in vein.
Alredy this unnecessary notice is huge burden to me.
Now when I ...
The demands stems from non payment of tds on Professional fees despite deduction thereof from my Fees An amount of Rs 203625 worth of tds has been deducted and not paid by the deductor As you are aware Section 205 precludes recovery of tax from taxpayer if the tax has been deducted from her income by the deductor A tax payer cannot be forced to pay tax if the tax has been deducted from her inco...
Recently our company has purchased Computer Firewalls ( Hard Ware) from a vendor for Rs.5,90,000/- (inl.of GST) 1) In Agreement it was clearly mentioned that the value of Computer Firewalls ( Hard Ware) is Rs. 5,90,000 /- inclusive of value of supply of Firewalls and installation, transport,insurance and applicable taxes if any.. 2) Tax Invoice shows value of Fire walls 2 Q Rs.5,00,000/- GST @ ...
ITR Filed for the AY 2022-2023 with the help of CA.
The original ITR-2 was filed & e-verified on July 19, 2022.
Received defective notice and responded under section 143 (1) (a) on November 24, 2022.
Received defective notice and responded under section 139 (9) on January 09, 2023.
Received defective notice and responded under section 139 (9) on February 06, 2023
Received demand notice o...
Dear All,
My Wife and I have worked as salaried employees for the last 18 years and after paying around 1.5 Crore+ in taxes have managed to create a corpus of around 4 Crore.
In 2024, we plan to leave our jobs and start a small company hoping to add value to education sector in our country.
My Goal is to distribute our 4 Crore corpus in 3 Blocks in a way where we reduce our Taxable inc...
Hi , i am a partner in a firm
In which we have UNSECURED LOANs Taken from our family members , but last year my uncle died suddenly by heart failure , the firm had 26 laks rs as an unsecured loan taken from him , now I wanted to know that how can I repay that loan beacuse he is no more and can't accept and transfer money via his bank account ,
but as per his last will the loan on his na...
Hi. I came from lndia to lreland in March 2021. My husband, a German pensioner resided since several years in lreland. He passed away in March 2023. During the course of marriage he transferred money to lndia as family maintenance and after his death l transferred 50% of his pension savings to my lcici bank resident account. Recently l opened my NRO and NRE account with lcici bank in lndia. Bit...
Hi,
I was given a joining bonus of approx 2 lacs when I joined a new company 2 months back. Now I am quitting this job for another one and have been asked to return the amount in full back to the employer, only then they will process my full and final settlement. I have requested them to adjust it in my salary slips so that it is not shown as separate income on my Form-16. Ideally I want my...
Querist
XYZ Developers, a registered partnership firm, doing real Estate Development having address in Thane (W) – 400601.
Facts -
1. The Querist is the owner of a big land parcel in Thane. The land is the business asset of the entity held as stock in trade.
2. The Querist would like to enter into a joint development agreement with a Developer to develop the said land.
3. The con...
I am a government Employee.
I wish to start a Business in my wife's name. For this I am taking a personal loan of Rs 18 lacs from bank on the pretext of hone renovation and other personal expenses which I wish to pass on to my wife's bank account as a gift amount to my wife.
That amount will then be transferred to the firm's account in the name of which my wife will do the Business after GS...
Hi,
I have an entertainment website that generates revenue from display ads.
Few points:
1. The business is not registered yet.
2. Income comes in dollars from a US-based company.
3. Revenue is less than 1 crore.
3. Need help regarding 44 AD and If GST registration is needed.
My doubt:
1. Can I file 44AD without registering the business which means directly from the PAN account wher...
I have the following query regarding sublet of property.
A is the owner of the house and has rented the house to B for Rs 10,000 per month. B has further sublet the house to C at Rs 25,000 per month. C is a salaried employee eligible to claim HRA while B is a self-employed professional who is not eligible to claim HRA.
1. While C is claiming HRA, whose PAN card needs to be furnished for ...
I had filed my return and then received a notice for Defective Return. I missed that notice as it went to my spam folder and missed the date of reply. I don't even know what is the actual defect as it was not stated in their message. Anyways, I logged a Grievance on the portal requesting the department to allow me to fix the defect and refile it. I got the following reply from them.
"Dear Ta...
Hi,
I've received the below message
Attention xxxxx (PAN XXXXXxxxxxX)
Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance P...
Property Rental Income Vs TDS
Hi,
I am an Indian Non-Resident. I have only rental income and interest from my NRO Account.
(I) Gross Rental Income varying between Rs.252,000 & Rs. 336,000 per annum, half of which belongs to the husband (NRI) due to his participation in the investment. Income is credited to my/his respective NRO a/c; &
(ii) Interest income from NRO account is between R...
Sub :
Filling Schedule FA for AY 2022/ 23
facts in brief are as under
1 . my daughter got married and she went outside india to UK on 27/09/2021 .
2. her stay in India during previous year 2021/ 22 was less than 182 days
BUT
her stay in india during preceding 4 years was more than 365 days aggregating to 1460 days .
3. she has a foreign bank account in UK.
4. when she went outside In...
Dear expert Professionals,
Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...